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MCX Daily Report - 15 FEB 2018 Pick for the Day
MCX Crude Oil Feb on Wednesday as seen in the daily chart opened at 3800 levels and day high of 3850 levels. During this period price corrected & made day low of 3737 levels finally closed at 3823 levels. Now, there are chances of further upside movement technically & fundamentally.
More fundamentally, oil markets got a push from comments by Saudi Arabia, the de-facto leader of the Organization of the Petroleum Exporting Countries (OPEC), voicing support for production cuts backed by OPEC and other producers including Russia since 2017 in an effort to tighten the market and prop up prices. "If we have to err on over-balancing the market a little bit, so be it," Saudi Energy Minister Khalid al-Falih said on Wednesday. "I think we are going to be sticking with our policy (to withhold production) throughout 2018."
DAILY RECOMMENDATION: BUY MCX CRUDE OIL FEB AROUND 3830 LEVELS FOR TARGET OF T1 3880/ T2 3910 WITH SL 3750 OF LEVELS.
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