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Crude Oil Intraday Outlook ahead of inventory data

Crude oil May contract on mcx inched 31 rupees down to settle at 6104. It was a range narrow trading session and commodities continued with its consolidation phase after a large bearish session that consolidation may remain continue for todays session also. Stochastic is approaching 20 zones indicating aggressive selling forces. Today price objective for bears would be 6095 any sustained move below this level would bring 6060-6000 on cards. Resistance is now seen near 6184 any recovery above this level would bring 6220-6240 on cards.

Crude oil inventory data is also due out today which is expected 1.3M against 3.5M. Forecast shows decline in inventory that may have a bullish impact on this commodity for todays session.

Crude trading range for the day is expected among the key support at 6020 and resistance at 6240.

Recommendation:

·          Today selling crude on jumps around 6220-6240 with stop loss above 6270 for targeting 6000-5900 and more down side might be appropriate in short term.

·          Selling below 6115 with stop loss above 6150 for targeting 6080-6030 and more down side might be appropriate. 

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