DGCX Crude Outlook 28th Jan, 09

U.S. crude futures settled 9 percent lower yesterday, declining on reports of plunging U.S. consumer confidence and home prices that kept concerns about slumping oil demand in focus. Expectation of build up in weekly inventory also influenced the oil prices

According to the data, The Standard & Poor's/Case-Shiller index of home prices in 20 cities was down 18.2% in November from a year ago, roughly as expected.

The Conference Board's index of consumer confidence fell from 38.6 to 37.7 in January, weaker than expected. Richmond Federal Reserve's regional index of manufacturing improved from -55 to -49 in January, still a sign of contraction.

Weak movements in natural gas futures also adversely affected the crude oil movements.

Weekly Crude Oil (DWTI January.)

Expecting bullish movements above $44.25; Resistances are $47, $50 and $55. Supports are at $41.70, $39.30, $ 35.50

DWTI (JAN) traded in the range $47.08 - $41.75and closed at $41.58

TECHNICAL OUTLOOK (Intra-day)

DGCX Crude (January) - Bullish above $41.73bearish below $41.20


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