MS: Crude oil futures may trade in a range of Rs 2,730-3,050: Kedia
Crude oil rose from a 21-month low after U.S. industrial production gained, increasing expectations that fuel demand may improve in the world`s largest consumer, said Ajay Kedia, managing director of Kedia Commodities
MCX Crude oil December contract fell 1.53% to Rs 2,834 a bbl as compared to its previous close of Rs 2,878 a bbl.
The support for the crude is seen at Rs 2,805 and below could see a test of Rs 2,733. Resistance is now likely to be seen at Rs 2,960, a move above could see prices testing Rs3,043.
The MCX Crude oil futures are expected to trade within the range of Rs 2,730-3,050, said Kedia.
He recommended selling MCX Crude oil futures below Rs 2,855, with stop loss of Rs 2,884 and target of Rs 2,834-2,816-2,798-2,775-2,748.
