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Crude oil Technical outlook

Crude oil March contract on mcx inched 127 rupees down to settle at 6178.

Today price objective for bears would be 6150 and then 6100. Any failure below 6150 would bring retest to 6110 zones. Key support remains at 6100 and any closing below that level would bring 6070-6030 and more down side. Resistance is now seen near 6330 any sustained move above that level would bring 6370-6410 and more upside on cards.

Trading range for the day is expected among the key support at 6100 and resistance at 6400.

Recommendation:

·      Today selling crude on jumps around 6250-6270 with stop loss above 6330 for targeting 6200-6170-6140 and more down side might be appropriate.

·      In alternative scenario selling below 6150 with stop loss above 6180 for targeting 6115-6070 and more down side.

·      Buying can be taken above 6330 with stop loss below 6290 for targeting 6370-6410 and more upside. 

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