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Crude Oil Technical Outlook 03.09.2014

Crude oil September contract on mcx inched 156 rupees down to settle at 5665. Crude has witnessed a nice decline ahead of inventory on Thursday and settled well back near its key support of 5650. Today eyes will remain at 5650 and failure would bring 5580-5500 and then 5400. Resistance is now seen near 5720 and then at 5842. Further upside is only possible if commodity manage to climb above 5842 stability below that level remains bearish for this counter.

Crude Oil trading range for the day is expected among the key support at 5650 and resistance at 5840.

Recommendation:

·         Today sell can be taken on jumps around 5750-5780 with stop loss above 5842 for targeting 5500-5400 and more down side might be appropriate in short term.

·         In alternative scenario selling can be taken below 5640 with stop loss above 5680 for targeting 5580-5500 and more down side

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