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Crude Oil Technical Outlook 02.06.2014

Crude oil June contract on mcx inched 22 rupees up to settle at 6106. Today supports are 6070 and then 6050 any failure below 6050 would call for 6000-5980 zones. Key support would be 5950 and any closing below that level would bring 5850 and more down side. Resistance is now seen near 6115 any sustained move above that level would bring 6160 on cards. Key resistance would remain at 6200 and any closing above that level would bring 6300-6400.

Crude Oil trading range for the day is expected among the key support at 6050 and resistance at 6200.

Recommendation:

Today buying crude around 6128-6110 with stop loss below 6050 for targeting 6180 and then 6270 in short term.

Selling below 6050 with stop loss above 6100 for targeting 6010-5930-5850 and more down side might be appropriate in short term. 

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