energy intraday

MCX Crude Oil Jan traded higher on Wednesday higher after news that militants attacked Port Harcourt, Nigeria yesterday, killing at least 13 people. The attack did not stop oil production, but is a reminder of how dangerous the situation is in Nigeria at a time when the world is in need of every drop of oil produced.

Bitter cold temperatures hit most of the U.S. this morning, but a warming trend is expected in the next ten days.

The U.S. Energy Department's weekly inventory reports will be released on Thursday for crude oil and on Friday for natural gas due to the holiday schedule. US crude oil stocks are expected to have fallen for the seventh week in a row last week, according to analysts polled by Thomson Financial News.

MCX Crude Oil Jan (Daily Chart)



Technical Outlook:

Momentum studies have turned bullish; will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are increasing from over sold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 18-day EMA. The downside closing price reversal on the daily chart is somewhat positive.

Recommendations:

MCX Crude Oil Jan: Buy at 3840-20 for target of 3920 and 3960 with stop loss below 3780

MCX Natural gas Jan (Daily Chart)

Technical Outlook:

Momentum studies have turned bullish; will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are increasing from over sold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 18-day EMA. The downside closing price reversal on the daily chart is somewhat positive.

Recommendations:

MCX Natural Gas Jan: Buy at 300-301 for the target of 315 and 325 with stop loss at 292

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