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Crude Oil Report

Crude oil yesterday rallied on strong Data from US, Gasoline also jumped on demand.

 

Crude oil December contract on mcx inched 141 rupees up to settle at 6056.

Crude oil could not breach recently placed support of 5840 and nicely jumped after hitting a low of 5841. Today price objective for bulls would be 6063 and then at 6110 above that retest to 6200 and more upside is likely. Support is now seen near 5916 and then 5840 any failure below that level would result in a decline towards 5700 and more down side.

Trading range for the day is expected among the key support at 5800 and resistance at 6100.

Recommendation: crude has witnessed a 130 rupees upside rally after activation of buying scenario which was Today buying crude above 5910 with stop loss below 5850 for targeting 5970 and more upside.

* Buying crude on declines around 6020-6000 with stop loss below 590 for targeting 6200 and more upside in short term.

* Selling below 5840 with stop loss above 5890 for targeting 5780-5730 and more down side.

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