Crude oil fell for the first day on Friday in five after China, the world’s fastest-growing energy-consuming country, sought to cool its economic expansion. Oil dropped below $75 a barrel as the People’s Bank of China ordered banks to set aside more deposits as reserves for the second time in a month, boosting the dollar.

An Energy Department showed a bigger-than-forecast increase in inventories. Now technically market is trading in the range as RSI for 18days is currently indicating 45.97, where as 50DMA is at 3586.04 and crude is trading below the same and getting support at 3424 and below could see a test of 3416 level, And resistance is now likely to be seen at 3441, a move above could see prices testing 3450.

Trading Ideas:

Crude trading range is 3416-3450.

Oil traded near $74 a barrel after declining as a EIA report showed a bigger- than-forecast increase in crude inventories.

The DOE data wasn’t supportive of higher prices.

The crude number was a bit higher than expected     

Crude overall above 3400 mark look firm and for resistance at 3480-3522 level.     

BUY CRUDE FEB @ 3430-3440SL 3408 TGT 3465-3488-3498.MCX     

CRUDE $ IS TRADING AT : 74.26$