MCX Crude oil futures are witnessing very tight movement today after a continued spate of losses in last few days. Two critical thresholds are emerging for the intraday price action today. The counter is edging up near its 20 hour moving average, currently placed at 7689 and a break above could push it near the upper Bollinger Band at 7689. A break below the previous closing price of 7559 could open up the floodgates to the previous low near Rs 7420 per barrel. However, there is a slight pick-up in volumes today and hourly charts are showing an upward bias.
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