Crude Oil Trading Higher, Bullish Trend Intact

Published 12/31/2013, 05:22 AM
Crude Oil
Crude oil prices traded higher last week and closed on a bullish note after forming a strong base around Rs 6100/bbl mark. Prices managed to close above Rs 6250/bbl level which is a strong positive sign for the counter. After a strong rally, consolidations and corrections are imminent and prices may consolidate here for some time before they start moving higher.

Traders are advised to initiate long positions at lower levels and as long as the counter is trading above Rs 6100 mark, bullish trend remains intact. However, on the flip side, sustained traders below Rs 6100 may give bears a chance to show their strength which may drag it lower towards Rs 5950/bbl.

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