Crude Technical Comment For 30 July 2015

Crude oil moved above Rs 3100 per barrel in the intraday session. There has been a constant degradation in prices of Crude Oil in last few weeks however Wednesday session was an exception. On MCX August contract ended at Rs 3148 per barrel on 29 July 2015 against Rs 3083 per barrel on 28 July 2015. Crude Oil also showed decline in open interest an indicator that short positions were squared off. It is expected that prices moving above Rs 3180 will bring more gains. On Wednesday, Crude Oil tested a high of Rs 3177 and a low of Rs 3045 per barrel. Open Interest was 16669 on 29 July 2015 against 18401 on 28 July 2015.
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