Crude - Nov 2, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International and domestic oil prices were trading weak this Friday afternoon trade as investors booked some profits as a gloomy global economic outlook dampened sentiment due to rising COVID-19 infections.

U.S. government data also added pressure, as crude inventories rose by 4.3 million barrels last week, compared with an expected fall of 913,000 barrels.

Downside was capped as the U.S. Dollar Index was weak against the basket of currencies.

Technically, WTI Crude Oil is having a support of 100-Daily Moving Average which is placed at $40.42 levels from where a bounced back activity can be expected. Resistance is at $41.30-$42.00 and Support is at $40.40-$39.80 levels.

Technically, MCX Crude November is holding support near 100-DMA which is placed at 3004 levels from where it could bounce back in the coming session. Resistance is at 3055-3080 levels and Support is at 3010-2970 levels.

Source : Equity Bulls

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