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Technical Comment For The Day: Crude Oil

Crude Oil moved lower for the fourth straight session and ended the day with losses of 0.38 percent. The prices tested a high of Rs 4160 per barrel and a low of Rs 4057 per barrel. The selling in Crude Oil is expected to continue and if the decline is below Rs 4100 it will be more painful for the users with supports at Rs 4050 per barrel. The prices settled at Rs 4120 per barrel, down Rs 16. The rise in the prices of Crude Oil remains limited to Rs 4200 and 4230 initially. Open interest in Crude Oil was lower to 16916 against 17307.

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