By looking on weekly chart Crude is likely to remain on downside. Currently, the concerns on the Iranian tensions are building up. We are expecting crude to hover around in the range of USD 100 per barrel to around USD 99 per barrel.
MCX Crude Oil January contract is a sell for the time being in the range of Rs 5,335 per barrel. We could expect targets of Rs 5,285 to Rs 5,260 per barrel. We could have this with a stop loss of Rs 5,360 per barrel.
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