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Crude Oil - Oct 29, 2020 - Reliance Securities

Posted On: 2020-10-29 05:52:57


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International Oil prices extended losses this Thursday afternoon trade in Asia as governments renewed restrictions to curb a second wave of coronavirus infections.

Signs of a growing global oil supply glut also weighed on prices.

Markets also shrugged off the prospect of tighter short-term supply as Hurricane Zeta made landfall in Louisiana.

Markets could also look to cues from U.S. GDP data today evening.

Technically, NYMEX WTI Crude Oil has given a breakdown below its multiple support zone near $36.80 levels further downside could be seen towards $35.95-$35.40 levels. Resistance is at $37.12-$37.90 levels.

Domestic oil tracked overseas oil and was trading weaker this Thursday afternoon session.

Technically, MCX Crude Oil November has given a breakdown below 200-DMA which is at 2762 levels and prices could see some further sideways to marginal downside momentum in the coming session. Support holds at 2711-2650 & Resistance at 2750-2795 levels.


Source: Equity Bulls

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