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MTECHTIPS:-Technical Comment For The Day: Crude Oil

MTECHTIPS:-Technical Comment For The Day: Crude Oil

Crude oil moved below Rs 2750 on the trading session ending 20 August 2015. On MCX September contract ended at Rs 2710 per barrel on 20 August 2015 against Rs 2836 per barrel on 19 August 2015. Open interest was doubled during session ending Wednesday. It is expected that prices will now move towards Rs 2700 per barrel in medium term. On Wednesday, Crude Oil tested a high of Rs 2841 and a low of Rs 2670 per barrel. Open interest of Crude Oil was at 36331 on 20 Aug against 15139 a day before.
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