Crude oil futures traded near $119 a barrel in New York after falling yesterday as U.S. supplies unexpectedly gained amid slowing demand, and the dollar climbed, reducing the appeal of commodities as an inflation hedge. Now support for the crude is seen at 4920 and below could see a test of 4845. Resistance is now likely to be seen at 5075, a move above could see prices testing 5155.
Trading Ideas
TRADING RANGE IS 4845-5155.
CRUDE BELOW 120$ BERISH TILL 116.70-112.40$.
CRUDE INVENTORY EXP: 0.1M VS -0.1M
SELL CRUDE ON JUMP @ 5120-5150 SL 5198 TGT 5062-5022-4980-4930-4860. MCX
SELL CRUDE BELOW 4960 SL 4990 TGT 4911-4848-4800-4760. MCX
MCXARUN
9994500540
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