Commodities
Crude Oil - Nov 18, 2020 - Reliance Securities
Posted On:
2020-11-18 03:07:03
(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities International and domestic oil prices were modestly higher in a volatile trade this Wednesday afternoon trade. Hopes that OPEC and its allies could postpone a planned January increase to oil output supported prices. However, upside was capped after a private industry report showing a bigger-than-expected build in U.S. crude stockpiles that stoked fears for weak fuel demand and a potential supply glut. Markets will now look to cues from the official inventory data due tonight. Technically, WTI Crude Oil is trading on a positive note where above $42.00 level indicating an upside movement to continue in the intraday session. Resistance is at $42.13-$42.70 and Support is at $41.10-$40.57 levels. Technically, MCX Crude November has bounced back from 3065 levels and is trading with more than 1.5% gains indicating upside momentum up to 3112-3145 levels and Support is at 3050-2990 levels.
Source: Equity Bulls
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