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Crud Pressure builds up

As the daily chart shows, for the last few days crude oil is trading in a sideways manner. Despite multiple attempts, bulls are unable to penetrate 21 and 50 DEMA. Presence of 21 and 50 WEMA in the north is creating additional pressure. In terms of price pattern, oil has formed a triangle that is bearish in nature. Daily KST is ready for zero line reversal. Hence crude is unlikely to move beyond the high of 3555. On the downside conservative pattern target is 3300.

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