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Crude Oil Intraday Outlook 29.05.2014Back

Crude oil June contract on mcx inched 35 rupees down to settle at 6112. Crude is failing to cross above 6200 and stochastic is witnessing a bearish cross at the same time that hints a strong resistance at 6200. Today support would be 6070 below that it will try heading towards 6020-5980 zones. Key support would remain at 5950. Resistance is now seen near 6200 any sustained move above that level would bring more charm and then we may see 6300 and more upside.

Trading range for the day is expected among the key support at 6050 and resistance at 6200.

Recommendation:

Today again buying crude on declines around 6150-6130 with stop loss below 6070 for targeting 6230-6270 and more upside might be appropriate.

Selling below 6070 with stop loss above 6110 for targeting 6020-5980 and more down side might be appropriate.

In alternative scenario buying above 6200 with stop loss below 6140 for targeting 6270 and more upside might be appropriate.

Crude Oil Intraday Outlook 29.05.2014
 
 
 
Posted on: 29-May-2014 | Posted by: NIFM | Comment('0')
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