Crude-buy on declines

18 January 2021

Crude has been in a strong uptrend since the past couple of months, momentum indicators in buy mode support the above observation. The current correction experienced by crude looks to be an organic correction which is likely to find buyers near current levels. It would be prudent to say that crude could rise towards 52.80 and 53.45 if it sustains above 51.00.

Prepared by
Technical Analysis Team

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