Now at 5142 ,After kissing High of 52226 level.
Below 5249 level ,Our Target is intact of 4664
Yes ,Only Mantra was Sell Sell Sell :Now kissed low of 4978 level.
Yes ,Mint Milllllllllllllllllllllllions.But u should have trading levels !
Updated at 10:05/16th Oct/Baroda
Above is Daily Chart of WTI CRUDE
Today kissed low of $ 80.02 ………………Now Zoomed to $81.70 level.
Above $80.95 level……………….if sustains ,We see Rally upto $83.7425—-84.67 level ?
Dead Cat Bounce on card ?More Details to our Subscribers ,Updated at 19:09/15th Oct/Baroda
Above is Hourly Chart of WTI CRUDE ,BRENT CRUDE
Best for India…………..Petrol ,Diesel price should come down Drasticallllllllllllllllly ,If Modiji ki iccha hogi to ?
As oil prices continue to fall, analysts and producers are trying to wrap their heads around the reasons and identify a floor price. Even though crude benchmarks like Brent and WTI keep dropping, the cost of finding oil continues to rise. What are some of the key drivers that have created this paradox?
1. The U.S. Oil Boom
America’s oil boom is well documented. Shale oil production has grown by roughly 4 million barrels per day (mbpd) since 2008. Imports from OPEC have been cut in half and for the first time in 30 years, the U.S. has stopped importing crude from Nigeria.
2. Libya is Back
Because of internal strife, analysts have until recently assumed that Libya’s output would hover around 150,000-250,000 thousand barrels per day. It turns out that Libya has sorted out their disruptions much quicker than anticipated, producing 810,000 barrels per day in September. Libyan officials told the Wall Street Journal last week that they expect to produce a million barrels per day by the end of the month and 1.2 million barrels a day by early next year.
3. OPEC Infighting
There have been numerous reports about the discord between OPEC members, leading many to believe that OPEC will not be able to reign in production like it has done so in the past. The Saudis and Kuwaitis have reportedly been in an oil price war, repeatedly lowering their prices in order to maintain their market share in Asia. John Kingston, the news director at Platts, believes that the Saudis will not be willing to give up market share like they have done during previous price drops.
4. Negative European Economic Outlook
European Central Bank president Mario Draghi has left investors concerned about the continent’s slow growth. Germany’s exports were down 5.8 percent in August, stoking the fears of anxious investors that the EU’s largest economy had double dipped into recession last quarter. Across the Eurozone, the IMF again lowered its growth forecast to 0.8 percent in 2014 and 1.3 percent in 2015.
5. Tepid Asian Demand
Beyond slow economic growth and currency depreciation, a number of Asian countries have begun cutting energy subsidies, resulting in higher fuel costs despite a drop in global oil prices. In 2012, Asia’s top spenders on energy subsidies, as a percentage of GDP included: Indonesia 3 percent; Thailand 2.6 percent; Vietnam 2.5 percent, Malaysia 2.3 percent, and India 2.3 percent. India is a primary example. Between 2008-2012, India’s diesel demand grew between 6 percent and 11 percent annually. In January 2013, the country started cutting the subsidies of diesel. Since then, diesel consumption has plateaued.
Venezuela is the first member of the Opec cartel to formally call for action in response to the slide in oil prices to four year lows, ahead of next month’s gathering, according to comments by Foreign Minister Rafael Ramírez .
“We believe that Opec has to coordinate some action to arrest the fall in oil prices,” said Mr Ramírez, who was oil minister and head of state oil company PDVSA prior to a recent cabinet reshuffle by President Nicolás Maduro.
“Even more when we are convinced this is not due to market fundamentals, but to price manipulation to create economic problems to major oil producing countries.”
Speaking at a press conference in Caracas, Mr Ramírez — who will continue to represent Venezuela at the conference of Opec oil ministers in November — said the Latin American country would request an extraordinary Opec meeting. >> Read More
Above is Daily Chart of CRUDE MCX
To Our Subscribers ,We told at 6150 level…………TRIANGLE Indicates :Crude MCX will crash to kiss 5240 level.
In Just 11 Weeks From 6150 to 5241 level !!
On 8th Oct ,Boldly Indicated to short Term Traders :
Yes ,Now ………..What ??
Three Consecutive close below 5249+ Weekly close if happens…………………Next Target for Crude is 4664
Will it Happen ?Yesterday updated about WTI CRUDE …Read here
Above is Monthly Chart of WTI CRUDE
Now at $86.78 level.
Will Try to kiss $86.0225————-& Break + close below this level
For Three Consecutive days +Weekly close will take to 83.83 level in panic !
Trendline of 2011 gives support at $84.50 level.
On 8th Oct ,Written about MCX-CRUDE
Now Crashed to kiss low of 5297 level
Now Trading at 5417 level ,After kissing low of 5402 level.
Our Targets were :5444——–5249 level.
Yes ,Major Support or Last Hope at 5249 level.
Three Consecutive close below 5249 +Weekly close will take to ???
101% More Details to our Subscribers ,Updated at 10:29/08th Oct/Baroda