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MTECHTIPS:-Technical Comment For The Day: Crude Oil

MTECHTIPS:-Technical Comment For The Day: Crude Oil

For the third straight session , prices of Crude Oil moved down. Crude oil was just close to Rs 2600 on the trading session ending 25 August 2015. On MCX September contract ended at Rs 2601 per barrel on 25 August 2015 against Rs 2639 per barrel on 24 August 2015. Open interest gained during session ending Tuesday. It is expected that prices can now move in range of Rs 2500 and 2700 per barrel in medium term. On Tuesday, Crude Oil tested a high of Rs 2662 and a low of Rs 2600 per barrel. Open interest of Crude Oil was at 39233 on 24 Aug against 34639 a day before.
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