Oil prices slip despite OPEC output cuts, Lead heading higher

India Infoline News Service | Mumbai | October 12, 2017 17:16 IST

Oil prices slip despite expected OPEC extension of output cuts. Lead on hourly chart has broken the multiple resistance levels of 166.90

Crude Oil
Oil prices slip despite expected OPEC extension of output cuts. Crude has broken the support level of 3300 levels and then the prices drifted towards 3280 levels which is the next intermediate support level. Below this level, we expect prices to go down till 3250 levels.

Lead on an hourly chart has broken the multiple resistance levels of 166.90, which is a positive sign for the prices. RSI has also moved above 60 levels indicating strength in prices. If Lead is able to sustain above 166.90 levels, then we can see prices touching 169 levels.

 

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