Crude oil pared its gains after witnessing wild swings during the session amid a fluctuating dollar. Worries over Chinese demand and European economic concerns overshadowed US data showing a bigger-than-expected jump in construction spending and the tenth consecutive monthly increase in manufacturing sector. Now support for the crude is seen at 3406 and below could see a test of 3324. Resistance is now likely to be seen at 3554, a move above could see prices testing 3620.

Trading Ideas:

Crude trading range is 3437-3497.

Crude oil pared its gains after witnessing wild swings amid a fluctuating dollar

Support for the crude is seen at 3458 and resistance is at 3508.

Crude oil inventories will release tomorrow as U.S market was closed Monday

SELL CRUDE JUNE BELOW 3460 SL 3498 TGT 3438-3415-3400.MCX