UPDATES ON JUNE 11 2008

JUNE 11 WEDNESDAY

SHORT TERM TREND : BEARISH : TARGET RS 5580

LONG TERM TREND : BULLISH : TARGET RS 6190


MARKET IS EXPECTED TO MOVE SIDEWAYS TO LOWER.


Crude Oil Falls More Than $3 as Dollar Rises Against

Euro, Yen .

Crude oil fell more than $3 a barrel in New York as

the dollar climbed against the euro and yen,

curbing the appeal of commodities.
Crude oil for July delivery fell $3.04, or 2.3 percent,

to settle at $131.31 a barrel at 2:46 p.m. on the New

York Mercantile Exchange. Oil has dropped $7.23,

or 5.2 percent, yesterday and today, the biggest

two-day drop in 11 weeks. Futures have more

than doubled over the past year.

Prices climbed $10.75 a barrel on June 6, the

most ever, to a record $139.12 as the dollar

weakened and amidst threat of supply

disruptions.
The International Energy Agency cut its forecas

t for global oil demand for a fifth month as record

prices dented consumption. The IEA reduced its

2008 outlook by about 70,000 barrels a day to

86.77 million barrels a day from 86.84 million

last month, the Paris-based agency said today

in its monthly report. That leaves demand growth

for this year at 0.9 percent

Brent crude oil for July settlement declined $2.89,

or 2.2 percent, to settle at $131.02 a barrel on

London's ICE Futures Europe exchange. Prices

climbed to a record $138.12 on June 6.