Technical Comment For Day: Crude oil 21-Feb-2014

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Crude oil update neal bhaiMCX Crude Oil traded in a sideways fashion and settled at Rs 6414 per barrel. The prices seem to be in a consolidation mode after a recent rally that took it to contract highs. The March expiry is already under technical breakout zone with further advances towards Rs 6450 and 6500 looking strong. However, consolidation in an around Rs 6400 and 6350 is likely. This will also give time for traders to analyze the situation and take rightful moves. It is also expected that before reaching Resistance of Rs 6500 per barrel, prices can $ 102.73 per barrel. The moves above $ 100 per barrel for Crude Oil are sending strong signals to large speculators.