Commodity Trading Tips for Crude Oil by KediaCommodity

Crude OilCrude oil yesterday traded flat in the tight range of 4140-4200 but look supportive on concerns over unrest in Arab countries and a cut in natural gas production in the United States due to cold weather. Also support seen after jobless claims fell more than expected last week, though the four-week average rose. A separate government report showed U.S. non-farm productivity rose more than consensus expectations in fourth-quarter 2010.Turmoil in Egypt and protests in Yemen earlier lifted oil prices on supply disruption concerns where Mubarak said on Thursday he wanted to quit but that he feared his resignation would bring chaos to Egypt, as protesters demanding an end to his 30-year rule clashed with his supporters on Cairo's streets. Now technically market is trading in the range as RSI for 18days is currently indicating 52.21, where as 50DMA is at 4116.94 and crude is trading above the same and getting support at 4115 and below could see a test of 4084 level, And resistance is now likely to be seen at 4193, a move above could see prices testing 4240.

Trading Ideas:

Crude trading range is 4084-4240.

Crude oil fell as the U.S. dollar rallied, even as traders remain focused on escalating violence in Egypt

Crude oil looks to get resistance at 4178 and support is seen at 4120 level.

OPEC is under pressure to boost supply crudes surpass $100 a barrel amid political unrest in Middle East.

Crude $ is Trading at : 90.68$