Monday, 9 May 2016

Technical Comment For The Day: Crude Oil

Crude Oil futures faced heavy declines in the session gone by. The prices have seen correction in the last week as well as new week from breakout stage. The commodity is expected to move higher if it manages to breach Rs 3000 per barrel. Having said that, price has shown a tendency to correct from those levels. On the lower side supports for Crude Oil is at Rs 2800 and 2750 per barrel. Last night prices closed at Rs 2913 per barrel down 2.2%. Supports so far are intact at Rs 2800 that will again be an opportunity to buy metal. The prices tested a high of Rs 3046 per barrel and a low of Rs 2902 per barrel.

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