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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 2850 on the trading session ending 6 August 2015. On MCX August contract ended at Rs 2847 per barrel on 6 August 2015 against Rs 2888 per barrel on 5 August 2015. Open interest also moved higher an indicator of gains in long positions. It is expected that prices will now move towards Rs 2800 per barrel. On Thursday, Crude Oil tested a high of Rs 2895 and a low of Rs 2826 per barrel. Open Interest was 25661 on 6 August 2015 against 23642 on 5 August 2015.
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