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Crude Oil: Technical Comment For The Day

MCX Crude Oil:

Crude oil was static in the trades on Thursday. The prices of Crude Oil were ended the last session at Rs 3859 per barrel. Commodity tested a high of Rs 3897 per barrel and a low of Rs 3803 per barrel. Long term bearishness is expected to continue as the prices have breached Rs 3900 per barrel on a closing basis. On the lower side, supports of Rs 3800 and 3750 can become a short term floor price for Crude oil. In terms of resistance it is difficult to estimate the extent of retracement Crude oil can see. The prices are at multi-year lows so any retracements with higher volumes can be sharp. Volumes were also on the lower side and reached 9901 against 11920.

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