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Crude oil trading view after US Inventory

On Thrusday Crude oil prices eased in Asia following a drop in inventory in the US and with support from OPEC\'s decision to leave production levels steady.

Crude oil December contract on mcx inched 28 rupee up to settle at 6042. Closed with long legged doji indicating confusion among bulls and bears. Today price objective for bulls would be 6110 any sustained move above that level would result in a rally towards 6200-6300 zones. Support is now placed at 5981 and then at 5760 any failure of 5981 would open the doors for a retest to 5900-5850 zones. And failure of 5760 would result in a decline towards 5600 zones.

Trading range for the day is expected among the key support at 5750 and resistance at 6140.

Recommendation:

* Buying crude above 6110 with stop loss below 6050 for targeting 6200-6300 and more upside.

* Selling below 5981 with stop loss above 6040 for targeting 5920-5870 and more down side.

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