AHMEDABAD (Commodity Online): MCX Sep Crude contract opened at 3475 from previous close of 3470 and made an intraday low of 3457. Crude prices last traded at 3485 up by 15 rupees after made an intraday high at 3496.
Crude prices are trading in a narrow range of 40 rupees this morning taking cues from lower global equity markets. Crude prices are expected to rise on bargain buying because of expected demand recovery from emerging markets. Dollar is likely to become weak against euro and other major currencies which will help crude prices to move up.
Technically, Crude looks oversold, the range for MCX Crude is from 3440-3650. Presently Crude prices are trading below 8, 11 and 14 day weighted moving averages which signals downtrend.
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