NOV 25 TUESDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND: BEARISH
S1 RS 2685 , S2 RS 2630 , S3 RS 2590
R1 RS 2780 , R2 RS 2825 , R3 RS 2875
Crude oil prices ended higher on Friday as pre
week and short covering and rising equity markets
supported oil prices.
In volatile trading , Crude oil for January delivery
was up 1.03 % to close at $ 49.93 a barrel on the
Nymex.
During last week prices touched a lowest level
since May 2005 on Thursday on sagging equity
markets and a firmer dollar.
More than expected rise in oil inventory also pulled
oil prices lower.
Crude oil prices are expected to remain range bound in
the short term as traders will be awaiting the upcoming
meeting of OPEC.
For MCX contract the immediete and crucial support is seen
at 2490 /2425.
Resistence is seen at Rs 2630 / 2690.
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