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Crude Oil Outlook 29.04.20

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Crude oil futures slipped to Rs 863 per barrel on April 28 as participants increased their short positions. Oil prices deteriorated on concerns that global onshore storage capacity has reached 85 percent as the novel coronavirus pandemic impacted oil demand.

Diamond Offshore became the latest US company to file for bankruptcy protection on April 27 due to plunging oil prices and the fifth listed firm to file for insolvency in the last 30 days after Whiting Petroleum, the biggest so far filed for protection on April 1.

Industrial and Commercial Bank of China (ICBC) suspended entry for new investors to retail products linked to commodity futures due to extreme market volatility, including US oil futures crashing below zero. The bank has also barred retail investors holding commodity-linked product from adding new position from April 28 and allowed the existing position to be traded as normal.

The market is likely to take a further cue from the API data scheduled to be released later on April 28.

IMPORTANT LEVELS FOR 29/04/2020

RESISTANCE 1 – 1048
RESISTANCE 2 – 1090
RESISTANCE 3 – 1141

SUPPORT 1 – 969
SUPPORT 2 – 945
SUPPORT 3 – 910

WE CAN SEE UPPER CIRCUIT IN CRUDE TODAY

Thanks!

ProCapitas Market-Pro Team

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