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MUMBAI, Aug 23 (www.GoldTradingCalls.com) Crude oil futures are trading near a six-week low as forecasts that U.S. home sales probably plunged in July added to concerns the economic recovery in the biggest oil-consuming nation is faltering.
Concerns over U.S. growth weighed on oil demand sentiment. Crude oil for October delivery was at $73.87 a barrel, up 5 cents, in electronic trading on the New York Mercantile Exchange at 9:27 a.m. Sydney time. The September contract fell 97 cents to $73.46 on Aug. 20, when it expired. Futures dropped 2.6 percent last week.
Technical View
Our Inhouse analysis on Crude Oil futures confirms a still lower prices due to the minor cycle bottoming this weekend ( not shown ) with support coming around USD 71.39 . Important support coming from price retracing to its previous bottom at 71.39 and also .618 retracement from the previous rally ( XC). Refer chart for notation.
As expected, Crude Oil futures are on track and had broken the raising tredline and will contintue to retrace around 27-Aug month end. ( refer previous week article on MCX Crude Market tips by clicking the below url)
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