Brent crude oil to resume range bound trade and now traded above 111/ bbl. The global demand of crude oil is very high ,china expected to grow with a positive start but these positive start not affct the market turnover ……
The Current price of Crude oil for may delivery trade at 5231 points with negative move of 21 points . expected intraday support and resistant level for crude oil is that 5215 and 5288 points .
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MCX Crude Oil future jun expiry last closed at 5739 with loss of 68 rupee. In intraday MCX Crude Oil future made low near 5727 while high was 5838. Total 110 rupee intraday range and sharp profit booking. Here on weak rupee and resilient selling we may see continuation of uptrend and above 5600-5650 support remain bullish from longer term view.
do you think its the right time to pull off from crude?