Technical Comment For Day: Crude oil 20-Feb-2014

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Crude oil update neal bhaiThe expiry of February contract of MCX Crude Oil on 19 February 2014 was at Rs 6386 per barrel. March expiry contract closed at Rs 6406 per barrel, up 0.95%. The March expiry is already under technical breakout zone with further advances towards Rs 6480 and 6500 looking strong. Open interest of February was also rolled over with large number of stakeholders still preferring a buy in Crude Oil. The prices are supports at Rs 6353 per barrel. NYMEX Light Sweet Crude Oil is at $ 102.57 per barrel. The moves above $ 100 per barrel for Crude Oil is sending strong signals to large speculators.