Crude Oil dipped as per expectation on forecasts for warmer weather in the U.S. Northeast, the world's top heating oil market, and a smaller-than-expected drawdown in US crude stocks. US crude stocks eased by 1.26mbls to 339.43mbls in the week to Dec. 24, the EIA said, less than the drop of 2.6mbls against expected. Now technically market is trading in the range as RSI for 18days is currently indicating 50.74, where as 50DMA is at 3981.8 and crude is trading above the same and getting support at 4002 and below could see a test of 3971 level, And resistance is now likely to be seen at 4095, a move above could see prices testing 4157.

Trading Ideas:

Crude trading range is 3971-4157.

Crude Oil dipped as per expectation on forecasts for warmer weather in the U.S. Northeast

Crude looks to test support at 4001 and resistance is seen at 4095.

US crude stocks eased by 1.26mbls to 339.43mbls in the week to Dec. 24

SELL CRUDE JAN @ 4060-4070 SL 4095 TGT 4038-4010.MCX

Crude $ is Trading at : 89.56$