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Crude prices are looking positive, one can expect profit booking around 5300.oscillators are heading up. Crude oil futures garnered strong gains, as Iran has halted oil supplies to Britain and France. Moreover, Iran has also warned to extend its embargo to other European nations, if they continue with their hostile behavior in regard with Iran’s nuclear enrichment program. Today, crude oil prices have breached significant levels of US$105/bbl, which denotes a high probability of WTI crude oil prices reaching levels of US$110-112/bbl.
Crude oil Support and Resistance
MCX Crude oil support and Resistance (Mar) :- S3- 5130,S2- 5165, S1- 5200, R1-5235, R2- 5265, R3- 5300
