MCX Crude gave a pull back yesterday and almost tested the mentioned level of 8800(High 8780) . However later in the session the gains were wiped out and it closed below the bearish engulfing candle low and confirmed the bearish pattern. As per the domestic chart it has now turned into a bearish zone as the bears might target the next support of 7300-7200. But NYMEX WTI is still holding the mentioned support near $103.50 which needs to be penetrated for the bears to get an edge. Till then expect some range bound moves with a lower bias
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