Energy Market Outlook and Sector Updates: Nirmal Bang
Crude oil: Crude oil prices remained positive for the day, but closed downside. However prices continued to take support at the support line. The RSI remains in the oversold zone .i. e. below 30 levels. Thus new buying can come in at this level. But breaching 2875 can push prices further lower.
Natural Gas: Prices finally breached the curtail support of 165 after 5 sessions. The RSI also breached the support at 33 levels after the prices inched down. The ADX also trending upwards. Thus prices can remain downwards for some more time, however new buying can come at this lower RSI.