Sell MCX Crude Oil at Rs 5250: Dani Commodities

Dani Commodities has come out with its report on Crude Oil. According to the research firm, one can sell MCX Crude Oil at Rs 5250 with a stoploss of Rs 5280 for a target of Rs 5200.

Crude oil futures remained steady above $97 a barrel in the Asia electronic session today supported by the US data released yesterday which showed a decline in weekly jobless claims Asia stocks lost ground Friday, with the Japanese market dented by a stronger yen, and earnings working to depress Australian shares, while Hong Kong came under some pressure from weak European data. Japan’s Nikkei Stock Average declined 1.1%, while South Korea’s Kospi and Australia’s S&P/ASX 200 index traded fractionally lower. Hong Kong’s Hang Seng Index slipped 0.2%, while Mainland Chinese markets remained closed all week for a holiday.

Oil for March delivery is trading up 7 cents at $ 97.38 per barrel on the New York Mercantile Exchange.It climbed 30 cents, or 0.3%, to settle at $97.31 a barrel. The contract added to gains after the Labor Department reported that weekly jobless claims dropped by 27,000 to a seasonally adjusted 341,000, much more than expected. The March crude contract had hit an intraday low of $96.77 a barrel after data showed euro-zone gross domestic product contracted by 0.6% in the final three months of 2012, versus forecasts for a 0.4% drop. For 2012 as a whole, the euro-zone economy shrank 0.5%.

MCX Crude Oil: Sell at Rs 5250, Stoploss- Rs 5280 and target-Rs 5200.

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