The Commodity Crude Weaken due to Libya Crisis
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| Commodity Crude |
The commodity Crude Oil seem to be traded weak for the first time in three day on the back of Arab League's comment that it's holding discussions with Venezuela about mediating the Libyan Crisis as well as certain profit booking. But the overall view seems bullish over the commodity market as the opposition is in no mood for settlement.
The energy commodity Natural gas lost the ground on the back of weak economic support as well as pressure of bearish expectations from inventories but after the actual release in commodity market it went up with the rally.
Natural gas inventories declined by 85 bcf against prior decline of 81 Bcf.
NYMEX Crude oil has important resistance at $105 with crucial support at $98.
You can put your trade if the expected level reach to this level in commodity market.
Crude Oil: S1=4550, S2= 4510 R1= 4630 R2=4670
Natural Gas: S1=170, S2=168, R1= 174, R2=176
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