Energy Market Outlook and Sector Updates: Nirmal Bang
Crude oil: The crude prices are trading range bound between 3110-3220, while closing around 3150-60 levels only. The RSI is steadily rising up. Thus bias remains on the upside. Therefore one can buy crude at lower levels around 3130-50 targeting 3250-80 in near term.
Natural Gas: The counter moved positive above the trend line. The RSI and MACD with upside cross indicate strength in the counter. Thus one can buy at every dips above 180. The counter can rally up to 201 on breaching the resistance at 40 DMA of 195.