CO:MCX Crude oil shows low volatility as traders wait for inventory
AHMEDABAD (Commodity Online): MCX Crude oil futures pulled back from a two-day low in choppy trade as data showing china’s economy grew at the slowest pace in the third quarter.
MCX Crude November delivery contract rose by 0.30 percent to 4383 rupees per BBL. Immediate support for contract stays at 4320 rupees and resistance looks at 4420 rupees.
According to Amrita Mashar, analyst with Commodity Online, Crude oil prices were mixed but well-supported in Asian trade Wednesday on hope to buoyant gains on international market and a sharper than expected fall in US crude inventories for this week.
Crude oil stays choppy and trade with low volume ahead of October contract expiry and weekly inventory due Wednesday evening. Inventory expectation is 1.3M compared to previous inventory of 1.3M which is indicating unchanged inventory.
Traders may take fresh position after actually inventory data will release this evening. Till then, MCX Crude oil future will remain range bound between 4340-4380 rupees, added Amrita.
To get in touch with the Analyst on this report or to get a free trial on trading advisories call 079-40275050 or mail to tips@commodityonline.com
