UPDATES

TECHNICALS FOR DECEMBER 24

MCX JAN CRUDE OIL

SHORT TERM : BEARISH

LONG TERM : BEARISH

SUPPORTS : 1890, 1857, 1805

RESISTANCES ; 1980, 2020, 2060

STAY SHORT AT RESISTANCES.

Oil fell by another 2.3 % to below $ 39 a barrel on Tuesday

as a raft of gloomy economic data reinforced expectations

that world energy demand will shrink for the first time

in 25 years.

OPEC which has agreed to slash global oil supplies by 5 %

may call for an emergency meeting before March if the market

extends its slide.

Tuesdays losses came afterUS Government data showedthe economy

of the world's biggest energy consumer shrank 0.5 % in the

third quarter as a credit and a housing crisi took hold.

Crude for Jan expiryunder the MCX India might see resistence at

Rs 1990 levels and support may be seen at Rs 1880 levels.

Traders feel the prices can go down to $ 30.