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Technical Comment for the Day: Crude Oil

Technical Comment for the Day: Crude Oil

April 18, 2016 9:46 IST | capital market

Crude Oil extended losses in the trading session ended Friday. MCX Crude Oil closed at Rs 2699 per barrel on 15 April 2016 against Rs 2789 per barrel on 14 April 2016. The prices have formed a critical resistance at Rs 2805 per barrel breaking which will be fruitful for the commodity, while failure can bring Crude down further. The prices moved towards Rs 2750 per barrel on the last trading day of the week. Supports so far are intact at Rs 2650 but drop below those levels will ignite new shorts to enter in the markets. The prices tested a high of Rs 2750 per barrel and a low of Rs 2664 per barrel.

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