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Crude Oil - May 4, 2021 - Reliance Securities

Posted On: 2021-05-04 12:19:01 (Time Zone: UTC)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading flat this Tuesday afternoon trade in Asia.

Optimism surrounding recovery of demand in regions such as Europe and the U.S. offset concerns from increasing numbers of COVID-19 cases in Brazil and many Asian countries.

Investors now await U.S. crude oil supply data from the American Petroleum Institute, due later in the day.

Technically, WTI Crude Oil resistances are at $64.88 and $65.10. Supports are at $63.95 and $63.30.

Domestic oil prices are trading flat on Tuesday afternoon trade, tracking overseas prices.

Technically, MCX Crude Oil May bounced back above 4700 will continue its bullish momentum up to 4820-4865 levels. Support is at 4755-4720 levels.

Strategy for Crude Oil May for the strategy for the rest of the session will be buying near 4770 with a stoploss at 4740 and a target at 4830.

Disclaimer: The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through RSL nor any solicitation or offering of any investment /trading opportunity on behalf of the issuer(s) of the respective security(ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. While due care has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, affiliates or representatives of RSL shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information / opinions / views contained herein.


Source: Equity Bulls

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