MAY 29 THURSDAY
SHORT TERM TREND ; BULLISH : TARGET RS 5720
LONG TERM TREND ; BULLISH ; TARGET RS 5890
S1 RS 5567, S2 RS 5530. S3 RS 5475
R1 RS 5648,R2 RS 5682, R3 RS 5720
MARKET IS EXPECTED TO MOVE SIDEWAYS TO HIGHER.
Crude oil bounces off an earlier low just below $ 126 after being pressured
by a stronger Dollar and concerns that high prices are curbing demand.
The bounce was more technical with the sell off a bit too sharp and once
again the buyers have stepped in to buy on dips.
Crude was pressured early by the Dollars strength as it extended gains
after a report showed new orders for US Durable goods for April
fell less than expected.
Nigerian crude oil exports are expected to dip to about 1.75 Million
barrels per day in July.
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