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As we can see OIL has given break-out from Cup&handle pattern
Its 8 day delivery average is 53%.
As well as today's open interest change in around 3.69% which show large numbers of long positions.
MACD is positive.
Considering all the facts and numbers one can take long positions for this series
Please take note I am not SEBI registered ...
Daily chart of BSE:OIL ,wait for the testing of upper trend line if it holds its time to sell.
as we can see the bearish engulfing pattern there and a couple of doji there signifying greater indecision in the market and bearish divergence there and the market is too overextended