Crude Oil - Oct 26, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil tumbled almost 3% this Monday afternoon in Asian trade weighed down by weak demand and rising supply concerns.

Libya's National Oil Corp (NOC) said it lifted force majeure on exports from key ports and output would reach 1 million barrels per day in four weeks.

Demand concerns also weighed on prices amid a surge of Covid-19 cases across Europe and some parts in the U.S.

Technically, NYMEX WTI Crude Oil opened agap down and gave a sharp fall with increase in volume activity. It has given a breakdown below its multiple support zone at $39.60 levels indicating a strong Bearish trend in the counter. Downside support is at 37.95-$37.30 levels. Resistance is at $39.60-$40.30 levels.

Domestic crude crashed over 2.5% this Monday afternoon trade, tracking weak overseas prices.

Technically, MCX Crude Oil November touched the low of 2841 levels and is expected to trade on a Bearish note below 2920 levels. Support is at 2860-2775 levels. Resistance at 2920-2955 levels.

Source : Equity Bulls

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