The oil futures curve is downward sloping, a shape that coincides rather with scarcity not abundance of commodity supplies. That said, the quota reduction is minimal, and many producers remain below their individual levels.
The psychological mark of 22,000 holds intermediate support, followed by strong support of the 21,800-21,700 subzone. On the higher end, the 20-DEMA placed at 22,300,
MarketSmith suggests considering ITD Cementation, Neuland Laboratories, Arvind Smartspaces, Sharda Motor Industries, and Choice International as potential buys based on various financial and technical indicators.
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