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Crude Oil Intraday Outlook 23.05.2014Back

Crude oil June contract on mcx inched 48 rupees down to settle at 6083. Today price objective for bears would be 6070 any sustained move below this level would bring 6030-6000 on cards. Key support would remain at 5950 any sustained move below that level would bring more weakness and then we may see 5900-5850 and more down side. Resistance is now seen near 6130 and then at 6140 any sustained move above 6150 zones would bring more charm and then we may see 6200-6240 in coming days.

Crude Oil trading range for the day is expected among the key support at 5950 and resistance at 6150.

Recommendation:

 

  • Today again buying crude on declines around 6090-6070 with stop loss below 6010 for targeting 6200 in short term might be appropriate.
  • Selling below 5950 with stop loss above 6010 for targeting 5900-5830 -5760 and more down side might be appropriate in short term.

 

 

Crude Oil Intraday Outlook 23.05.2014
 
 
 
Posted on: 23-May-2014 | Posted by: NIFM | Comment('0')
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