mcx crude oil hit target 3270 as expected

mcx crude oil sep future in last 3 sessions given almost 600 rupees
rally and touched my given target of 3270
here 3270 is now strong resistance and
we seen supply from that levels yesterday
now 3050 and then 2780 are strong support zones
expect prices to retreat to those levels and consolidate
before next big move
this was sharp short covering rally with value buying
but underlying weak fundamentals might continue to put
pressure on crude oil futures prices

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Pramod Baviskar

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