(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices were trading weak on Monday morning and early afternoon trade in Asia with the market's outlook questioned as coronavirus infections rise.
New covid-19 cases in China, parts of Europe and Britain continue to weigh on sentiments.
U.S. Markets are shut on Monday on account of Martin Luther King, Jr. Day.
Technically, WTI Crude Oil has formed a Bearish Engulfing Candlestick after a long rally indicating a sign of Bearish Reversal. Below $52.50 could see further downside $51.30-$50.60 levels.
Domestic oil prices were trading marginally weak on Monday morning and early afternoon trade, tracking overseas prices.
Technically, MCX Crude Oil January is trading on a negative note where below 3870 levels will continue downside pressure up to 3810-3760 levels. Resistance is at 3865-3905 levels.
Strategy for Crude Oil January Sell 3830 SL 3880 TGT 3730. Conditions apply.
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.