Crude Oil - April 6, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading with gains on Tuesday supported by bargain hunting.

Upbeat data from the U.S and China lifted sentiments.

However, concerns remain over demand due to lockdowns in certain countries.

Investors are also awaiting the release of U.S. inventory reports from the American Petroleum Institute later on Tuesday and the Energy Information Administration on Wednesday.

Technically, WTI Crude Oil is trading on a positive note which will further take price up to $60.50. Supports are at $59.00 and $58.40 levels.

Domestic crude oil gold prices are trading with gains this early Tuesday afternoon trade, tracking overseas prices.

Technically, MCX Crude Oil April supports are at 4320 and 4240. Resistances are at 4390 and 4450.

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