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Crude oil trading outlook 27.05.2014

Crude oil June contract on mcx inched 57 rupees up to settle at 6177. Crude headed a nice move as we were expecting from last week. Today price objective for bulls would be 6200 any move above that level would bring 6230-6270 on cards. Support is now seen near 6140 and then at 6070 any failure below 6070 would call for 6010 on cards.

Crude oil trading range for the day is expected among the key support at 6140 and resistance at 6200.

Recommendation:

·          Today again buying crude on declines around 6150-6130 with stop loss below 6070 for targeting 6230-6270 and more upside might be appropriate.

·          In alternative scenario buying above 6200 with stop loss below 6140 for targeting 6270 and more upside might be appropriate. 

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