UPDATES

TECHNICALS FOR DECEMBER 15

MCX JANUARY CRUDE OIL

SHORT TERM : BULLISH

LONG TERM : BEARISH

SUPPORTS : 2380, 2330, 2290

RESISTANCES : 2460,, 2495, 2540

BUY ON DIPS.

Last week saw prices get a boost of 10 % following the

OPEC Presidents remarks that more severe cuts could be

in the offing and te IEA forecast of a positive demand growth in

2009.

From the current levels the downside risk seem limited.

Weakening of the dollar has also aided the recent upward

price movement.

However the present grim macro economic condition

at present do not appear conducive for a sustained recovery

in prices.