DGCX Crude Outlook 3rd Feb, 09

U.S. crude oil futures closed lower almost 4 percent yesterday as economic concerns and an extension of talks easing the immediate threat of a strike by U.S. refinery workers pressured the oil futures complex.

Weakness in heating oil also added pressure on crude oil prices. NYMEX March heating oil settled down 9.16 cents, or 6.39 percent, at $1.3424 a gallon, after trading from $1.3412 to $1.44.


On weekly basis ,U.S. crude futures ended weak last week , as gloomy economic data kept concerns about demand in focus even as the possibility of a refinery worker strike in the United States . Large inventory data from US also added pressure in to the crude oil prices.

Weekly Crude Oil (DWTI January.)

48.40 And 44.30 is the trading range, breaking either side may clear the direction. Resistances are $50.50, 52.40, and 54.30. Supports are at $41.60, $39.30, $ 37.00

TECHNICAL OUTLOOK (Intra-day)
DGCX Crude (MAR) - Bullish above $40.28bearish below $39.80


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