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MCX Crude Oil Short Term Bullish

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Posted by : Karan Hakim on | Feb 16,2015

We maintain our bullish view in MCX Crude Oil, as prices have been trading in a downtrend since last three months forming lower tops and lower bottoms, but recently it has taken support from Support Line S, 2760 and surged upside. We expect crude oil prices to continue upside moment of retracement , eyeing target of Rs.3544.

Also, the 14-period RSI is pointing higher, indicating bullish momentum for the prices.

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