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Crude oil technical outlook for short term trader

Crude oil April contract on mcx inched 22 rupees up to settle at 6080. Today price objective for bulls would be 6114 any move above that level would bring a retest to 6140 zones. Key resistance would be 6150 any sustained move above that level would bring 6200-6270 and more upside. Support is now seen near 6055 any sustained move below that level would bring 6000-5960 and more down side.

Crude oil trading range for the day is expected among the key support at 5970 and resistance at 6150.

Recommendation:

·          Selling on jumps around 6090-6110 with stop loss above 6150 for targeting 6000-5900-5800 and more down side might be appropriate in short term.

·          Buying above 6150 with stop loss below 6120 for targeting 6200-6270 and more upside might be appropriate in short term.

·          In alternative scenario selling below 5970 with stop loss above 6010 for targeting 5890-5860 and more down side might be appropriate. 

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