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Crude Oil Outlook 11.11.2014

Crude oil November contract on mcx inched 78 rupees down to settle at 4783. Today support would be at 4760 any failure of this level would bring 4720 on cards. Key support would remain at 4690 and any failure of this level would open the doors for a retest 4650-4560 zones. Resistance is now seen near 4920 and any sustained move above that level would bring 4960-5020 and more upside.

Crude trading range for the day is expected among the key support at 4690 and resistance at 4920.

Recommendation:

·         Today selling crude below 4760 with stop loss above 4810 for targeting 4720-4670 and more down side might be appropriate.

·         In alternative scenario selling below 4690 with stop loss above 4730 for targeting 4660-4560 and more down side might be appropriate.

·         Buying can be taken above 4920 with stop loss below 4880 for targeting 4970-5010 and more upside might be appropriate. 

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