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MTECHTIPS:-Technical Comment for the Day: Crude Oil

MTECHTIPS:-Technical Comment for the Day: Crude Oil

Crude oil gained for the first time in three days on 10 August 2015. The prices gained by Rs 36 per barrel in a single day and ended the trades at Rs 2860 per barrel against Rs 2824 per barrel. The prices tested a high of Rs 2885 per barrel and a low of Rs 2786 per barrel. Open interest for Crude Oil was 24076 against 25587 on 7 August 2015. Resistance for Crude Oil is at Rs 2910 per barrel, while supports for the contract are at Rs 2820 per barrel. With only 8 days left in the expiry of August contract it is expected that Crude Oil will be recovering further ground and can move close to Rs 3000 per barrel.

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