Crude Oil - Jan 18, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices were trading weak on Monday morning and early afternoon trade in Asia with the market's outlook questioned as coronavirus infections rise.

New covid-19 cases in China, parts of Europe and Britain continue to weigh on sentiments.

U.S. Markets are shut on Monday on account of Martin Luther King, Jr. Day.

Technically, WTI Crude Oil has formed a Bearish Engulfing Candlestick after a long rally indicating a sign of Bearish Reversal. Below $52.50 could see further downside $51.30-$50.60 levels.

Domestic oil prices were trading marginally weak on Monday morning and early afternoon trade, tracking overseas prices.

Technically, MCX Crude Oil January is trading on a negative note where below 3870 levels will continue downside pressure up to 3810-3760 levels. Resistance is at 3865-3905 levels.

Strategy for Crude Oil January Sell 3830 SL 3880 TGT 3730. Conditions apply.

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Source : Equity Bulls

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