Crude oil support at 132$
10 July 2008 11:28:55
Crude oil rose in New York as traders purchased contracts after deciding that prices fell too far, too fast over the previous two days. Now support for the crude is seen at 5822 and below could see a test of 5759. Resistance is now likely to be seen at 5957, a move above could see prices testing 6029.
Trading Ideas
• TRADING RANGE IS 5759-6029.
• SELL CRUDE BELOW 5900 SL 5956 TGT 5862-5845-5822-5801. MCX
• BUY CRUDE ONLY ABV 5970 SL 5900 TGT 6020-6045-6080
• OVERALL TGT 5680 ON MCX
• IMP SUPPORT IS 132$ MCX. 5820-5680 SUP
MCXARUN
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