Energy Trading Update and Market Outlook: Nirmal Bang
Crude Oil : Crude prices remained positive upwards and closed higher at 3428, above Both the 7 and 21 DMA. Thus prices look positive above 3360. Prices can trade positive for the day; however the upside can be limited to 3500 levels on the upside.
Natural Gas: The prices seem to consolidate at lower levels in counter. The ADX is flat with no cue on the direction. However, prices are seen forming a triangle. Thus a positive break-out is expected in Natural Gas on breaching 180-182 levels on upside. Thus one can remain long at lower levels between 172-74, targeting 195 in near term.