Crude bounced on Wednesday after a fall on Tuesday by almost -0.85%, yesterday's jump was in support from a rise in Wall Street stocks after President Barack Obama's call for lower corporate taxes spurred hopes for higher profits and stronger energy demand. The market also got a boost after U.S. Federal Reserve policymakers, at the end of a two-day meeting, said they would press on with a plan to buy $600 billion in government debt to further stimulate the economy. Crude stocks rose 4.84mbls last week, gasoline stocks rose 2.4mbls, more than expected, and distillate stocks fell 140kbls, a smaller draw than expected drop, EIA figures showed. Now technically market is trading in the range as RSI for 18days is currently indicating 39.63, where as 50DMA is at 4093.14 and crude is trading and resistance is now likely to be seen at 4022, a move above could see prices testing 4061.

Trading Ideas:

Crude trading range is 3927-4061.

Crude bounced on Wednesday getting support from a rise in Wall Street stocks

Crude oil lokks to get resistance at 4008 and support is seen at 3956 level.

EIA said US crude stockpiles rose by 4.8 million barrels to 340.6 million barrels

SELL CRUDE FEB @ 4110-4120 SL 4142 TGT 4085-4052.MCX

Crude $ is Trading at : 87.54$