Crude: 19th July 2013

19 July 2013
Crude Oil
Crude prices have witnessed a sharp rally in view of rising dollar and international prices of crude. It has now given a breakout from the consolidating triangle. But the hitch is the declining volume. A true breakout is confirmed only with rising volumes, but in this case volumes have been declining. As long as crude is above 6200, strength will be seen. The supports for crude are: 6400-6340-6230-6200. If we see volumes rising now, a breakout is confirmed and further rallies could be seen till 6600-6700 levels.
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