JULY 23 2008

JULY 23 WEDNESDAY

SHORT TERM TREND : BEARISH : TARGET RS 5350

LONG TERM TREND : BULLISH: TARGET RS 6460

S1 RS 5423, S2 RS 5385, S3 RS 5356

R1 RS 5475, R2 RS 5510, R3 RS 5548

PREFER SHORT AT RS 5465 TO 5475

STOP LOSS RS 5510

TARGET RS 5425

Crude Oil Falls as Hurricane Dolly Misses Fields, Dollar Gains .

Crude oil fell for a second day in New York after forecasters

expect Hurricane Dolly to miss fields in the Gulf of Mexico

and the dollar rebounded, curbing investments in commodities.

Dolly is headed for northern Mexico and southern Texas, and

the dollar gained against the euro on signs U.S. interest rates

may increase. Oil futures have declined more than 15 percent

from a record $147.27 a barrel on July 11 as U.S. gasoline use

fell for a 13th consecutive week.

Crude oil for September delivery fell as much as 87 cents, or

0.7 percent, to $127.55 a barrel, and traded at $127.82 at

1:55 p.m. Singapore time on the New York Mercantile Exchange.

Futures are up 71 percent from a year ago. The August contract

expired yesterday after declining 2.4 percent to $127.95 a barrel

, the lowest settlement price since June 5.

Brent crude oil for September settlement fell as much as $1.20, or

0.9 percent, to $128.35 a barrel on London's ICE Futures Europe

exchange. It was at $128.86 a barrel at 2:05 p.m. Singapore time.

Yesterday, it dropped $3.06, or 2.3 percent, to settle at $129.55

a barrel yesterday, the lowest since June 5.

The dollar traded near a two-week high against the euro at

$1.5795 at 12:07 p.m. in Singapore, after rising 0.9 percent

yesterday and touching the strongest level since July 10.

U.S. crude-oil stockpiles probably fell last week as near- record

prices and low profit margins discouraged buying by refiners,

according to a Bloomberg News survey of analysts.

The Energy Department is scheduled to release its weekly

report tomorrow at 10:35 a.m. in Washington.