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Silver Commodity Technical Outlook Report with Calls – 22/12/2017

SILVER COMMODITY TECHNICAL OUTLOOK REPORT

Silver prices traded in range amid continued dollar weakness as the US economy expanded less than expected in the third quarter. The U.S. economy grew at its fastest pace in more than two years in the third quarter, powered by robust business spending, and is poised for what could be a modest lift next year from sweeping tax cuts passed by Congress this week.

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The Commerce Department said third quarter gross domestic product (GDP) expanded at a 3.2% annual rate. That missed forecasts of a 3.3% rise but was above the 3.1% growth in the second quarter and the quickest rise since the first quarter of 2015.

That soft economic growth data failed to spark a significant move higher in gold as the data is not expected to weigh on the Fed’s decision to continue with its plan to hike rates in 2018. US unemployment claims rose to 245 thousand in the week ending December 16, the first such increase in five weeks, passing expectations of 232K, and jumping far from the previous reading’s 225 thousand. The Philly Fed Manufacturing Index rose to 26.2 in December from 22.7 in November, subverting expectations of a dip to 21.5.

The House of Representatives passed the $1.5 trillion tax bill with a 224-201 majority, after the Senate passed it with a 51-48 margin, sealing the biggest reshaping of the tax system in 30 years. Technically market is under fresh selling as market has witnessed gain in open interest by 0.99% to settled at 22215 while prices down -116 rupees, now Silver is getting support at 37372 and below same could see a test of 37213 level, And resistance is now likely to be seen at 37683, a move above could see prices testing 37835.

SILVER TECHNICAL CHARTS :

SILVER TECHNICAL CALL : BUY MCX SILVER MAR 2018 around 37250 – 37300 (CMP 37445) with SL 36990 for Target Between 37580 – 37850

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mcxcommoditytip · 7 years ago

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Mcx Sure Shot Tips – Today Call Summary Report : 15/12/2017

MCX SURE SHOT TIPS

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mcxcommoditytip · 7 years ago

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Agri Commodity Fundamentals – Soybean, RMSeed, Ref Soy Oil, Crude Pal Oil (CPO), Channa, Cotton Kapas, Jeera & Turmeric

Agri Commodity Fundamentals : 11/12/2017

Soybean

NCDEX Soybean futures closed lower for the second consecutive day on Friday mainly on fresh selling initiated by the market participants tracking spot prices. However, the trend looks positive due to reports of good physical demand as Soybean Processors Association of India (SOPA) increased its estimates of meal exports for 2017/18. Moreover, earlier government has increased export incentives by 2% for all meals.

According to SOPA, Soymeal exports from the country in 2017-18 (Oct-Sep) are seen rising to around 20 lakh tn from previous estimate of 15 lakh tn due to a recent rise in export incentives.

India’s soymeal exports during November surged to 207,630 tn from 97,750 tn a year ago. For Apr-Nov, exports of soymeal were estimated at 768,981 tn compared with 204,860 tn a year ago as per SEA monthly report.

US Soybean settled 2-1/4 cents lower at $9.89-3/4 a bushel dropped 0.4 percent last week after rising in the previous four weeks mainly on improved weather conditions in Brazil and encouraging exports numbers.

Consultancy AgRural raised its forecast for 2017-18 Brazil soybean production to 112.9 mt from 110.2 mt. The USDA reported private export sales of 268,000 t of soybeans to China for 17/18 delivery through their daily reporting system. They also announced an additional 129,000 MT sold to Unknown destinations.

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RMseed (Mustard seed)

Mustard Jan futures continue to close lower for 5th consecutive day on Friday due to steady physical demand and reports of higher inventories with the traders and farmers. According to Mustard Oil Producers Association of India, mustard stock with Farmers & Processors as on 30th Nov’17 was at 13 lakh tonnes. Mills across the country crushed 475,000 tn of the oilseed in November, up nearly 6% on month.

As per rabi sowing report from the government, the acreage of mustard, another major rabi crop, was at 59 lakh ha, down from 64 lakh ha a year ago. Rajasthan is the largest mustard growing state but the sowing pace is slower than last year at 20.6 lakh ha Vs 27.4 lakh ha.

Outlook

Ncdex Soybean futures are expected to trade sideways to higher on good physical demand for new season crop for crushing needs as edible oil import duty is hiked. Moreover, higher incentives for oil meal export, good meal exports and higher estimates for meal exports will also support soybean prices.

Mustard futures expected to trade sideways on higher stocks with the oil mills and good start to rabi sowing. However, anticipation of good physical uptake by oil mills on expectation of good winter demand may keep prices supported above 4000 levels.

Refine Soy Oil

Refined Soy Oil Jan contract corrected closed to 2.8% last week due to higher stock levels, stronger rupee and weak international prices.

The prices have jumped higher to its 10 months higher when government increases the import duty of all edible oils. The government raised the duty of the crude soy oil to 30% from 17.5% to support domestic oilseed industry and farmers.

For the first half of December, government cut the base import price of soy oil, by $18 per tonnes. The government revises base import prices every fortnight, based on global prices and changes in foreign exchange rate. Prices were last revised on Nov 15.

As per latest SEA import report, Soybean oil imports slumped 21% to 220,200 tons in October from a year earlier while imports dropped during the oil year ended Oct. 31 by 22 % to 3.32 mt.

Crude Palm oil

MCX CPO fall more than 1% for the second consecutive day on Friday tracking weak Malaysian palm oil prices and strength in rupees during past 15 days which makes imports cheaper for Indian importers.

Moreover, government reduced base import price of all edible oils, with the steepest plunge of $26 per tn in crude palm oil for first half of December.

The prices have jumped higher in Nov when center has raised the import duty on crude palm oil to 30% from 15% and on refined oil to 40% from 25% in a bid to curb cheaper shipments and boost local prices for supporting farmers and refiners.

Malaysian palm fell for a fifth consecutive day on Friday, hitting a fresh five-month low as the prices was weighed down by concerns over high stockpiles amid expectation of higher production and lower exports data.

Stockpiles at end-November are seen rising 11.4 percent to 2.44 mt on the month, according to a Reuters poll, while output is pegged to drop 3 percent to 1.95 mt. Exports are forecast to fall 6 percent in November to 1.45 mt from October. Official data from the Malaysian Palm Oil Board is scheduled for release on December 12.

Outlook

We expect Ref Soy oil to trade sideways to down due to higher stocks, good domestic crushing and weaker rupees. Moreover, higher import duty and good demand from the stockists is may support prices.

CPO futures may trade sideways to lower due to weaker international palm oil prices and reduced base import prices by the government for first half of December.

Chana

Chana Jan futures plunge more than 6.3% last week as fresh selling is seen throughout the week due to improved sowing progress coupled with higher stocks in the country due to record imports. As per government data, India imported about 4.78 lakh tonnes of chana during April-Sep, up by 430% compared the last year imports.

As per government sowing data, area under the rabi chana crop across the country was up 10.25% on year at 89.6 lakh ha as on last week. The acreage of chana in MP and Karnataka, the largest and the second-largest grower of pulse, was up 17.1% on year at 31.24 lakh ha, and up 38.2% on year at 13.3 lakh ha, respectively.

To encourage farmers, govt. increase MSP by 10% to Rs. 4,400 per quintal. According to the target estimate released by government, India’s chana production target estimate for 2017-18 is 97.5 mt.

Outlook

Chana futures to trade sideways to down on good sowing progress while higher imports data for the current FY have increase stocks in the country also pressurizing prices. Low level buying may support prices.

Cotton / Kapas

MCX Dec Cotton jumps higher by more than 2% on expectation of big fall in domestic output due to pink bollworm attacks in some states. Concerns about crop quality have also impacted prices. Cotton production in Telangana this year is feared to come down drastically as it estimated that pink bollworm ay have eat up 40% of the cotton crop. According to trade sources, about 60 lakh bales have arrived in the Indian markets this season compared to 47.3 lakh bales last year till Dec 1.

ICE cotton fell on Friday after hitting an over seven-month high earlier in the session as investors took profits and as the U.S. dollar firmed.

Managed money spec traders climbed back to their largest net long position since mid-May at 82,409 contracts. That was an increase of 11,681 contracts over the week that ended 12/5. The USDA Ag Attaché in China expects the country to show 5.4 mt in 17/18 production, with total usage at 8.5 mt while importing 1.3 mt, an increase of 0.2 mt from 16/17.

Outlook

Cotton futures are expected trade higher on less than expected arrivals and reports of loss in production due to pest attack in three biggest cotton growing states. Arrivals are still slow in India with just 1.70 lakh bales reaching mandis daily in early December, when it should have crossed 2.25 lakh bales. Moreover, good physical demand from the mills and traders and commencement of procurement by CCI may keep prices supportive.

Spices (Jeera & Turmeric)

NCDEX Jan Jeera falls on Friday on fresh selling initiated by the market participants at higher levels coupled with encouraging jeera sowing progress in Gujarat. In Gujarat, jeera acreage up by 50% to 2.7 lakh ha this year compared to 1.8 lakh ha last year as on 4 th Dec.

As per government data, Jeera exports during first six month of FY 2017/18 (Apr-Sep) is 77,827 tonnes, up 8.4% compared to last year exports volume for the same period. India’s jeera exports in Sep increase 110% on year to 14,742 tn. Jeera arrivals for the first 10 days of Dec down by 60% to 906.7 tonnes on year due to tight supplies and lower stocks.

Turmeric Apr futures closed lower on fresh selling by the Market Participants on expectation of good supplies from the new season. The supplies will be higher due to government auctions and lower exports data. The export of turmeric is down by 15.2% to 56,900 tonnes for the first 6 month of FY 2017/18 compared to last years’ exports. The arrivals have been higher during first 10 days in December this year to 10,130 tonnes compared to 3,372 tonnes last year same month according to Agmarknet data.

Outlook

We expect Jeera Jan futures to trade sideways to lower on expectation of further technical correction as sowing progress is encouraging in Gujarat. Recently, export demand drive prices to all-time highs coupled with diminishing stocks with the traders also supporting prices. However, increase in exports demand may drive prices higher.

Turmeric Apr futures expected to trade sideways to lower on expectation of new season arrivals and lower demand for exports. The turmeric prices may get support from the up country demand however supplies from the government auctions and arrivals of medium quality supplies may keep the prices sideways.

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mcxcommoditytip · 7 years ago

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Mcx Tips – Commodity Tips Call Summary Report : 07/12/2017 (20 Profit Calls with Just 2 Small SL)

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mcxcommoditytip · 7 years ago

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Free Commodity Market Tips – Call Summary Report : 08/12/2017

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mcxcommoditytip · 7 years ago

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Ncdex Agri Commodity Market Outlook Report : 08/12/2017

NCDEX AGRI COMMODITY : Agri-Fundamentals

Soybean

NCDEX Soybean futures closed lower on Thursday due to technical selling by the market participants after it reaches 4 month high. However, the trend is still positive due to reports of good physical demand as Soybean Processors Association of India (SOPA) increased its estimates for meal exports for 2017/18. Moreover, earlier government has increased export incentives by 2% for all meals.

According to SOPA, Soymeal exports from the country in 2017-18 (Oct-Sep) are seen rising to around 20 lakh tn from previous estimate of 15 lakh tn due to a recent rise in export incentives.

According to SEA, India’s soymeal exports during November surged to 207,630 tn from 97,750 tn a year ago. For Apr-Nov, exports of soymeal were estimated at 768,981 tn compared with 204,860 tn a year ago.

US Soybean fell on Thursday, pressured by technical selling amid good progress in Brazil soy planting progress which is ahead of average planting. A sharp fall in China soybean prices pressurize prices. The soybeans in Brazil are 92% planted compared to 87% average. At the start of November the soybean planting was behind the average pace, but good rains during the month allowed planting to move ahead of average by the end of the month.

RMseed (Mustard seed)

Mustard Jan futures continue to close lower for 4th consecutive day yesterday due to steady demand and higher inventories with the traders and farmers. According to Mustard Oil Producers Association of India, mustard stock with Farmers & Processors as on 30th Nov’17 was at 13 lakh tonnes. Mills across the country crushed 475,000 tn of the oilseed in November, up nearly 6% on month.

As per rabi sowing report from the government, the acreage of mustard, another major rabi crop, was at 56 lakh ha, down from 61 lakh ha a year ago. Rajasthan is the largest mustard growing state but the sowing pace is slower than last year at 20.3 lakh ha Vs 27.3 lakh ha.

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Outlook

Soybean futures are expected to trade sideways to higher on good demand for new season crop for domestic crushing as edible oil import duty is hiked. Moreover, higher incentives for oil meal export, good meal exports and higher estimates for meal exports will also support soybean prices.

Mustard futures expected to trade sideways to lower on higher stocks with the oil mills and good start to rabi sowing. However, anticipation of good physical uptake by oil mills on expectation of good winter demand may keep prices supported above 4000 levels.

Refine Soy Oil

Refined Soy Oil Jan contract is on correction mode this week and down close to 1% yesterday due to higher stock levels and weak international prices. The prices have jumped higher when government increase the import duty of all edible oils. The government raised the duty of the crude soy oil to 30% from 17.5% to support domestic oilseed industry and farmers. The physical demand also increased from the bulk buyers on anticipation of further rise in prices.

As per latest SEA import report, Soybean oil imports slumped 21% to 220,200 tons in October from a year earlier while imports dropped during the oil year ended Oct. 31 by 22 % to 3.32 mt.

Crude Palm oil

MCX CPO fall more than 1% on Thursday tracking weak overseas prices and strength in rupees during past 15 days. Moreover, government reduced base import price of all edible oils, with the steepest plunge of $26 per tn in crude palm oil for first half of December.

Malaysian palm extended falls into a fourth session on Thursday, hitting their lowest in nearly five months in the evening, tracking weakness in related edible oils. Palm oil prices down by 3.9 % so far this week, heading for a sixth weekly fall, and is down by about 10% since Nov. 1 `

According to Reuter’s survey, Palm oil inventories in Malaysia are forecast to rise to the highest in nearly two years at the end of November. Stockpiles are expected to swell 11.4 % to 2.44 mt from the end of October, while output is expected to fall 3% onmonth to 1.95 mt. Exports are seen falling in November, down 6% at 1.45 mt, the first monthly decline in five months.

Outlook

We expect Ref Soy oil to trade sideways to down due to higher stocks and good domestic crushing. Moreover, higher import duty and good demand from the stockists is supporting edible oil prices at higher levels.

CPO futures may trade sideways to lower due to weaker international palm oil prices and reduced base import prices by the government for first half of December. Increase in import duty to 30% and 40% for crude palm oi and refine palm oil respectively has kept the prices at 10 months high.

Chana

Chana Dec futures continue to trade lower Thursday as fresh selling is seen due to improved sowing progress coupled with higher stocks in the country due to record imports. As per government data, India imported about 4.78 lakh tonnes of chana during April-Sep, up by 430% compared the last year imports.

As per government sowing data, area under the rabi chana crop across the country was up 7.8% on year at 84 lakh ha as on last week. The acreage of chana in MP and Karnataka, the largest and the second-largest grower of pulse, was up 15.7% on year at 30.4 lakh ha, and up 44.6% on year at 12.7 lakh ha, respectively.

To encourage farmers, govt. increase MSP by 10% to Rs. 4,400 per quintal. According to the target estimate released by government, India’s chana production target estimate for 2017-18 is 97.5 mt.

Outlook

Chana futures to trade sideways to down on good sowing progress while higher imports data for the current FY have increase stocks in the country also pressurizing prices.

Cotton / Kapas

MCX Dec Cotton continues to trade lower this week due to fresh selling by the market participants at higher levels. Prices have been trading higher this season on expectation of big fall in output due to pink bollworm attacks in some states. Concerns about crop quality have also impacted prices.

According to trade sources, about 60 lakh bales have arrived in the Indian markets this season compared to 47.3 lakh bales last year till Dec 1.

ICE cotton climbed 2 percent on Thursday, touching a sevenmonth high, as investors rolled over their position to the March contract after expiry of December. Moreover, stronger cotton shipments pushed prices up further.

Shipments of US upland cotton totaled 246,763 RB during the week of Nov 30 which was up 120% from the previous week and 7% higher that this time last year. The USDA also reported 50,368 RB in 2018/19 sales.

Outlook

Cotton futures are expected trade sideways to higher on steady arrivals and loss of production due to pest attack in three biggest cotton growing states. Arrivals are still slow in India with just 1.70 lakh bales reaching mandis daily in early December, when it should have crossed 2.25 lakh bales. Moreover, good physical demand from the mills and traders and commencement of procurement by CCI also keeping prices supportive.

Spices (Jeera & Turmeric)

NCDEX Jan Jeera closed little higher on Thursday on some fresh buying initiated by market participants. Earlier, this week prices have corrected mainly due to encouraging jeera sowing progress in Gujarat. In Gujarat, jeera acreage up by 50% to 2.7 lakh ha this year compared to 1.8 lakh ha last year as on 4 th Dec. As per government data, Jeera exports during first six month of FY 2017/18 (Apr-Sep) is 77,827 tonnes, up 8.4% compared to last year exports volume for the same period. India’s jeera exports in Sep increase 110% on year to 14,742 tn. On the import front, country imported about 998 tonnes of jeera during the month of Sep and thus the imports this FY is higher by about 60% compared to last year.

Turmeric Apr futures closed higher on fresh buying by the Market Participants at lower levels. Earlier, good supplies from the government auctions and lower exports data pressurize prices. The export of turmeric is down by 15.2% to 56,900 tonnes for the first 6 month of FY 2017/18 compared to last years’ exports. The arrivals increase in November this year to 9,431 tonnes compared to 7,211 tonnes last year same month according to Agmarknet data.

Outlook

We expect Jeera Dec futures to trade sideways to lower on expectation of further technical correction as sowing progress is encouraging in Gujarat. Recently, export demand drive prices to all-time highs coupled with diminishing stocks with the traders also supporting prices.

Turmeric futures expected to trade sideways on expectation of new season arrivals and lower demand for exports. The turmeric prices may get support from the up country demand however supplies from the government auctions and arrivals of medium quality supplies may keep the prices sideways

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mcxcommoditytip · 7 years ago

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US Natural Gas Inventory Data Today & Its Effects

US NATURAL GAS INVENTORY DATA TODAY : 07/12/2017

What is Natural Gas Inventories Data ? And Its Effects on NG Prices ?

The Energy Information Administration (EIA) Natural Gas Storage report measures the change in the number of cubic feet of natural gas held in underground storage over the prior week.

While it is a U.S. indicator, it tends to have a larger impact on the Canadian dollar because of Canada’s large energy sector.

If the increase in natural gas inventories is more than expected, it implies weaker demand and is bearish for natural gas prices. The same can be said if a decline in inventories is less than expected. If the increase in natural gas is less than expected, it implies greater demand and is bullish for natural gas prices. The same can be said if a decline in inventories is more than expected.

Natural gas accounts for almost a quarter of US energy consumption and is one of the most volatile commodities listed on exchanges. As the volatility comes with big rewards, it is one of the favourites among traders, investors and speculators. Now a days it has big High Low Movement which provides great opportunity for Profit in Commodity Trading.

NATURAL GAS INVENTORIES TODAY : 07/12/2017 >> Previous (-33 B), Forecast (-7 B) and Actual (Update here at 09:01 pm. REFRESH This Post at 09:01 pm)

Natural Gas World Market Scenario :

While natural gas trades at different prices all over the US (and the world), speculative trading is concentrated around the Nymex delivery point, Henry Hub. Hence this commodity is immensely popular in the trading arena.

Seasonal patterns and cyclical demand are the most common features of the commodity, deciding the price trajectory. Temperature extremes have a bearing on natural gas demand.

In winter, frigid temperatures increase the demand for the commodity as heating requires natural gas. However, during summer, electricity is required for cooling.

The year 2017 (year to date) looks good fro Mcx Natural Gas Trading as it Moves from 180 to 208 high than again from 208 – 190. In Nov 190 to 202.. And Now Falling from 200+ level to CMP 183.

In contrast, since the start of the summer season in the US (April-till date), Nymex natural gas prices have risen by around 6 per cent and MCX gas prices by around 7.43 per cent.

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Climatic factors :

Climate impacts lot to Natural Gas Demands and Supply.. We expecting There will be more demand in upcoming days as winter gets its power. If NG Moves near to 194++ Than may possible to touch 200+ level in upcoming days

Outlook :

Increasing power burn, as discussed earlier in the report, has been offset by higher production levels, allowing for robust injection of inventories this season. Weather conditions, according to the National Oceanic and Atmospheric Administration, is going to be mild and moderate in the second half of this summer (2015) which will reduce power consumption and make more natural gas available for storage.

Besides, the EIA report states that inventories in all the natural gas producing regions will be higher than the five-year average. It also forecasts that total end-of-October stock levels will reach 3,919 bcf, which will be 3.2 per cent higher than the five-year average.

Big inventories and bearish sentiment is a perfect set up for prices to decline this summer season. So far, it has not been too hot.

The power sector, which plays a more important role this time of the year, relative to other sectors, has kept the price of natural gas at its current low level.

Unless the weather starts to Cooler up more, the injections will continue to be Lower than normal and prices will starts Up move.

The post US Natural Gas Inventory Data Today & Its Effects appeared first on MCX FREE TIPS.

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mcxcommoditytip · 7 years ago

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Ncdex Agri Commodity Market Outlook Report Today : 07/12/2017

Spices (Jeera & Turmeric)

Outlook :

We expect Jeera Dec futures to trade lower on expectation of further technical correction as sowing progress is encouraging in Gujarat. Recently, export demand drive prices to all-time highs coupled with diminishing stocks with the traders also supporting prices.

Turmeric futures expected to trade sideways to down on expectation of arrival of new season crop and lower than expected exports figures. The turmeric prices may get support from the up country demand however supplies from the government auctions and arrivals of medium quality supplies may keep the prices sideways.

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Cotton / Kapas

Outlook

Cotton futures are expected trade sideways on mixed fundamentals of higher arrivals and loss of production due to pest attack in three biggest cotton growing states. Moreover, good physical demand from the mills and traders and commencement of procurement by CCI also keeping prices supportive.

Chana

Outlook

Chana futures to trade sideways to down on good sowing progress while higher imports data for the current FY have increase stocks in the country also pressurizing prices.

Crude Palm oil

Outlook

We expect Ref Soy oil to trade sideways as prices now stabilized due to higher stocks and good domestic crushing. Moreover, higher import duty and good demand from the stockists is supporting edible oil prices at 10 months high in India despite higher stocks and record oilseed production.

CPO futures may trade sideways due to weaker international palm oil prices and reduced base import prices by the government for first half of December. Increase in import duty to 30% and 40% for crude palm oi and refine palm oil respectively has kept the prices at 10 months high.

RMseed (Mustard seed)

Outlook

Soybean futures are expected to trade sideways to higher on good demand for new season crop for domestic crushing as edible oil import duty is hiked. Moreover, higher incentives for oil meal export and higher estimates for meal exports will also support soybean prices.

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mcxcommoditytip · 7 years ago

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Mcx Commodity Market Trends to watch today : Gold, Crude & Nickel

MCX GOLD :

Observations:

* Prices are making lower low and lower high formation and failed to sustain below support placed at 29200

* Prices and Stochastic bottom indicating short term bear exhaustion and to support this prices have made bullish harami pattern .

Inference & Expectations :

* Next support is placed at 28950 and resistance is placed at 29540

* This week prices might see testing 29400 and further 29540 levels

* On the contradictory if prices break below 28950 we might see prices testing 28777.

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MCX CRUDE OIL :

Observations:

* Prices are making higher high and higher low formation

* Negative divergence seen in indicators

* Support placed at 3660 and resistance placed at 3815.

Inference :

* Trend is bullish

* Buy if price break above 3815 for target of 3840 and 3860 stop loss can be placed at 3785.

MCX NICKEL :

Observations:

* Prices have made an head and shoulder bearish chart pattern confirmation with volume and neck line placed at 737

* Negative divergence between prices and other technical indicators indicating weakness in prices

* ADX > 20 and –DMI>+DMI indicating bearish trend

* MACD break below zero indicating strong negative momentum.

Inference :

* Prices are in the bearish mood

* One can look to sell at current levels for target 707 and 680 with stop loss placed at 738.

The post Mcx Commodity Market Trends to watch today : Gold, Crude & Nickel appeared first on MCX FREE TIPS.

From http://mcx.freetips.tips/mcx-india-commodity-market-news/mcx-commodity-market-trends-to-watch-today-gold-crude-nickel

from https://mcxfreetips0.wordpress.com/2017/12/07/mcx-commodity-market-trends-to-watch-today-gold-crude-nickel/

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mcxcommoditytip · 7 years ago

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Crude Oil Technical Analysis Report & world market News : 07/12/2017

CRUDE OIL TECHNICAL ANALYSIS & WORLD MARKET NEWS : 07/12/2017

Crude oil prices dipped lower on Wednesday after the Energy Information Agency (EIA) inventory report data revealing crude stockpiles dropped for the third straight week, whereas inventories of both gasoline and distillates rose more than expected. Crude Inventories of U.S. crude fell by roughly 5.6 million barrels for the week ended Dec. 2, beating expectations of a draw of 3.4 million barrels.

Gasoline inventories rose by 6.8 million barrels, well above expectations for rise of 1.7 million barrels, while supplies of distillate rose by about 1.7 million barrels, above expectations for a draw of 967,000 barrels.

Crude Oil Technical view :

The daily chart of Crude Oil market has broken the “Rising wedge” pattern on bearish momentum which indicates that sellers have taken control over the market. Further fall on the same trend is expected towards $55.50-54.75(3580-3532) levels in the upcoming sessions. A Neckline support holds at $54.75(3532) where we can expect a small correction with bullish trend. Once the support is broken, then the rally is likely to continue in bearish trend. Resistance holds at $57(3677).

Technical Charts :