NOV 24 MONDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 2510 , S2 RS 2475 ,S3 RS 2420
R1 RS 2590 , R2 RS 2640 , R3 RS 2690
SELL AT RESISTENCE.
Prices continued to decline over the week
with the front month WTI contract falling to its
lowest levels since May 2005.
Demand conditions are weak and output cuts
have not yet began to impact.
In the short term prices will be influenced by demand
issues and financial / economic data.
How ever in the new year continued out put cuts
may result in tightening supplies.
Not withsatnading current weakness , far forward
prices continue to stay firm , suggesting that the
market expects prices to stay firm , suggesting
that the market expects prices to improve going
forward.
For MCX Dec contract the immediate and crucial
support is seen at Rs 2500/ 2440 and resistence is
seen at Rs 2620 / 2680.
On intra day basis prices are expected to trade sideways
to down.
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