Crude oil goes down

Crude oil came under heavy selling pressure hitting the lowest level in 2 weeks as ongoing concerns over the sovereign debt crisis in the euro zone and global growth worries continued to weigh on investor confidence. 

Some support seen from the rupee fall which was nearly a month low hit by deepening worries over capital inflows, and keeping traders on guard for possible intervention from the central bank. 

Sentiment also weakened amid fresh concerns over political uncertainty in the euro zone, as investors mulled the implications of the collapse of the Dutch govt following failed budget negotiations and outcome of the first round of the French presidential election. A deeper slowdown in China would impair a global expansion that is already faltering because of the implementation of harsh austerity measures in Europe. 

A potential loss of Iranian oil supplies has helped underpin strong gains in oil prices during late last year and the Q1 of this year, but revived talks between Iran and major powers over Tehran's nuclear ambitions, along with rising Saudi Arabian and Libyan output and signs of slower US economic and employment growth, helped pull oil prices back from first-quarter peaks. 

Now technically market is trading in the range as RSI for 18days is currently indicating 53.82, where as 50DMA is at 5,415 and crude is trading above the same and getting support at 5,408 and below could see a test of 5,372 level, And resistance is now likely to be seen at 5,465, a move above could see prices testing 5,486.