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Crude Oil Technical outlook for intra and short term trader

Crude oil March contract on mcx inched 100 rupees up to settle at 6077. Crude could not breach key support of 5955 as we mentioned and nicely jumped ahead of inventory and expiry. Today price objective for bulls would be 6100 any sustained move above that level would bring 61600-6200 and more upside. Support will remain at 5950 any failure below that level would bring 5900-5800 and more down side.

Crude oil inventory data is also due out today which is expected 2.4M against 6.2M. Inventory declined against previous weeks inventory indicating rising demand that may have bullish impact on this commodity.

Trading range for the day is expected among the key support at 5950 and resistance at 6150.

Recommendation:

Ø  Today again selling crude on jumps around 6070-6090 with stop loss above 6111 for targeting 5980-5850 and more down side might be appropriate for short term.

Ø  Selling can be taken below 5960 with stop loss above 5990 for targeting 5930-5900-5870 and more down side.

Ø  Today again buying crude above 6111 with stop loss below 6040 for targeting 6160 and more upside might be appropriate. 

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