CRUDE OIL OUTLOOK FOR 29 JAN 2015

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The MCX Crude Oil February futures continue to consolidating in a range of Rs 3,015-2,647, which is the 20-DMA and lower-end of the Bollinger Band, respectively.

Yesterday, the energy futures tested a low of Rs 2,762, before signing off the day - with a significant loss of 2.5 per cent (Rs 70) at Rs 2,941 as NYMEX Crude Oil prices tested 6-year low at $ 44.81 per barrel yesterday.

In case of further decline in Crude Oil futures may take prices towards the lower-end of the Bollinger Band at Rs 2,647-odd level on the daily charts.

On the other hand, the energy futures are expected to face resistance around 20-DMA (Daily Moving Average).

MCX Crude Oil February contract today may face resistance around Rs 2,798-2,806-2,814, while seek support around Rs 2,746-2,738-2,730.

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