AFP: Crude oil likely to trade in range of 3350-3600
MUMBAI (Commodity Online): Crude oil settled steady, supported by a weaker dollar, though gains were limited by a surprise increase in U.S. gasoline inventories.
The government report showed U.S. four-week average petroleum product demand rose for the second week in a row and OPEC agreed to hold output targets steady as was widely expected.
Now support for the crude is seen at 3447 and below could see a test of 3409. Resistance is now likely to be seen at 3522, a move above could see prices testing 3559.
Trading Ideas:
CRUDE TRADING RANGE IS 3350-3600.
CRUDE OIL SETTLED STEADY SUPPORTED BY A WEAKER DOLLAR
BUY CRUDE SEPT @ 3470-3480 SL 3450 TGT 3500-3518-3530.MCX
CRUDE IS TAKING RES OF 3502 ABV THIS A LOOKS TILL 3525-3550 LVL.
OPEC AGREED TO HOLD OUTPUT TARGETS STEADY AS WAS WIDELY EXPECTED
