Crude oil December contract on mcx inched 187 rupees down to settle at 3933. Today a minor support will remain at 3913 and 3900 zones any failure of these levels would bring 3840-3770 on cards. Resistance is now seen near 4000 any move above that level would bring 4060-4100. Key resistance would remain at 4120 and closing above that level would bring more charm and then a rally towards 4200 and more upside canâ€™t be ruled out.
Crude Oil trading range for the day is expected among the key support at 3910 and resistance at 4120.
Â· Today selling crude on jumps around 3970-4000 with stop loss above 4060 for targeting 3920-3860 might be appropriate.
Â· In alternative scenario selling below 3910 with stop loss above 3950 for targeting 3870-3840 might be appropriate.
Â· Buying above 4120 with stop loss below 4080 for targeting 4170-4230 and more upside might be appropriate.
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