Crude Oil has been showing strength - Swastika Investmart
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COMMODITY OUTLOOK
DAILY COMMODITY MARKET UPDATES
NEWS IN HEADLINE:
* Oil falls on demand concerns as impact of Russian output cut fades
* Gold prices retreat on CPI angst, copper hit by China uncertainty
* Energy & precious metals - weekly review and outlook
CHART OF THE DAY:
Crude Oil: has been showing strength and outperforming for the last two trading sessions, where 6750- 6770 is an immediate resistance zone. Above this, we can expect a short-covering rally towards the 6870–6950 zone. On the downside, 6470 is an immediate support level, while 6400 will be the next important support level.
OUTLOOK:
* Bullion: Day trend is indicating downtrend in Gold &Silver.
* Energy: Day trend is indicating uptrend in Crude oil & downtrend in Natural gas
* Base metals: Day trend is indicating sideways to downside in all base metals.
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