Energy Market Outlook and Sector Updates: Nirmal Bang
Crude oil : Crude oil prices are seen trading within 3360-3500 and resisting the 3500 levels since a long time. However, prices are expected to breach the levels on downside. As RSI is moving down and MACD also has given cross-over on side. Therefore, one can remain sell on every rise in crude, targeting downside till 3345 and next 3244 (retracement levels).
Natural Gas: Natural gas prices are moving up in short-term above the 9DMA . The ADX also is supporting the uptrend in Natural Gas. The MACD also is moving in positive territory. Thus, one can buy Natural Gas at every dip between 195-200 levels, targeting 225 levels in near –term.