Monday, June 4, 2012

CRUDE UPDATES ~ MCX COMMODITY TIPS

MCX CRUDE OIL NEWS 
Crude oil prices touched a low of $82.29/bbl in  the  last week and closed at $83.23/bbl on last trading day. On the domestic front, prices declined by 8.4 % and closed at Rs.4,631/bbl on Friday after touching a low of Rs.4,624/bbl during the week.

CRUDE OUTLOOK TODAY 
From  an intra-day perspective we expect crude oil prices to trade lower on account of rise in OPEC production coupled with slowdown in  the  global  economy. Additionally, a stronger DX will also act as a negative factor for the commodity.

CRUDE OIL SUPPORT AND RESISTANCE
NYMEX Crude Oil :- Support :- 81.50/80.80, Resistance :- 83.20/84.0
MCX Crude Oil (June 12) :- Support :- 4580/4540, Resistance :- 4680/4740

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