Expect bounce back in crude oil over short term

Crude Oil:

Prices witnessed some more selling pressure on Tuesday’s session that persisted from an earlier session. On the daily charts, prices are forming a falling wedge which could prove bullish in near term and a bounce back could be expected over short term, according to Share India commodity report.


Prices opened with some selling pressure on Tuesday that persisted from an earlier session but gradually picked up and closed in the green. The counter

crossed above an immediate resistance of 30,350 and even closed above the level which could be a positive signal for the next session and any dip till those levels will be fresh buying opportunity for intraday.


Prices are still trading in a range of 38,600-38,900 where overall momentum remains on the higher side. Any decline to the lower level of this range would provide an opportunity to go long for and upper levels near 39,100-39,250 are expected for intraday.


Prices traded sideways throughout the session but in the second half near its closing prices turned positive and even ended with some positive bias. Prices could move further on the higher side in the coming session where upper levels of 455-457 can be expected.


Unlike other base metals, Aluminium prices fell slightly during intraday session and closed in the red below its strong support of 136. For the next trading session prices could face some more selling pressure where sell on rise should be the strategy.

Natural Gas:

Prices opened with some positive momentum on Tuesday’s session but during second half of the session energy counter witnessed profit booking and closed in the red. Positive momentum remains intact overall on the daily charts and any dip could be an opportunity to go long for over short term.