Crude Oil - Jan 29, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are steady on Friday morning trade and early afternoon trade in Asia as investors looked for fresh triggers in the markets.

Markets will look ahead to cues from the OPEC meeting in February and China's manufacturing Purchasing Managers Index (PMI) data for January this weekend for direction.

Markets will await any signs from the ongoing vaccine development and roll-out over the next few weeks.

Technically, WTI Crude Oil holds support near 21-Daily Moving Average at $51.90 levels indicating a bounce back activity up to $52.20-$52.66 levels. Support is at $51.80-$51.45 levels.

Domestic oil prices are trading steady his Friday morning trade and early afternoon trade, tracking overseas prices.

Technically, MCX Crude Oil February is trading on negative note where it hold a support at 3800 levels below which is indicating a range bound movement could continue. Support is at 3750-3710. Resistance is at 3835-3875 levels.

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Source : Equity Bulls

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