Sell MCX Crude oil; target Rs 6650: Dani Commodities

Dani Commodities' report on Crude oil

Expiry of near month contract in Crude oil is due today. The prices settled at Rs 6754 per barrel on Saturday. Meanwhile, a strong pick up in open interest is seen in Septem ber expiry contract that settled at Rs 6762 per barrel. The prices of September expiry contract will try and consolidate near Rs 6700-6750 per kg. Resistance for contract is at Rs 6800 per kg. Technical break of Rs 6540 per barrel is a strong positive for the chart. In NYMEX, Crude oil September expiry contract was trading at USD  107.54 per barrel. Here, USD  108 and 108.5 per barrel is the upper cap.

MCX CRUDE OIL
International: Major Support for WTI at USD100 Bullish above USD 100
Domestic: Sell at 6685, Stoploss 6715, Target 6650.

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