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MTECHTIPS:-Technical Comment for the Day: Crude Oil

MTECHTIPS:-Technical Comment for the Day: Crude Oil

Crude oil depleted below Rs 2900 on the trading session ending 5 August 2015. On MCX August contract ended at Rs 2888 per barrel on 5 August 2015 against Rs 2935 per barrel on 4 August 2015. Crude Oil showed decline in open interest. It is expected that prices will now move towards Rs 2800 now will bring more losses. On Wednesday, Crude Oil tested a high of Rs 2989 and a low of Rs 2873 per barrel. Open Interest was 23642 on 5 August 2015 against 21272 on 4 August 2015.
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