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Crude Oil Before inventory outlook 05.05.2015

MCX Crude oil May contract inched 2 rs. down and closed at 3752. As per technical anlaysis today support will be around 3720 if trade below this level we will see some correction for the next level 3680-3570 area. If you follow the crude oil trend; the market trend is bullish but we need stability above 3820. Above this level the next will be around 3880-3920 and more.

 

Crude Oil trading range for the day is in between the support at 3728 and resistance at 3820.

 

Recommendation:

 

* Crude buying above only 3820 stop loss below 3770 target 3880, 3920 and 4000 for intraday trading only.

* Crude oil weak only below 3728 stop loss above 3770 target 3680-3610 do not carry short.

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