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Technical Comment for the Day: Crude Oil

Crude Oil Technical Report

Technical Comment for the Day: Crude OilThe fourth consecutive decline in MCX Crude Oil has depleted the prices to September 2014 levels. Further decline in Crude Oil cannot be ruled out. The prices of MCX Crude Oil settled at Rs 4210 per barrel. Supports for Crude Oil are at Rs 3800 per barrel. Resistance for Crude Oil is at Rs 4280 per barrel. On the higher side, gains in commodity are limited to Rs 4350 and 4400 per barrel. Taking Fibonacci retracements into consideration the prices of Crude Oil can retrace levels of Rs 4070 per barrel, which is a 61.8 percent retracement level. The selling pressure in Crude Oil if continues can very well take the prices below Rs 4000 per barrel mark.

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