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Crude oil technical outlook on the basis of chart for Intraday trading

MCX Crude oil Feb contract inched up by 124 rupees to settle nicely at 3294. 2nd time reached around 3340.

Crude Oil today may take support around 3170 if sustain below this level may bring more weakness in this counter and then the next possible trgt will be 3100-3050 zones. Strong Key Support is around of 3000-3090. Immediate resistance is now around 3340-3350 zones if sustained and move above these levels the next level would be 3400-3430 and 3500 zones.

Crude Oil trading range for the day is expected among the key support at 3170 and resistance at 3350.

Recommendation:

·         Today buying crude on declines around 3230-3200 with stop loss below 3170 for targeting 3300-3400-3500 and more upside might be appropriate.

·         In alternative scenario buying above 3350 with stop loss below 3290 for targeting 3410-3500-3600 and more upside might be appropriate.

·         Selling below 3170 with stop loss above 3210 for targeting 3120-3060-3020 and more down side might be appropriate. 

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