Oil price are Struggle due to current India situation
Friday , September 17 2021
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Oil price are Struggle due to current India situation

WTI Crude Oil

The West Texas Intermediate crude oil market has gained significantly during the trading session on Monday, as traders have started worrying about India’s slowing. Eventually, we are starting to see signs that domestic demand is falling, which is certainly very negative for crude oil as India is the third-largest importer in the world. That being said, the market has bounced back from the 50-day EMA, so it looks the least resilient, and it is probably worth noting that OPEC has not moderated its outlook for the year.

Brent Crude Oil

Brent markets are running very poorly, but given that Brent is more likely to end up in India than in the United States, this should not be a big surprise. Because of this, we have slipped below the $ 65 level, but it is worth noting that the 50-day EMA is found at the $ 63.59 level. With that in mind, it is probably worth waiting for a helpful candlestick on the daily deadline before buying, and as far as selling is concerned, I would hesitate until we are a little less than here. Ultimately, we are still in an uptrend and this is probably the most important thing to pay attention to.

At this time, the market is probably the one you want to leave in the short term, perhaps looking for some kind of clue as to where we go next. If we break below the $ 60 level, the uptrend will end.

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About Dwipen Gogoi

Dwipen Gogoi, MBA (IB and IT) and PGDFT from Pune. (Technical Analyst of AliceBlue) I am a You Tuber, Blogger and doing Technical Analysis last 10 years in Stock, Commodity and Forex Market. i am creating various trading strategies for day traders, swing traders, scalp traders.

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