JUNE 3 TUESDAY
SHORT TERM TREND : SIDEWAYS ; TARGET RS 5360 TO 5538
LONG TERM TREND : BULLISH : TARGET RS 5890
S1 RS 5410 , S2 RS 5365, S3 RS 5320
R1 RS 5472, R2 RS 5506, R3 RS 5538
MARKET EXPECTED TO MOVE SIDEWAYS
Oil pluinged on fars of lower demand after recent record prices,
Dollar strength and receding worries about the Hurricane season.
Meanwhile, traders kept an eye on the hurricane season's
developments. The Atlantic hurricane season kicked off with
Tropical Storm Arthur. The storm, which dumped rain on southern
portions of Mexico as well as Guatemala and Belize, will most
likely stay over land and break up. High seas in the Gulf of Mexico
will calm today as Arthur misses the Bay of Campeche and its
Cantarell oilfield.
At 2:27 p.m., New York-traded West Texas Intermediate crude for July delivery
was down $1.43 at $125.92 a barrel.
Looking ahead, traders are likely to focus on the hurricane season, and
U.S. gasoline demand now the summer driving season is underway, as well as
the dollar and tensions between Iran and the West.
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