Crude Oil - Oct 20, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices were trading with modest cuts this this Tuesday afternoon trade in Asia as impasse over an agreement on more U.S. stimulus remained continued.

Markets were also weighed down as OPEC and its allies showed no sign of changing course on plans to pare output cuts in January.

Technically, NYMEX WTI Crude is trading on a flat note, however it is holding above 50-DMA above which could see a positive trend in a counter. Resistance is at $41.38-$41.80 levels and Support holds at $40.43-$39.92 levels.

Domestic oil prices are trading flat to marginally lower this Tuesday afternoon trade, tracking international prices.

Technically, MCX Crude Oil November is trading above 3005 level indicating sideways to upside momentum upto 3040-3077 levels. Support is at 2985-2960 levels.

Source : Equity Bulls

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