SUNDAY
WEEKLY UPDATE
Crude oil was trading towards south wards direction for more than two months
and last week we saw a steep correction in prices from 4750 to 4200 levels
because of the major news that OPEC will maintain its output at 3000000
barrels per day, because of huge inventory prices were already trading in
negative zone and the market expectation from OPEC was to cut down the Production ,
but OPEC has decided to maintain the same output which triggers the bears
to add further shorts in the market. We expect prices to correct further
up to 4050 levels.
Weekly Call :
Sell Crude oil in the range between 4210 – 4270
with sl above 4350
for targets 4100 and 4050.
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