Crude Oil - March 30, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading flat in a choppy trade this Tuesday morning and early afternoon trade in Asia as strong dollar has offset news that a container ship in the Suez Canal blocking traffic for nearly a week had been refloated.

Investors are now focused on Thursday's OPEC+ meeting, where the cartel will discuss output levels for May.

Meanwhile, inventory data this week could also move the markets. API will release data tonight, while EIA will release data tomorrow.

Technically, WTI Crude Oil could see a resistance near $62.20-$62.70 levels and supports are at $60.90-$60.05 levels.

Domestic oil prices on MCX are trading weak this Tuesday morning and early afternoon trade, tracking overseas prices.

Technically, MCX Crude Oil April is below 4520-4550 and could see a sideways to downside momentum up to 4470-4400 levels.

Strategy for Gold April for the rest of the session is selling near 4510-4520 with a stoploss at 4560 and a target at 4400.

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Source : Equity Bulls

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