Posted On:
2021-01-14 06:21:27
(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices are trading flat to marginally lower this Thursday morning and early afternoon trade in Asia, as the rising number of COVID-19 cases could hamper the fuel demand.
Some respite could come from falling inventories and more stimulus measures that are expected to be unveiled by U.S. President-elect Joe Biden later in the day.
Technically, WTI Crude Oil has resumed above $53.10 levels but $53.93-$54.30 holds a resistance and a sustained trade above the level will push prices higher. $52.60-$51.80 will act as support.
Domestic oil prices are trading marginally lower this Thursday morning and early afternoon trade, tracking overseas prices.
Technically, MCX Crude Oil January is holding a support near 3850-3833 levels above which will continue its bullish momentum up to 3955-3980 levels.
Disclaimer: The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through RSL nor any solicitation or offering of any investment /trading opportunity on behalf of the issuer(s) of the respective security(ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. While due care has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, affiliates or representatives of RSL shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information / opinions / views contained herein.
