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Crude oil Technical View for intraday trader

Crude oil January contract on mcx inched 51 rupees down to settle at 5846.

Crude declined and breaching key support of 5850 hinting more down side in this commodity. Today price objective for bulls would be 5918 any recovery above that level may bring 5970 and more upside. Support is now seen near 5841 and decline below that level would call for 5800-5760 zones. Key support would remain at 5740 and any closing below that level would bring 5600 on cards.

Trading range for the day is expected among the key support at 5770 and resistance at 6100.

Recommendation:

·Today buying crude above 5920 with stop loss below 5880 for targeting 5970 and more upside might be appropriate.

·In alternative scenario selling can be taken below 5840 with stop loss above 5890 for targeting 5800-5760 and more down side.

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