Crude Technical Comment For 17 July 2015

MCX Crude oil dropped for a second session yesterday. However, the counter recovered from lows near Rs 3240, firmly establishing Rs 3220-3240 as a critical support area that has made the counter bounce back in intraday moves for four times in last one and half week. Some recovery could be seen today though bulls would return with a force only after a clear break above Rs 3320 mark- near the intraday high in last session.
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