By Ankush Kumar Jain
MCX crude oil for January delivery has been trading in the range between Rs 5060 and Rs.5180 for the last 8 to 9 trading sessions. A sideways trend is expected intra-day in domestic markets.
Breakout to any of the sides would give a clear direction for coming sessions, until then the futures are expected to trade in the aforesaid range.
Crude Oil January futures have a good support at Rs.5100 and resistance at Rs.5160. Intra-day traders are advised to take a short sell position in crude oil January futures around Rs 5150 with stop loss of Rs 5180 and wait for the target Rs 5110 and 5080 for the day.
On the NYMEX, WTI crude oil for delivery on March 13 was seen trading at $94.51 a loss of $0.08 or 0.08%. Brent crude oil on the ICE Futures Europe was spotted trading at $110.95 a gain if $0.01 as of 04.44 PM IST.
The WTI futures came close to testing the $95 levels but fell short of it at $94.86 a barrel in the afternoon session.
US retail sales data are forecast to climb for a second month in December, Bloomberg predicted as Commerce Department data is due this evening.
?There are signs of a recovery in the U.S.,? said Jonathan Barratt, the chief executive officer of Barratt?s Bulletin to Bloomberg News.
?If we test $95 a barrel on the topside then I think we?ll see oil break through.? he added.
On India's MCX, crude oil for delivery on January 21 was seen trading at Rs.5132, a gain of 0.63% at 04.38 PM IST.(Ankush Kumar Jain is Research Analyst, Commodity Online)
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