Energy Market Outlook and Sector Updates: Nirmal Bang
Crude oil: Crude oil prices sharply corrected last week, with more than 17% correction. The RSI have reached the oversold Zone below 30 levels. In past two session prices are seen taking support around 2900 levels. New buying can come in at this lower levels, thus fresh selling can be done only below 2875.
Natural Gas: Natural gas prices are taking strong support at 165. The RSI is flattening now with the pause in the downslide. The prices can move up with support of 164-65 levels, as the RSI has support at the 33 levels. But prices can trigger downside on breaching 165. Thus one should wait for RSI to pick-up before making entry in the counter.