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Crude Oil trading view for the day

Crude oil February contract on mcx inched 33 rupees up to settle at 6231.

Crude remained in bullish posture and commodity settled well above its 200 days SMA but couldnt clear main hurdle of 6280 zones and settled just near the midpoint of days trading range. Today price objective for bears would be 6200 any move below this below this level would bring some weakness and retest to 6170-60 zones may take place. Key support remains at 6150 and any failure below this level would bring 6100-6070 on cards. Resistance is now seen near 6280 any move with closing above that level would extend current move towards 6340-6400 and more upside.

Trading range for the day is expected among the key support at 5400 and resistance at 6300.

Recommendation:

·         Selling crude below 6210 with stop loss above 6255 for targeting 6170-6140-6070 and more down side might be appropriate.

·         Buying can be taken above 6285 with stop loss below 6240 for targeting 6320-6370 and more upside might be appropriate. 

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