TECHNICALS

TECHNICAL LEVELS FOR SEPTEMBER 17

CRUDE OIL MCX OCTOBER

SHORT TERM TREND : BEARISH

LONG TERM TREND: BEARISH

SUPPORTS : S1 - RS 4240, S2 - RS.4180

RESISTANCES : R1- RS.4330, R2 - RS.4385

STAY SHORT

Crude Oil Rebounds From a Two-Day Decline on AIG Rescue Plan .

Crude oil rebounded from its biggest two-day decline in

almost four years after the Federal Reserve agreed to

rescue American International Group Inc., lowering the

risk of a further economic slowdown in the U.S.

Oil climbed more than $3 a barrel on expectations saving AIG

from collapse will reduce the chances of more economic turmoil

that would limit demand for fuels. Goldman Sachs Group Inc.

cut its three-month forecast for crude oil to $115 a barrel

from $149, citing the global credit crisis and demand

weakness.

Crude oil for October delivery rose as much as $3.57, or 3.9

percent, to $94.72 a barrel in electronic after-hours trading

on the New York Mercantile Exchange. It was at $93.80 a

barrel at 1:43 p.m. Singapore time. Crude futures declined

more than $10 a barrel, or 9.9 percent, in the past two days

on concern that financial market disruptions may weaken

the global economy and cut fuel consumption.

The Federal Reserve Board, with support of the U.S. Treasury,

invoked emergency powers to lend as much as $85 billion to

AIG to save the firm from collapse. Speculation of the rescue

caused U.S. stocks to advance after floor trading closed on

the Nymex yesterday. .

Brent crude oil for November settlement rose as much as $3.83,

or 4.3 percent, to $93.05 a barrel on London's ICE Futures

Europe exchange. It was at $92.30 a barrel at 1:47 p.m.

Singapore time.