Crude after trading in the tight range yesterday we have seen slight bounce in the line of expectation helped by a less-than-expected rise in U.S. crude inventory and fresh tension between Israel and Iran that fuelled concern about Middle East unrest. The EIA's weekly stock report showed crude oil stockpiles rose only 860k bls last week, against a forecast for stocks to be up 2.2 mln bls. In the oil-producing region of the Middle East, two Iranian warships planned to sail through the Suez Canal en route to Syria, Israel said, calling it a "provocation" by the Islamic Republic. Now technically market is trading in the range as RSI for 18days is currently indicating 37.9, where as 50DMA is at 4095.24 and crude is trading below the same and getting support at 3830 and below could see a test of 3789 level, And resistance is now likely to be seen at 3909, a move above could see prices testing 3947.

Trading Ideas:

Crude trading range is 3789-3947.

Crude oil rose after reports that Iran is sending warships through the Suez Canal

Crude oil looks to get resistance at 3900 and support is seen at 3846 level.

Crude stockpiles rose only 860,000 barrels last week EIA's weekly report said

Crude $ is Trading at : 85.01$