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Crude oil strategy for intraday traders.

Crude oil December contract on mcx inched 53 rupees down to settle at 5981.

Crude is showing some bullishness but hesitating to cross key resistance of 6110 and failing again and again to cross that level. Today price objective for bulls would be 6068 and then at 6110 any sustained move above that level would open the doors for a 200-400 rupees upside rally. Support is now seen near 5970 and any sustained move below that level would bring a retest to 5900 and more down side.

Trading range for the day is expected among the key support at 5750 and resistance at 6100.

Recommendation:

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

* Selling below 5970 with stop loss above 6040 for targeting 5920-5870 and more down side.

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