AHMEDABAD (Commodity Online): Crude Oil July moved up by 1.13% in MCX on weak Dollar against the Euro.
Crude Oil opened at 3539 and made a low of 3536 and days high of 3581.Total volume for the day is 46074 lots and open interest is around 20006. Support for Crude Oil is at 3520. Resistance level is at 3640.
“Technically, one can long Crude Oil at 3495 with a stop loss of 3450 for target of 3600,” said Hardik Shah, Sr. Commodity Analyst with Commodity Online.
Crude Oil prices one week trading range is 3506 to 3655. 14 days RSI for Crude Oil is at 53 and it is increasing today on lower level buying.
“Fundamentally, Crude Oil is in sideway. One can enter into a short position at 3650 levels for short term,” said Shah.
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