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Crude Oil technical outlook for short-term traders

Crude oil March contract on mcx inched 96 rupees down to settle at 6306.

Crude settled well below immediate support of 6340. Today price objective for bears would be 6275 any move below that level would bring 6230-6170 and more down side. Resistance is now seen near 6388 and nay recovery above that level may bring some charm and then we may see retest to 6420 zones. Key resistance would remain at 6440 and above that it will try heading towards 6500 and more upside.

 

Crude oil inventory data is also due out today which is expected 1.1M against 1.0M. Rising inventory is an underlying bearish factor for this commodity.

 

Trading range for the day is expected among the key support at 6270 and resistance at 6450.

Recommendation:

·          Today again selling crude on jumps around 6340-6370 with stop loss above 6420 for targeting 6280-6230-6170 and more down side might be appropriate.

·          In alternative scenario selling below 6270 with stop loss above 6310 for targeting 6240-6210 and more down side might be appropriate.

·          Buying above 6440 with stop loss below 6390 for targeting 6490-6530 and more upside might be appropriate. 

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