MTECHTIPS:-Technical Comment for the Day: Crude Oil

MTECHTIPS:-Technical Comment for the Day: Crude Oil

Crude Oil crashed sharply in the intraday trades ending Wednesday. The prices have now breached levels of Rs 2000 and 1950 per barrel. This was on the cards as the volumes were constantly picking up and this was not reflecting on prices in first few days of the week. February expiry contract closed at Rs 1919 per barrel down 6.53%. The prices tested a high of Rs 2045 per barrel and a low of Rs 1902 per barrel. Volumes have picked up tremendously after the expiry of January contract. The selling positions have been accumulated further and Open interest during the last session was 53448 against 43712.

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