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Trading range 4000 to 4150........break out will one side move. This counter last week shown unexpected volatility but end of the week finally its close near to low as well as we expecting weakness till 3980. It's made low 3977. Now this week keep your eyes on level of 3988, if it close below this level, you can think for next weakness and till its maintain above this level, you can keep buying till target 4300 soon. Keep buying around our levels and keep small but any strict stop loss. Today it will face resistance 4045-4090 & support 4015-3985.
At MCX, crude future for January contract is trading at Rs. 4,019.00, up by 0.60%, after opening at Rs. 4,021.00 against the previous close price of Rs. 3,995.00 per barrel. (At 10:48 AM today).
Crude (MCX-Jan'11): Last week heavy volatility seen in this counter. Although inventory was good enough for Crude to rise and it rises on the Wednesday but next day all the profit vanishes as selling pressure continuously emerging at higher level. Technically this counter breaks and closed below it 20 as well as 50 days EMA which is negative sign for this liquid gold. Now support level is at 3942 below this it can fall till 3820. At upper side it will face resistance at 4098.
At New York Mercantile Exchange (NYMEX), crude future for February contract is trading with Positive note at $88.72 a barrel, up by 34 cent, after opening at $88.18 against the previous close price of $88.38. It touched the intra-day high of $89.22 a barrel with a business volume of 51,785 lots till electronic trading. (AT 05:12 PM today).
On the domestic front, crude future is trading with positive note tracking firm cues from the global market. Crude future for February contract surged as much as 34 cents in New York, rebounding from yesterday’s losses, before the Non-farm payroll report today that may show US employers added more jobs by 121,000 to 160,000 in December against the previous figures of 39,000. While, US Unemployment rate is expected to drop by 0.1 percent to 9.7% against the previous figure of 9.8%. Nonfarm payrolls and US unemployment data are scheduled to release at 07:00 PM IST today.