Energy Market Outlook and Sector Updates: Nirmal Bang
Crude oil: The counter looks positive at this higher levels with RSI above 60 levels and with rising +DI. The prices are moving in a uptrend. The prices have given partial booking yesterday, thus prices are expected to resume the uptrend and move higher taking support above 3475 levels.
Natural Gas: The counter trending downwards. The RSI is entering the oversold Zone below 30 levels. The ADX also indicate weakness in the counter. Thus prices can continue downwards for the day.