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Crude Oil Report For Intraday Traders

Crude oil December contract on mcx inched 65 rupees up to settle at 6079.

Commodity is hovering near 50 days SMA and above 10-20 days SMA lines indicting bullish developments. Resistance is now seen near 6110 any sustained move above that level would bring charm in this commodity and then 1 side move towards 6200-6300 and more upside can’t be completely ruled out. Support is now seen near 5990 any sustained move below that level would bring 5940 and more down side. Key support would be 5930 and any sustained move below that level would bring 5850 and more down side.

Trading range for the day is expected among the key support at 5400 and resistance at 6300.

Recommendation:

· Today buying crude above 6110 with stop loss below 6070 for targeting 6200-6300 and more upside.

· Selling can be taken below 5990 with stop loss above 6040 for targeting 5940-5830 and more down side.

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