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Commodities
Crude Oil - May 24, 2021 - Reliance Securities
Posted On : 2021-05-24 23:13:00( TIMEZONE : IST )
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices are trading up by over 1% on Monday early afternoon trade in Asia as doubts emerged in reviving the 2015 Iran nuclear deal.
Additionally, prices also got a lift as a possible storm formation in the Gulf of Mexico which could lead to disruptions in energy production and refinery activity in the region.
Technically, WTI Crude Oil has formed a Bullish Engulfing Candlestick which is a sign of Bullish Reversal in the counter. Moreover, it bounced back from 50-DMA which is placed at $62.60 levels. Support is at $63.15-$62.20 levels. Resistance is $64.80-$65.60 levels.
Domestic oil prices are trading solidly higher on Monday early afternoon trade, tracking overseas prices.
Technically, MCX Crude Oil June is sustaining above 4600 where it will continue its bullish momentum up to 4750-4810 levels. Support is at 4675-4630 levels.
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