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Commodities
Crude Oil - April 29, 2021 - Reliance Securities
Posted On : 2021-04-29 22:29:39( TIMEZONE : IST )
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices are trading with small gains this Thursday in early afternoon trade in Asia supported by bullish forecasts on recovering demand this summer.
However, concerns about the impact of rising COVID-19 cases in India, Japan and Brazil capped upside.
Technically, WTI Crude Oil could see a bullish momentum where it could trade in a range of $63.50-$64.50 levels.
Domestic oil prices are trading marginally in the red this Thursday weighed down by a stronger Rupee.
Technically, MCX Crude Oil May has bounced back above 4682 levels indicating a sideways to marginal upside momentum up to 4788-4810 levels. Support is at 4730-4700 levels.
Strategy for Crude Oil May for the rest of the session will be buying at 4730 with a stoploss at 4700 and a target at 4790.
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