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Technical Analysis
Crude Oil Bullish Harami Pattern ON DAILY CHART 04.06.2014
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4 June, 2014, 1:48 PM
Crude oil June contract on mcx inched 29 rupees down to settle at 6093. Crude oil traded in narrow range and settled within the trading range of prior session that makes it a bullish harami pattern. Today price objective for bears would be 6075 and then 6050 any failure of 6050 would call for a retest to 6000-5980 zones. Key support would remain at 5950 and failure of that level would bring 5900-5850 on cards. Resistance is now seen near 6112 and then at 6140 any sustained move above 6140 would bring 6190 on cards. Key resistance would remain at 6200 and cross above that level would bring 6300-6400 in coming days.
Crude Oil trading range for the day is expected among the key support at 6050 and resistance at 6200.
Recommendation:
· Today buying crude around 6070-6080 with stop loss below 6050 for targeting 6180 and then 6270 in short term.
· In alternative scenario buying above 6140 with stop loss below 6100 for targeting 6190-6240-6300 and more upside might be appropriate.
· Selling below 6050 with stop loss above 6100 for targeting 6010-5930-5850 and more down side might be appropriate in short term.
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