Energy Market Outlook and Sector Updates: Nirmal Bang
Crude oil: We have seen the counter has breached its support of 3260, we are expecting the counter to test its 65 DMA around 3070 levels in the short run. Negative crossed over in RSI and MA with crossed over in +DI and -DI indicate the short term trend remains bearish.
Natural Gas: Prices taking support around 174 on daily basis, if the counter breaches the same we can expect t to test 170-169 levels in the short run. Negative crossed over in +DI and -DI indicate the counter will be facing pressure on higher levels. We may see the prices to inch higher till 180-184 levels but there will be pressure on higher levels.