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Crude Oil Technical Outlook 4.8.14

Crude oil August contract on mcx inched 32 rupees down to settle at 5975.

Crude has headed an intraday low of 5938 where support was 5950 today another penetration and stability below 5940 zones would bring more weakness and then retest to 5880-5800 zones can take place. Resistance is now seen near 6010 any move above that level may bring some recovery and then commodity may try heading towards 6100 zones.

Trading range for the day is expected among the key support at 5930 and resistance at 6010.

Recommendation:

·         Today buying crude above 6010 with stop loss below 5970 for targeting 6050-6080 and more upside might be appropriate.

·         In alternative scenario selling below 5930 with stop loss above 5970 for targeting 5890-5860-5830 and more down side might be appropriate. 

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