UPDATES ON JUNE 19 2008

JUNE 19 THURSDAY

SHORT TERM TREND : BULLISH : TARGET RS 5920

LONG TERM TREND : BULLISH : TARGET RS 6190

S1 RS 5785, S2 RS 5745, S3 RS 5710

R1 RS 5837, R2 RS 5882, R3 RS 5920

PREFER LONG AT RS 5785 TO 5780

STOP LOSS RS 5745

TARGET RS 5837

Crude steady above $ 134

Crude steadied above $ 134 a barrel on Wednesday

after falling for 3 days . as market awaited data

that is expected to show falling U.S crude stocks

ahead of an emergency meeting in Saudi Arabia

aimed at taming prices.

Crude oil for July delivery fell 11 cents to $126.51 a

barrel at 11:32 a.m. Singapore time in after-hours

trading on the New York Mercantile Exchange.

Yesterday, the contract declined $4.41, or 3.4

percent, to settle at $126.62 a barrel, the lowest

close since May 16. It was the biggest drop since

March 31. Futures reached a record $135.09 on May 22.

Prices have more than doubled over the past year.

Crude oil inventories fell 8.88 million barrels to

311.6 million last week, the department reported.

It was the biggest drop since Sept. 17, 2004, when

Hurricane Ivan forced the closure of U.S. oil platforms

in the Gulf of Mexico. The decline was caused by

``temporary delays'' in unloading tankers, the

department said.