SEPT 29 MONDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 4880 , S2 RS 4830
R1 RS 4980 , R2 RS 5030
WAIT FOR CONFIRMATION.
Demand is weak in the industrialised countries
and in the short term further weakness may set in .
The leading indicators point to an economic slow down in
the region .
OPEC supplies are likely to be stressd because of
problems in Nigeria , while Sausi Arabia may scale
down output.
The market has the potential to move either way and
indeed the upward and downward risk are fairly balanced
at present.
Expect prices to stabilise between $ 90 mand $ 110 a
barrelIn the mefium term demand is expected to
pick up as the US dollar gain strength.
Crude may then stabilise above $ 100 a barrel.
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