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Crude oil short term view on the basis of technical chart

Crude oil April contract on mcx inched 27 rupees down to settle at 6250. Crude headed an intraday high of 6339 but could not hold above key resistance of 6330 and nicely declined after inventory data. Crude is now hovering near 200 days SMA on daily continuation chart and supply is also appearing near the same. Today key resistance would remain at 6330-6340 zones and no further upside possible until commodity manages to hold above these levels. Sustained move above 6340 would result in a rally towards 6400 and more upside. Support is now seen near 6200 any failure below that level would bring a retest to 6150-6100 zones.

Crude trading range for the day is expected among the key support at 6180 and resistance at 6350.

Recommendation:

Today selling crude around 6260-6280 with stop loss above 6340 for targeting 6200-6150 and more down side might be appropriate.

Buying above 6340 with stop loss below 6300 for targeting 6380-6430 and more upside might be appropriate.

Selling below 6210 with stop loss above 6250 for targeting 6160 and more down side might be appropriate. 

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