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Crude oil Intraday Strategy 03.06.2014Back

Crude oil June contract on mcx inched 42 rupees down to settle at 6064.Crude oil settled nearer the immediate support of 6050 triggering weakness in this counter. Today price objective for bears would be 6050 any failure below this level would bring more weakness and then we may see 6000-5980 on cards. Key support would remain at 5950 and closing below that level would bring more weakness and then we may see 5850-5800 in coming days. Resistance remains at 6140 and then at 6200 any closing above 6200 would bring a retest to 6400 zones in coming days.

Crude oil trading range for the day is expected among the key support at 5950 and resistance at 6200.

Recommendation:

Today buying crude around 6070-6080 with stop loss below 6050 for targeting 6180 and then 6270 in short term.

In alternative scenario buying above 6140 with stop loss below 6100 for targeting 6190-6240-6300 and more upside might be appropriate.

Selling below 6050 with stop loss above 6100 for targeting 6010-5930-5850 and more down side might be appropriate in short term.

Crude oil Intraday Strategy 03.06.2014
 
 
 
Posted on: 03-Jun-2014 | Posted by: NIFM | Comment('0')
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