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Crude Outlook

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Due to lockdown in almost all parts of the World, the demand for crude oil has declined drastically and it is clear that this decline will be approximately 60% in the year 2020.

Corona virus outbreak and aggressive price war between Saudi Arabia and Russia will also cause a major decline in crude oil prices.

It is even possible that we can see Crude trading at 1200 levels soon if it breaks 1580 crucial Support levels.

Outlook for Monday i.e. 30th March 2020

 

Resistance 1 – 1722

Resistance 2 – 1740

Resistance 3 – 1753

 

Support 1 – 1683

Support 2 – 1665

Support 3 – 1644

 

Positional buying of Crude oil seems to be a little risky right now, therefore it is not recommended.

Note:- Support & Resistance is from the current point of view and may change after gap up or gap down opening, will update further after the market opens.

 

Curated By- 

Partha Chowdhury

(Trader, Commodity expert)

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