Home > Blog > Crude oil Intraday Outlook 07.05.2014

Crude oil Intraday Outlook 07.05.2014Back

Crude oil May contract on mcx inched 33 rupees up to settle at 6006. Crude oil continued hovering near key support of 5960 and nicely recovered from the support line. Support of 5960-5950 zones remains intact and oversold reading on stochastic strengthens this support zone. Today price objective for bears would be 5950 any closing below that level would bring some weakness and then 5900-5860-5800 are likely targets for fresh bearish swing. Resistance is now seen near 6035 and then at 6055 any sustained move above 6055 would bring an attempt towards 6100-6140 zones.

Crude oil inventory data is also due out today which is expected 0.9M against 1.7M. Decreasing inventory indicates a rise in demand and rising demand is an underlying bullish factor for this commodity.

Crude oil trading range for the day is expected among the key support at 5950 and resistance at 6100.

Recommendation:

Today buying copper around 6000-5990 with stop loss below 5960 for targeting 6100-6170 and more upside might be appropriate in intraday and short term.

In alternative scenario buying above 6055 with stop loss below 6010 for targeting 6100-6140 and more upside might be appropriate.

Selling below 5960 with stop loss above 6000 for targeting 5925-5890 and more down side.

 
 
 
Posted on: 07-May-2014 | Posted by: NIFM | Comment('0')
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