Commodity Outlook for Crude Oil by KediaCommodity

Crude OilCrude oil slumped as the dollar strengthened and a lower-than-expected monthly growth in US non-farm payrolls slightly dampened optimism about the nation's economic recovery. China's main ports imported 17.29 million tonnes of crude oil in May, or 4.07 million barrels per day, up 12.8 percent from a year earlier but down 7 percent from April. Now support for the crude is seen at 3351 and below could see a test of 3339. Resistance is now likely to be seen at 3387, a move above could see prices testing 3411.

Trading Ideas:

Crude trading range is 3339-3411.

Crude oil ended lower as dollar strengthened and disappointing U.S. employment data

Support for the crude is seen at 3342 and resistance is at 3388.

China's main ports imported 17.29 million tonnes of crude oil in May

SELL CRUDE JUNE BELOW 3355 SL 3370 TGT 3332-3312.MCX