Crude oil extended its gains in New York after rising as the dollar fell against the euro on speculation Greece won't need a European Union bailout to meet deficit-reduction targets. Oil climbed the most in more than four months yesterday as the euro rebounded from the lowest level against the dollar in nine months. A weaker U. S. currency bolsters the appeal of commodities as an alternative investment.

Prices also gained after manufacturing in the New York region grew at the fastest pace in four months, now technically market is trading in the range as RSI for 18days is currently indicating 54.27, where as 50DMA is at 3583 and crude is trading below the same and getting support at 3461 and below could see a test of 3380 level, And resistance is now likely to be seen at 3593, a move above could see prices testing 3644.

Trading Ideas:

Crude trading range is 3380-3644.

Crude oil extended its gains in New York after rising as the dollar fell against the euro on speculation of Greece.

Crude inventory will be on Thursday as Monday was holiday due to President's day.

Crude trading above 77$ look firm till 79.60$ and on mcx till 3590 level.

BUY CRUDE FEB @ 3530-3540 SL 3508 TGT 3565-3588-3598.MCX

CRUDE $ IS TRADING AT : 77.27$