Commodity Outlook for Crude Oil by KediaCommodity

Crude oil ended down on profit booking Saturday after a disappointing jobs report damped, but failed to quash, optimism about the U.S economy’s prospects in 2010.  Crude ended the first full week of 2010 up 4%, having risen in 11 of the last 12 trading sessions. Oil prices are still higher than they were at any point in 2009, even after falling Thursday and holding steady Friday. Now support for the crude is seen at 3787 and below could see a test of 3784. Resistance is now likely to be seen at 3792, a move above could see prices testing 3794.

Trading Ideas:

Crude trading range is 3740-3840.

Crude oil ended down on profit booking Saturday after a disappointing jobs report

Crude ended the first full week of 2010 up 4%

Crude above 3800 mark looks to have a jump till 3820-3840 level

BUY CRUDE JAN @ 3725-3745 SL 3700 TGT 3770-3798-3826.MCX