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