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Technical Analysis
Crude oil Engulf Pattern on the chart read full detail
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23 April, 2014, 2:01 PM
Crude oil May contract on mcx inched 62 rupees down to settle at 6225.
Click for chart: http://prntscr.com/3cltfa
Commodity settled just near the 10 days SMA engulfing previous day’s trading range. Showing some weakness in this counter. Today price objective for bulls would be 6320 and then 6340 any move above 6340 would bring 6440-6500 and more upside on cards. Support is now seen near 6205 any sustained move below that level would bring more weakness and then we mays see 6160-6100 and more down side.
Crude oil inventory data is also due out today which is expected 2.275M against 10.013M. Expectations shows weaker inventory that indicates rising demand and has bullish impact on this counter.
Crude Oil Trading range for the day is expected among the key support at 6180 and resistance at 6350.
Recommendation:
· Today selling crude on jumps around 6250-6260 with stop loss above 6320 for targeting 6160-6100 and more down side in intraday and short term.
· Buying above 6340 with stop loss below 6300 for targeting 6380-6430 and more upside might be appropriate.
In alternative scenario selling below 6205 with stop loss above 6250 for targeting 6160 and more down side might be appropriate.
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