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Crude oil Intraday OutlookBack

Crude oil May contract on mcx inched 30 rupees up to settle at 6255. Crude jumped nicely by getting support near 10 days SMA and 6190 technical support. Today price objective for bears would be 6190 any failure of that level would bring weakness in this counter and then we may see 6140-6090 on cards. Stability above 6190 remains bullish and cross above 6266 would bring 6300-6320 on cards. Key resistance would be 6340 and recovery above that level would bring 6400-6450 and more upside.

Crude oil trading range for the day is expected among the key support at 6180 and resistance at 6340.

Recommendation:

Today selling crude on jumps around 6250-6260 with stop loss above 6320 for targeting 6160-6100 and more down side in intraday and short term.

Buying above 6340 with stop loss below 6300 for targeting 6380-6430 and more upside might be appropriate.

In alternative scenario selling below 6190 with stop loss above 6250 for targeting 6160 and more down side might be appropriate.

 
 
 
Posted on: 25-Apr-2014 | Posted by: NIFM | Comment('0')
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