Crude Oil - Jan 27, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading with modest gains this Wednesday morning and early afternoon trade in Asia supported by bullish U.S. crude stockpiles data from API.

Prices also found support after China reported its lowest daily rise in COVID-19 cases, bolstering hopes of a pick-up in demand.

Today, investors will await cues from inventory data from EIA.

In the short term, markets will be in a wait and watch mode as investors will be wanting to consider the trajectory of the second wave in China and its impact on the economy.

Technically, WTI Crude Oil is trading on positive note above $53.00 levels indicating a positive momentum up to $53.25-$53.44 levels. Support is at $52.65-$52.22 levels.

Domestic oil prices are trading marginally higher this Wednesday morning and early afternoon trade, tracking overseas prices.

Technically, MCX Crude Oil February is trading above 3850 could see some sideways to marginal upside momentum upto to 3880-3920 levels where support holds near 3820-3780 levels.

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

Keywords