Crude Oil traded in the line of expectation not making much change and traded in the range 4120-4170 pressure can be seen after a bigger-than-forecast increase in U. S. jobless claims signaled that demand may be slow to rebound in the biggest crude-consuming nation where demand for petroleum products has tumbled 8.2 percent in the past two weeks. Now technically market is trading in the range as RSI for 18days is currently indicating 57.07, where as 50DMA is at 3978.06 and crude is trading above the same and getting support at 4124 and below could see a test of 4098 level, And resistance is now likely to be seen at 4174, a move above could see prices testing 4198.

Trading Ideas:

Crude trading range is 4098-4198.

Crude Oil traded in the line of expectation and traded in the range 4120-4170

Alaska's key oil pipeline has resumed shipments and was pumping 400,000 barrels per day

Crude looks to have a support at 4124 level and resistance at 4174.

CRUDE LOOKS TO TRADE IN THE RANGE 4100-4180. MCX