Energy Market Outlook and Sector Updates: Nirmal Bang

Energy Market Outlook and Sector Updates: Nirmal BangCrude oil: The Counter is trading a crucial level, where the indicators have turned negative but the prices are expected to take support at the 40 DMA and the Trend line. The correction seems to have been over at the 50% retracement till 3308. Thus the counter is expected to take support at the 3300-310 levels; breaching 3300 correction is expected to continue till the next levels of 3248.

Natural Gas: The counter is in a bear trend. The RSI is near the oversold Zone, thus small upside is expected in the prices, rather prices are expected to consolidate at these 153-158 levels and move up to 163 levels in near term.