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Technical Analysis
Crude Oil Technical View for Intraday
Posted by
20-Dec-13 05:38PM
Crude oil January contract on mcx inched 190 rupees up to settle at 6239.
Commodity is showing a good move after expiry of prior contract and hinting some bullishness in coming days. Today price objective for bulls would be 6247 any sustained move above that level would bring 6300-6400 in coming days. Support is now seen near 6120 any sustained move below that level would bring a retest to 6050-6000 zones.
Trading range for the day is expected among the key support at 6040 and resistance at 6240.
Recommendation:
* Today buying crude on declines around 6200-6170 with stop loss below 6120 for targeting 6300-6400 and more upside might be appropriate in near term.
* In other scenario buying above 6250 with stop loss below 6220 for targeting 6300 and more upside might be appropriate.
* Selling can be taken below 6120 with stop loss above 6150 for targeting 6070-6030 and more down side.
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