Crude Oil yesterday jumped by almost 1% as accelerating manufacturing activity in industrialized economies and winter weather fanned optimism that crude inventories will continue to drain. Crude inventories in the US the world's top consumer fell for the fifth straight time last week, down by 1.7mbls, as refiners continued to use up more of their stored supplies while holding off on imports to lower their year-end taxes. Now technically market is trading in the range as RSI for 18days is currently indicating 59.28, where as 50DMA is at 3992.3 and crude is trading above the same and getting support at 4104 and below could see a test of 4072 level, And resistance is now likely to be seen at 4161, a move above could see prices testing 4186.

Trading Ideas:

Crude trading range is 4072-4186.

Crude Oil yesterday jumped by almost 1% as accelerating manufacturing activity in industrialized economies

Crude looks to test support at 4104 and resistance is seen at 4162.

Crude inventories in the US the world's top consumer fell for the fifth straight time last week

SELL CRUDE JAN @ 4130-4140 SL 4166 TGT 4112-4092-4070.MCX

Crude $ is Trading at : 91.58$