A direct drop below Rs 6000 would extend the corrective selloffs - Geojit Financial
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Crude oil
Technical Outlook
Concerns over supply disruptions from key producers, firm demand outlook and a weak US currency continue to support global oil prices. However, rising new virus cases across the globe and a surge in crude inventories in US likely to limit major upside in prices. Top oil consumers plan for using strategic petroleum reserves may also dampen the bullish outlook on prices.
NYMEX Feb: It required to break above the stiff resistance of $85 to lift prices higher. Else, there are chances of corrective selling pressure, but unlikely for major selloffs unless breaking the support of $74.
MCX Feb: Outlook remains positive, but it needs to break above 6350 to trigger major rallies. A direct drop below Rs 6000 would extend the corrective selloffs.
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