UPDATES ON MAY 30 FRIDAY

MAY 30 FRIDAY

SHORT TERM TREND : BEARISH : TARGET RS 5330

LONG TERM TREND : BULLISH TARGET RS 5890


S1 RS 5375, S2 RS 5330, S3 RS 5290

R1 RS 5438,R2 RS 5472, R3 RS 5515

PREFER SHORTS AT RS 5435 TO 5440

STOP LOSS RS 5472

TARGET RS 5375

CRUDE OIL crash $ 4 on Thursday

US DOE said that crude oil supplies were down 8.8 mn barrels

to 311.6 mn barrel less than expected.600,000 barrels were

also added to the Strategic Petroleum Reserve .


July crude oil finished $ 4.41 at $ 126.62 after the DOE said

that the drop in crude oil supplies due to temporay delays

in unloading tankers in the Gulf of Mexico.

Crude oil for July delivery fell as much as $1.95, or 1.5 percent, to $124.67 a

barrel in electronic trading on the New York Mercantile Exchange. It traded at

$125.30 at 8:48 a.m. London time.