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Crude Oil Daily Outlook 09.12.2014

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 can’t be ruled out.

Crude Oil trading range for the day is expected among the key support at 3910 and resistance at 4120.

Recommendation

·         Today selling crude on jumps around 3970-4000 with stop loss above 4060 for targeting 3920-3860 might be appropriate.

·         In alternative scenario selling below 3910 with stop loss above 3950 for targeting 3870-3840 might be appropriate.

·         Buying above 4120 with stop loss below 4080 for targeting 4170-4230 and more upside might be appropriate.

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