Energy Trading Update and Market Outlook: Nirmal Bang
Crude oil: The Crude prices are facing resistance at the upside. However the prices are taking support between the 2915-28 levels for close. The prices are touching the 7 DMA, but are not able to close above the same which indicates that prices closing above 2960 can initiate an uptrend in the price trend. Therefore one can enter in the counter at lower levels around 2880-2920, with SL of 2835, targeting 3150 in near term.
Natural Gas: Prices have moved up from the bottom (new low of 159) and closed above the previous open and 7 DMA. Thus the previous price candle indicates trend reverse. Prices if remains positive above 165 today, then prices can move positive up to 180 levels in near term.