Crude Oil - May 4, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading flat this Tuesday afternoon trade in Asia.

Optimism surrounding recovery of demand in regions such as Europe and the U.S. offset concerns from increasing numbers of COVID-19 cases in Brazil and many Asian countries.

Investors now await U.S. crude oil supply data from the American Petroleum Institute, due later in the day.

Technically, WTI Crude Oil resistances are at $64.88 and $65.10. Supports are at $63.95 and $63.30.

Domestic oil prices are trading flat on Tuesday afternoon trade, tracking overseas prices.

Technically, MCX Crude Oil May bounced back above 4700 will continue its bullish momentum up to 4820-4865 levels. Support is at 4755-4720 levels.

Strategy for Crude Oil May for the strategy for the rest of the session will be buying near 4770 with a stoploss at 4740 and a target at 4830.

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Source : Equity Bulls

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