The prices of Crude Oil was
sideways in the session ending 5 September 2016. Crude Oil gained
0.17% to end the session at Rs 2980 per barrel. The resistance zone
for Crude Oil is strong at Rs 3100 per barrel. The prices of Crude
Oil are supported at Rs 2850 and Rs 2800 per barrel. The gains are
expected to be limited to Rs 3100 per kg in today's trades. The high
for Crude Oil was at Rs 3065 per barrel while low was at Rs 2913 per
barrel.
There is a surge in crude oil.
For price stability agreement between Russia and Saudi Arabia
following reports Brent price went beyond $ 47. MCX crude oil rose
1.3 percent in the domestic market is showing around Rs 3020.
Trading Advice for Intraday
We recommended Sold MCX Crude Oil September future contract around 3020 to 3010 targets 2990, 2975 stop
loss 3039.
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