Crude oil near support zone

Crude oil declined sharply on Monday and experienced follow-up selling on Tuesday, albeit the trend for crude is bullish and this short term correction is likely to find buyers. Further the low on Monday coincided with the 20-day SMA & upward sloping trend line, supporting the above observation. Crude oil could advance towards 47.60 and 48.00 while it sustains below 46.00.

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