Energy Market Outlook and Sector Updates: Nirmal Bang
Crude oil: The counter looks strong RSI above 60 level (MA) and rising +DI along with ADX above 20. The counter bears a support at the 7 DMA of 3535. Thus one can remain long at every dip above 3535, targeting 3680-3700 in near term.
Natural Gas: The counter is in downtrend, but yesterday prices have closed positive above the trend line. Thus the trend can reverse if prices maintain above the 160 levels today. Thus one can remain long in the counter at lower levels around 160, with Stop loss of the previous low of 155.8, targeting 180 (50% retracement of the fall from
209).