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Crude Oil Daily Technical Outlook for Intraday traders

Crude oil January contract on mcx inched 103 rupees down to settle at 6158.

Today price objective for bears would be 6150 any failure would bring a retest to 6120 zones. Key support would be 6120 and closing below that would extend bearish move towards 6030-5970 zones. Resistance is now seen near 6260 any sustained move above that level would bring 6340 and more upside in short term.

Trading range for the day is expected among the key support at 6100 and resistance at 6300.

Recommendation:

* Today selling crude below 6150 with stop loss above 6190 for targeting 6110- 6070 and more down side might be appropriate.

* Buying above 6260 with stop loss below 6200 for targeting 6340 and more upside.

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