Energy Market Outlook and Sector Updates: Nirmal Bang

Crude oilCrude oil : Crude oil prices are seen trading within 3360-3500 and resisting the 3500 levels since a long time. Thus the prices are expected to give a break-out, and move in the direction of the break-out. However, the bias remain on the downside, as we see negative divergence with RSI and the MACD is also on the verge of given a cross- over on the downside. Thus one should wait for the breakout before taking any long-term position.

Natural Gas: Natural gas prices are seen moving in a uptrend, however prices resist the 209 levels on upside. The MACD is moving up and about to enter the positive territory. The RSI and ADX are also favoring uptrend in Natural gas. Thus trader can buy Natural gas at every dip, targeting 225 levels in short-term.