Crude oil analysis
Crude oil price trading at 52.40$ , its trading almost in 52.20$+ range since yesterday which is a positive sign for buyers , however we have inventory today which will decide the fate of this black gold . A good support on daily chart stands at 51.50$ , if traders take this base out and manage to sustain trade below our support today . Then expect more pressure in this major commodity upto 50.90$ – 50.30$ today .
A good resistance on daily chart stands at 53.20$ , if traders take this hurdle out and manage to sustain trade above our resistance today . Then expect more firepower in this major commodity upto 53.90$ – 54.50$ .
Crude oil analysis conclusion : Trend is flat to positive for now , avoid big qty trade as inventory is due in 7-8 hours from now .
Wall street analysis
Wall street trading again at highest price 23350 , its trading near lifetime high and making every high every single week . A good base level on daily chart stands at 23220 , if traders take this base out and manage to sustain trade below our support today . Then expect some pressure on dow jones upto 23100 – 22980 .
A good hurdle on daily chart stands at 23510 , if traders take this hurdle out and manage to sustain trade above our resistance today . Then expect more firepower in DJI upto 23650 – 23780 .
Wall street analysis conclusion : Trend is flat for now . Avoid any major sell .
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