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Barring OMCs, Paint & Tyre stocks may see adverse impact if Brent tops $88

OMC stocks like BPCL, HPCL are better placed on the charts; decisive move over their key hurdles could see next leg of upside

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decisive close over $88 a barrel on Brent Oil Futures may trigger a medium-term rally

Avdhut Bagkar Mumbai
A decisive close over $88 a barrel on Brent Oil Futures may trigger a medium-term rally, validating a bottom formation on the charts. In the last eleven sessions, the oil major has mounted close to 10 per cent, taking sharp rebound near the previous 52-week low of $75.64.

Recently, the Brent oil has ascertained mild profit booking around $87.84 a barrel and a close over the breakout mark of $88 could propel the next upward rally. A trade over $88 a barrel shall confirm a positive trend, with $80 staying as an immediate support. 

While the following major

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First Published: Jan 19 2023 | 11:59 AM IST

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