Crude Oil is stuck in a trading range

India Infoline News Service | Mumbai | November 14, 2017 18:10 IST

Crude Oil outperformed the commodities pack by rallying almost 25% in the last 2 months.

Crude Oil outperformed the commodities pack by rallying almost 25 percent in the last 2 months on the back of production cut from OPEC countries and geopolitical tension that is going on in the world.

Technically speaking, prices are at a 2-year high and are facing resistance near 3750 levels. The price is trading in range of Rs 60 till 3690 levels since the last one week. Currently, RSI on daily chart is above 60 levels indicating high momentum in prices. Strong resistance level can be seen near 3700 levels. If we see a daily close below 3690, then the trend will turn bearish and prices could drift towards 3600/3580 levels in coming few days
 

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