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Crude oil Technical strategy for intraday traders

Crude oil February contract on mcx inched 33 rupees down to settle at 6215.

 

Today price objective for bulls would be 6262 and then at 6272 any sustained move above that level would bring more charm and then commodity may head towards 6310-6350 and more upside. Support seen at 6200 any sustained move below that level would bring a retest to 6150-6100 and more down side. Key support would remain at 6090 any sustained move below that level may bring more weakness in this commodity.

 

Crude oil inventory data is also due out today which is expected 2.5M against 0.4M. Rising inventory indicates weakening demand and may have negative impact on this commodity.

 

Crude Oil trading range for the day is expected among the key support at 5400 and resistance at 6300.

 

Recommendation:

·          Buying crude on declines around 6230-6210 with stop loss below 6180 for targeting 6300-6340 and more upside might be appropriate.

·          In another likely scenario buying crude above 6272 with stop loss below 6240 for targeting 6320-6350 and more upside might be appropriate.

·          In alternative scenario selling below 6180 with stop loss above 6230 for targeting 6140-6110 and more down side might be appropriate. 

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