Crude Oil - Nov 6, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International and domestic oil prices struggled this Friday in a volatile trade as new lockdowns in Europe to halt rising COVID-19 infections sparked concern about the outlook for demand.

Markets also remained on edge over prolonged vote counting in the U.S. election.

Downside was capped amid possible support from OPEC+ as the cartel could continue its current output cuts beyond January 2021.

Markets will now await further cues from the jobs data from the U.S. and the outcome of the U.S. election.

echnically, WTI Crude Oil trading on flat note and holding resistance near $39.55 levels. Prices further could see some hurdle near $39.70-$40.00 levels which is its 50-DMA. It could trade in a range of $37.50-$40.50 in the coming session.

Technically, MCX Crude November is holding below a resistance near 21- Daily Moving Average that is trading below 2895 could see a downside pressure. Resistance is at 2860-2920 levels. Support is at 2762-2710 levels.

Source : Equity Bulls

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