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Crude Oil Technical Outlook 18.06.2014Back

Crude oil June contract on mcx inched 7 rupees down to settle at 6414. Crude traded with negative bias in respect of shooting star candlestick that appeared day before yesterday’s EOD chart and headed an intraday low of 6369. Stochastic is overbought and preventing fresh bulls to jump in which is also confirmed by price action. Today price objective for bulls would be 6466 and then at 6475 any sustained move above those levels would bring 6540 and more upside. Stability below 6466 remains supportive for bears and we are expecting a decline towards 6320 in coming days.

Crude oil trading range for the day is expected among the key support at 6370 and resistance at 6475.

Recommendation:

·          Today again selling crude around 6430-6450 with stop loss above 6475 for targeting 6350-6320 and more down side might be appropriate in intraday and short term.

·          Buying above 6475 with stop loss below 6440 for targeting 6540 and more upside might be appropriate.

·          In alternative scenario selling below 6368 with stop loss above 6410 for targeting 6320-6300 and more down side might be appropriate. 

 

Crude Oil Technical Outlook 18.06.2014
 
 
 
Posted on: 18-Jun-2014 | Posted by: NIFM | Comment('0')
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