Energy Market Outlook and Sector Updates: Nirmal Bang
Crude oil : Crude prices bounced back from the bottom (38.25 retracement level). Thus the prices can move up till 3365, the 23.6% retracement and further up-back to the uptrend. Therefore one should remain positive in crude above 3278, the Fibonacci 38.2% support levels.
Natural Gas: The prices are seen taking support at the 195 levels. The prices are currently below the 9 DMA, which is slightly negative for natural Gas. However, the ADX still indicates uptrend, thus one can remain long with Stoploss of 192 during the day. Breaching 192-94 levels can push prices lower to
184 levels.