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Crude Oil Trading Outlook 09.05.2014

Crude oil May contract on mcx inched 25 rupees down to settle at 6008. Crude couldnot climb above 10 days SMA and technical resistance of 6060 and declined nicely to settle near psychological level of 6000. Today support would be 5992 and then 5960 any failure of 5960 would bring more weakness and then 5900-5860-5800 are likely target for fresh bearish swing. Stability above 5960 remains supportive for bulls and successive rally above 6060 would result in a retest to 6150-6200 zones.

Trading range for the day is expected among the key support at 5950 and resistance at 6100.

Recommendation:

* In alternative scenario buying above 6060 with stop loss below 6010 for targeting 6100-6140-6170 and more upside might be appropriate.

* Selling below 5960 with stop loss above 6000 for targeting 5925-5890 and more down side. 

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