Bears may tighten grip on OMC stocks as Crude Oil trades at 6-week high

OMC stocks are displaying bearish sentiment, if fails to hold key supports then could enter medium-term selling bias.

Oil prices surged for the 6-consectuive week, climbing a 3-month high post displaying a strong accumulation near $70 per barrel from March to June of this year. 

This is the sharpest and straight up jump the Brent Crude has observed following an intense sell-off since March 2022. Technically, a breakout over $90 could accelerate the next move to $100 per barrel. 

Rise in crude oil inversely affects OMC stocks, with Bharat Petroleum Corporation, Hindustan Petroleum Corporation, and Indian Oil Corporation have been on a downward spiral since last few sessions. 

Here’s the technical outlook of OMC stocks amid rise in