TECHNICALS FOR NYMEX TRADING
DECEMBER 31
MCX JAN CRUDE OIL
SHORT TERM ; BEARISH
LONG TERM ; BEARISH
SUPPORTS : 1840, 1810, 1760
RESISTANCES ; 1885, 1945, 1990
STAY SHORT AT RESISTANCES
Wednesday, December 31, 2008
UPDATE
MARKET ALERT DECEMBER 31
AT 3 PM IST
MCX JAN CRUDE OIL EXPECTED TO TEST RS.1825
LEVELS, CURRENT RESISTANCE IS AT RS.1893,
CMP RS.1862.
AT 3 PM IST
MCX JAN CRUDE OIL EXPECTED TO TEST RS.1825
LEVELS, CURRENT RESISTANCE IS AT RS.1893,
CMP RS.1862.
UPDATES ON DEC 31 2008
DEC 31 WEDNESDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 1850 , S2 RS 1810 , S3 RS 1775
R1 RS 1930 , R2 RS 1965 , R3 RS 2010
STAY SHORT AT RESISTENCE.
Crude Oil Falls a Second Day, Heading for Record Annual Decline .
Crude oil fell for a second day, heading for a record
annual drop, on speculation that U.S. fuel stockpiles
are increasing as the recession cuts demand.
Crude oil for February delivery declined as much as 53
cents, or 1.4 percent, to $38.50 a barrel on the New York
Mercantile Exchange and traded at $38.51 at 12:16 p.m.
Singapore time. Prices are down 60 percent this year, the
first annual drop since 2001 when oil fell 26 percent,
and the biggest decline since trading began in 1983.
Oil may rebound next year to average $60 a barrel as the
Organization of Petroleum Exporting Countries makes
record production cuts to counter the deepest economic
slump since World War II, according to the median forecasts
of 33 analysts compiled by Bloomberg. That would be a 54
percent gain from today’s price.
Oil rose more than 6 percent in each of the two trading days
through Dec. 29 on concern that supplies from the Middle
East may be disrupted amid a conflict between Israel and
Hamas in the Gaza Strip.
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 1850 , S2 RS 1810 , S3 RS 1775
R1 RS 1930 , R2 RS 1965 , R3 RS 2010
STAY SHORT AT RESISTENCE.
Crude Oil Falls a Second Day, Heading for Record Annual Decline .
Crude oil fell for a second day, heading for a record
annual drop, on speculation that U.S. fuel stockpiles
are increasing as the recession cuts demand.
Crude oil for February delivery declined as much as 53
cents, or 1.4 percent, to $38.50 a barrel on the New York
Mercantile Exchange and traded at $38.51 at 12:16 p.m.
Singapore time. Prices are down 60 percent this year, the
first annual drop since 2001 when oil fell 26 percent,
and the biggest decline since trading began in 1983.
Oil may rebound next year to average $60 a barrel as the
Organization of Petroleum Exporting Countries makes
record production cuts to counter the deepest economic
slump since World War II, according to the median forecasts
of 33 analysts compiled by Bloomberg. That would be a 54
percent gain from today’s price.
Oil rose more than 6 percent in each of the two trading days
through Dec. 29 on concern that supplies from the Middle
East may be disrupted amid a conflict between Israel and
Hamas in the Gaza Strip.
Tuesday, December 30, 2008
UPDATES
TECHNICALS FOR NYMEX TRADING
DECEMBER 30
MCX JAN CRUDE OIL
SHORT TERM ; SIDEWAYS
LONG TERM ; BEARISH
SUPPORTS ; 1880, 1845, 1810
RESISTANCES ; 1960, 2010, 2050
WAIT FOR CONFIRMATION
DECEMBER 30
MCX JAN CRUDE OIL
SHORT TERM ; SIDEWAYS
LONG TERM ; BEARISH
SUPPORTS ; 1880, 1845, 1810
RESISTANCES ; 1960, 2010, 2050
WAIT FOR CONFIRMATION
UPDATES
TECHNICALS FOR DECEMBER 30
MCX JAN CRUDE OIL
SHORT TERM ; SIDEWAYS
LONG TERM : BEARISH
SUPPORTS ; 1845, 1810, 1770
RESISTANCES ; 1935, 1980, 2025
WAIT FOR CONFIRMATION.
US Crude settled at $ 37.71 a barrel , up $ 2.36
and Brent rose by $ 1.76 to settle at $ 38.37.
Indian crude settled at 1867 levels.
Oil climbed in thin post holiday after the United Arab Emirates
said they will deepen supply cuts in line with OPEC'S
biggest ever output cut announced last week and the dollar
weakened against the Euro.
The prices also increased as tensions continue to rise
between the Isreal forces and the Hamas in the GAZA
strip threatening the oil supplies from that region.
Crude for Jan under MCX Indial might see support at
Rs 1828 and resistence for the same can be seen at Rs
2020 levels.
MCX JAN CRUDE OIL
SHORT TERM ; SIDEWAYS
LONG TERM : BEARISH
SUPPORTS ; 1845, 1810, 1770
RESISTANCES ; 1935, 1980, 2025
WAIT FOR CONFIRMATION.
US Crude settled at $ 37.71 a barrel , up $ 2.36
and Brent rose by $ 1.76 to settle at $ 38.37.
Indian crude settled at 1867 levels.
Oil climbed in thin post holiday after the United Arab Emirates
said they will deepen supply cuts in line with OPEC'S
biggest ever output cut announced last week and the dollar
weakened against the Euro.
The prices also increased as tensions continue to rise
between the Isreal forces and the Hamas in the GAZA
strip threatening the oil supplies from that region.
Crude for Jan under MCX Indial might see support at
Rs 1828 and resistence for the same can be seen at Rs
2020 levels.
Monday, December 29, 2008
UPDATE
MARKET ALERT AT 5 .15 PM IST DECEMBER 29
MCX JAN CRUDE OIL CMP RS.1990
LIKELY TO TEST RS. 2050 LEVELS CURRENT
SUPPORT SEEN AT RS.1962.
MCX JAN CRUDE OIL CMP RS.1990
LIKELY TO TEST RS. 2050 LEVELS CURRENT
SUPPORT SEEN AT RS.1962.
TRADING LEVELS FOR DEC 29 EVENING TRADE
DEC 29 MONDAY
TRADING LEVELS FOR NYMEX EVENING TRADE
SHORT TERM TREND : BULLISH
LONG TERM TREND : BEARISH
S1 RS 1945 , S2 RS 1910 , S3 RS 1870
R1 RS 2025 , R2 RS 2070 , R3 RS 2110
STAY LONG AT SUPPORT.
TRADING LEVELS FOR NYMEX EVENING TRADE
SHORT TERM TREND : BULLISH
LONG TERM TREND : BEARISH
S1 RS 1945 , S2 RS 1910 , S3 RS 1870
R1 RS 2025 , R2 RS 2070 , R3 RS 2110
STAY LONG AT SUPPORT.
UPDATES ON DEC 29 2008
DEC 29 MONDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 1805 , S2 RS 1775 , S3 RS 1730
R1 RS 1880 , R2 RS 1920, R3 RS 1960
STAY SHORT AT RESISTENCE.
Crude oil may fall next week on speculation that the
US fuel stock piles will increase because of faltering
demand.
Thirteen of 28 analyst surveyed by Bloomberg
said futures will decline through January 2 .
Crude oil is set to continue its downward spiral through
the end of the year .
Crude oil for Dec delivery declined $ 4.65 or 11 %
to $ 37.71 this week on the New York Mercantile Exchange.
Nymex was shut because of christmas.
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 1805 , S2 RS 1775 , S3 RS 1730
R1 RS 1880 , R2 RS 1920, R3 RS 1960
STAY SHORT AT RESISTENCE.
Crude oil may fall next week on speculation that the
US fuel stock piles will increase because of faltering
demand.
Thirteen of 28 analyst surveyed by Bloomberg
said futures will decline through January 2 .
Crude oil is set to continue its downward spiral through
the end of the year .
Crude oil for Dec delivery declined $ 4.65 or 11 %
to $ 37.71 this week on the New York Mercantile Exchange.
Nymex was shut because of christmas.
Friday, December 26, 2008
UPDATES
TECHNICALS FOR EVENING TRADE
MCX JAN CRUDE OIL
SHORT TERM : BEARISH
LONG TERM : BEARISH
SUPPORTS : 1775, 1730, 1680
RESISTANCES ; 1835, 1870, 1910
STAY SHORT AT RESISTANCES
MCX JAN CRUDE OIL
SHORT TERM : BEARISH
LONG TERM : BEARISH
SUPPORTS : 1775, 1730, 1680
RESISTANCES ; 1835, 1870, 1910
STAY SHORT AT RESISTANCES
UPDATE
TECHNICALS FOR DECEMBER 26
MCX JAN CRUDE OIL
SHORT TERM ;BEARISH
LONG TERM : BEARISH
SUPPORTS : 1775, 1730, 1680
RESISTANCES : 1864, 1910,1956
STAY SHORT AT RESISTANCES
MCX JAN CRUDE OIL
SHORT TERM ;BEARISH
LONG TERM : BEARISH
SUPPORTS : 1775, 1730, 1680
RESISTANCES : 1864, 1910,1956
STAY SHORT AT RESISTANCES
Wednesday, December 24, 2008
UPDATES
TECHNICALS FOR NYMEX TRADING
DECEMBER 24
MCX JAN CRUDE OIL
SHORT TERM : BEARISH
LONG TERM : BEARISH
SUPPORTS ; 1856, 1810, 1775
RESISTANCES ; 1920, 1958, 2010
STAY SHORT AT RESISTANCES
DECEMBER 24
MCX JAN CRUDE OIL
SHORT TERM : BEARISH
LONG TERM : BEARISH
SUPPORTS ; 1856, 1810, 1775
RESISTANCES ; 1920, 1958, 2010
STAY SHORT AT RESISTANCES
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.
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.
Tuesday, December 23, 2008
UPDATES
TECHNICALS FOR NYMEX TRADING
DECEMBER 23
MCX JANUARY CRUDE OIL
SHORT TERM ; BEARISH
LONG TERM : BEARISH
SUPPORTS ; 1950, 1910, 1860
RESISTANCES ; 1990, 2030, 2080
STAY SHORT AT RESISTANCES
DECEMBER 23
MCX JANUARY CRUDE OIL
SHORT TERM ; BEARISH
LONG TERM : BEARISH
SUPPORTS ; 1950, 1910, 1860
RESISTANCES ; 1990, 2030, 2080
STAY SHORT AT RESISTANCES
UPDATES
TECHNICALS FOR DECEMBER 23
MCX JANUARY CRUDE OIL
SHORT TERM: BEARISH
LONG TERM : BEARISH
SUPPORTS : 1980, 1945, 1905
RESISTANCES : 2075, 2110,2160
STAY SHORT AT RESISTANCES.
Crude oil fell for a second day in New York on speculation
that a deepening global recession is reducing fuel
demand in Asia, undermining OPEC's efforts to boost
prices by cutting production.
Crude oil for February delivery fell as much as 86 cents,
or 2.2 percent, to $39.05 a barrel. It was at $39.11 a
barrel at 11:42 a.m. Singapore time on the New York
Mercantile Exchange. Prices have dropped 73 percent
from a record $147.27 on July 11.
Brent crude oil for February settlement fell 45 cents, or
1.1 percent, to $41 a barrel on London's ICE Futures
Europe exchange at 11:27 a.m. Singapore time. The contract
yesterday declined $2.55, or 5.8 percent, to settle at
$41.45 a barrel.
MCX JANUARY CRUDE OIL
SHORT TERM: BEARISH
LONG TERM : BEARISH
SUPPORTS : 1980, 1945, 1905
RESISTANCES : 2075, 2110,2160
STAY SHORT AT RESISTANCES.
Crude oil fell for a second day in New York on speculation
that a deepening global recession is reducing fuel
demand in Asia, undermining OPEC's efforts to boost
prices by cutting production.
Crude oil for February delivery fell as much as 86 cents,
or 2.2 percent, to $39.05 a barrel. It was at $39.11 a
barrel at 11:42 a.m. Singapore time on the New York
Mercantile Exchange. Prices have dropped 73 percent
from a record $147.27 on July 11.
Brent crude oil for February settlement fell 45 cents, or
1.1 percent, to $41 a barrel on London's ICE Futures
Europe exchange at 11:27 a.m. Singapore time. The contract
yesterday declined $2.55, or 5.8 percent, to settle at
$41.45 a barrel.
Monday, December 22, 2008
UPDATES
TECHNICALS FOR NYMEX TRADING
DECEMBER 22
MCX JANUARY CRUDE OIL
SHORT TERM ; BEARISH
LONG TERM : BEARISH
SUPPORTS : 2010, 1975, 1925
RESISTANCES : 2075, 2110, 2160
STAY SHORT AT RESISTANCES
DECEMBER 22
MCX JANUARY CRUDE OIL
SHORT TERM ; BEARISH
LONG TERM : BEARISH
SUPPORTS : 2010, 1975, 1925
RESISTANCES : 2075, 2110, 2160
STAY SHORT AT RESISTANCES
updates
UPDATE AT 2 .30 PM DECEMBER 22
MCX JAN CRUDE HAS BREACHED CRUCIAL SUPPORT
RS.2054 LIKELY TO TEST RS.2000 TP 1990
LEVELS, RESISTANCES NOW AT RS.2085.
MCX JAN CRUDE HAS BREACHED CRUCIAL SUPPORT
RS.2054 LIKELY TO TEST RS.2000 TP 1990
LEVELS, RESISTANCES NOW AT RS.2085.
UPDATES ON DEC 22 2008
DEC 22 MONDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 2010 , S2 RS 1970 , S3 RS 1925
R1 RS 2075 , R2 RS 2110 , R3 RS 2160
STAY SHORT AT RESISTENCE.
Oil fell below $ 34 On Friday to its lowest level in
more than 4 1/2 years as the global economic slowdown
overshadowed OPEC'S record supply cut .
US Light Crude for January delivery fell $ 2.64 to
$ 33.58 a barrel .
It earlier touched $ 33.44 the lowest since April 2004.
Oil has continued to drop despite pledges by the OPEC
last week to remove 22 million barrels per day from
its supply which is its largest ever reduction by the
producer group.
Crude for Jan expiry under the MCX might see resistence
at Rs 2115 levels while support may be seen at Rs 1970
levels.
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 2010 , S2 RS 1970 , S3 RS 1925
R1 RS 2075 , R2 RS 2110 , R3 RS 2160
STAY SHORT AT RESISTENCE.
Oil fell below $ 34 On Friday to its lowest level in
more than 4 1/2 years as the global economic slowdown
overshadowed OPEC'S record supply cut .
US Light Crude for January delivery fell $ 2.64 to
$ 33.58 a barrel .
It earlier touched $ 33.44 the lowest since April 2004.
Oil has continued to drop despite pledges by the OPEC
last week to remove 22 million barrels per day from
its supply which is its largest ever reduction by the
producer group.
Crude for Jan expiry under the MCX might see resistence
at Rs 2115 levels while support may be seen at Rs 1970
levels.
Friday, December 19, 2008
UPDATES
TECHNICALS FOR NYMEX TRADING
DECEMBER 19
MCX JANUARY CRUDE OIL
SHORT TERM ; BEARISH
LONG TERM : BEARISH
SUPPORTS ; 2000, 1960, 1910
RESISTANCES ; 2060, 2110, 2180
STAY SHORT AT RESISTANCES
DECEMBER 19
MCX JANUARY CRUDE OIL
SHORT TERM ; BEARISH
LONG TERM : BEARISH
SUPPORTS ; 2000, 1960, 1910
RESISTANCES ; 2060, 2110, 2180
STAY SHORT AT RESISTANCES
TRADIN G CALL
TRADING CALL AT 1 PM IST DECEMBER 19
SELL MCX FEB GOLD CMP RS.12837
SL 12875 TARGET 1 12790, T2 12760.
SELL MCX FEB GOLD CMP RS.12837
SL 12875 TARGET 1 12790, T2 12760.
DEC 19 FRIDAY
FUNDAMENTAL SCENARIO
US Crude prices dropped more than 9 % to $ 36 a barrel
on Thursday as slumping demand and swelling US inventories
offset OPEC record supply cut agreement.
The OPEC on Wednesday agreeded to reduce output by
2.2 million barrels per day from January to counter
oil's collapse from record highs .
Oil has dropped 33 % this month even as OPEC agreed to its
largest production cuts in more than a decade even as
traders speculated that falling demand would outweigh
reduction.
Crude for Jan expiry under the MCX India might see
resistence at Rs 2160 levels while the support can
be seen at Rs 1990 levels.
OUTLOOK
World wide demand for fuel is falling more than expected.
Even the OPEC cut was much bigger than expected it
wont be supportive for the market.
The market can go down to $ 30 .We are still in the
state when the market might still be searching for
the bottom.
FUNDAMENTAL SCENARIO
US Crude prices dropped more than 9 % to $ 36 a barrel
on Thursday as slumping demand and swelling US inventories
offset OPEC record supply cut agreement.
The OPEC on Wednesday agreeded to reduce output by
2.2 million barrels per day from January to counter
oil's collapse from record highs .
Oil has dropped 33 % this month even as OPEC agreed to its
largest production cuts in more than a decade even as
traders speculated that falling demand would outweigh
reduction.
Crude for Jan expiry under the MCX India might see
resistence at Rs 2160 levels while the support can
be seen at Rs 1990 levels.
OUTLOOK
World wide demand for fuel is falling more than expected.
Even the OPEC cut was much bigger than expected it
wont be supportive for the market.
The market can go down to $ 30 .We are still in the
state when the market might still be searching for
the bottom.
UPDATES ON DEC 19 2308
DEC 19 FRIDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 2040 , S2 RS 1985 , S3 RS 1940
R1 RS 2140 , R2 RS 2185 , R3 RS 2230
STAY SHORT AT RESISTENCE.
Crude oil headed for the second- biggest weekly decline in
more than five years as a deepening global recession
saps demand, countering efforts by OPEC to boost
prices.
Crude oil for January delivery was at $36.29 a barrel,
up 7 cents, at 11:13 a.m. Singapore time on the New York
Mercantile Exchange. Oil has fallen 21 percent this week.
The January contract expires today. The more-active February
contract rose as much as 78 cents, or 1.9 percent, to $42.45
a barrel. It was at $42.41 a barrel at 11:20 a.m. Singapore
time.
Brent crude oil for February settlement was at $43.70 a
barrel, up 34 cents, on London's ICE Futures Europe exchange.
The contract yesterday declined $2.17, or 4.8 percent, to
settle at $43.36 a barrel.
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 2040 , S2 RS 1985 , S3 RS 1940
R1 RS 2140 , R2 RS 2185 , R3 RS 2230
STAY SHORT AT RESISTENCE.
Crude oil headed for the second- biggest weekly decline in
more than five years as a deepening global recession
saps demand, countering efforts by OPEC to boost
prices.
Crude oil for January delivery was at $36.29 a barrel,
up 7 cents, at 11:13 a.m. Singapore time on the New York
Mercantile Exchange. Oil has fallen 21 percent this week.
The January contract expires today. The more-active February
contract rose as much as 78 cents, or 1.9 percent, to $42.45
a barrel. It was at $42.41 a barrel at 11:20 a.m. Singapore
time.
Brent crude oil for February settlement was at $43.70 a
barrel, up 34 cents, on London's ICE Futures Europe exchange.
The contract yesterday declined $2.17, or 4.8 percent, to
settle at $43.36 a barrel.
Thursday, December 18, 2008
UPDATE
UPDATE AT 6 PM DECEMBER 18
Crude oil rose from a four-year low on speculation
OPEC’s record output cut will reduce surplus
supplies next year.
OPEC yesterday agreed that the group’s 11 members
with quotas will trim current production by 9 percent
in an attempt to stabilize prices. Russia and Azerbaijan
signaled they be willing to reduce supplies as well.
Global stockpiles could fall as much as 3 million
barrels a day in the first quarter of next year,
according to Petromatrix GmbH.
Crude oil for January delivery rose as much as 84 cents,
or 2.1 percent, to $40.90 a barrel in electronic trading
on the New York Mercantile Exchange today. It traded at
$40.73 a barrel at 12:08 p.m. London time.
The contract expires tomorrow. The more actively traded
February contract rose as much as 2.3 percent to $45.64
a barrel. Prices dipped to a four-year low yesterday
after U.S. crude and fuel stockpiles gained and on
concern OPEC members may not comply with agreed cutbacks.
Crude oil rose from a four-year low on speculation
OPEC’s record output cut will reduce surplus
supplies next year.
OPEC yesterday agreed that the group’s 11 members
with quotas will trim current production by 9 percent
in an attempt to stabilize prices. Russia and Azerbaijan
signaled they be willing to reduce supplies as well.
Global stockpiles could fall as much as 3 million
barrels a day in the first quarter of next year,
according to Petromatrix GmbH.
Crude oil for January delivery rose as much as 84 cents,
or 2.1 percent, to $40.90 a barrel in electronic trading
on the New York Mercantile Exchange today. It traded at
$40.73 a barrel at 12:08 p.m. London time.
The contract expires tomorrow. The more actively traded
February contract rose as much as 2.3 percent to $45.64
a barrel. Prices dipped to a four-year low yesterday
after U.S. crude and fuel stockpiles gained and on
concern OPEC members may not comply with agreed cutbacks.
UPDATES
TECHNICALS FOR NYMEX TRADING
DECEMBER 18
MCX JANUARY CRUDE OIL
SHORT TERM ; BEARISH
LONG TERM : BEARISH
SUPPORTS : 2125, 2080, 2030
RESISTANCES ; 2180, 2230, 2290
STAY SHORT AT RESISTANCES
DECEMBER 18
MCX JANUARY CRUDE OIL
SHORT TERM ; BEARISH
LONG TERM : BEARISH
SUPPORTS : 2125, 2080, 2030
RESISTANCES ; 2180, 2230, 2290
STAY SHORT AT RESISTANCES
UPDATES
TECHNICALS FOR DECEMBER 18
MCX JANUARY CRUDE OIL
SHORT TERM : BEARISH
LONG TERM : BEARISH
SUPPORTS : 2176, 2145, 2110
RESISTANCES : 2256, 2288, 2330
STAY SHORT AT RESISTANCES
MCX JANUARY CRUDE OIL
SHORT TERM : BEARISH
LONG TERM : BEARISH
SUPPORTS : 2176, 2145, 2110
RESISTANCES : 2256, 2288, 2330
STAY SHORT AT RESISTANCES
Wednesday, December 17, 2008
UPDATES
TECHNICALS FOR NYMEX TRADING
DECEMBER 17
MCX JANUARY CRUDE OIL
SHORT TERM ; BEARISH
LONG TERM : BEARISH
SUPPORTS : 2280, 2230, 2180
RESISTANCES : 2360, 2440, 2490
WAIT FOR CONFIRMATION
DECEMBER 17
MCX JANUARY CRUDE OIL
SHORT TERM ; BEARISH
LONG TERM : BEARISH
SUPPORTS : 2280, 2230, 2180
RESISTANCES : 2360, 2440, 2490
WAIT FOR CONFIRMATION
UPDATES
TECHNICALS FOR DECEMBER 17
MCX JANUARY CRUDE OIL
SHORT TERM : BEARISH
LONG TERM : BEARISH
SUPPORTS : 2270, 2225, 2185
RESISTANCES : 2345, 2380, 2425
STAY SHORT AT RESISTANCES
MCX JANUARY CRUDE OIL
SHORT TERM : BEARISH
LONG TERM : BEARISH
SUPPORTS : 2270, 2225, 2185
RESISTANCES : 2345, 2380, 2425
STAY SHORT AT RESISTANCES
UPDATES
UPDATE ON OPEC MEET ON DECEMBER 17
Saudi Arabia opened the door for OPEC's most dramatic
output reduction since the 1970s, calling for the group to
slash world oil supplies by at least another two million barrels
a day to keep abreast of faltering demand.
Saudi Oil Minister Ali Naimi, arriving for a summit here
of the Organization of Petroleum Exporting Countries, said
a cut of that size was the only way for OPEC, which supplies
more than 40% of the world's oil, "to bring things into balance."
View Full Imagendov Ali Al-Naimi, Saudi Arabia's oil minister,
arrives at his hotel prior to an OPEC meeting in Oran, Algeria.
Combined with an earlier reduction, the cuts would total nearly
four million barrels a day in four months -- the cartel's largest
yet in such a short time. But implementing another round of
deep cuts could prove difficult for OPEC, which is already
feeling the financial squeeze from falling prices and diminished
oil exports.
Traders on the New York Mercantile Exchange seemed
unimpressed by the Saudi show of resolve. The price of U.S.
\
benchmark crude for January delivery, already down more
than 70% from its record high this summer, fell 2%, or
91 cents, to $43.60.OPEC has trimmed output by around
1.7 million barrels a day since August, when oil prices began
to plummet on the heels of the global financial crisis and
sharply weaker energy demand. Together, the cuts would
represent 4.3% of current world demand of 85.8 million
barrels a day.
As always, much of the burden of another cut would fall on Saudi
Arabia, the world's largest oil exporter. Mr. Naimi, normally
tight-lipped in advance of big OPEC summits, clearly wanted to
send a signal to the oil market that Saudi Arabia was serious
about curtailing excess supply and buttressing prices. But his
announcement came on a day when the U.S. released another
round of grim economic data, including a steep drop in housing
starts, illustrating how difficult it will be for the cartel to
impress a market captivated by pessimistic economic tidings
on all sides.
OPEC, which meets officially on Wednesday, is eager to win
support for production cuts among big non-OPEC producers
such as Russia and Azerbaijan, both of which have sent
delegations to this week's summit.
Russian officials are expected to show solidarity with OPEC,
but the country's oil fields are already declining amid limited
investment and aging infrastructure. Few analysts believe
Moscow will offer cuts beyond the 300,000 barrels a day
Russia is expected to lose in pumping capacity next year.
Saudi Arabia opened the door for OPEC's most dramatic
output reduction since the 1970s, calling for the group to
slash world oil supplies by at least another two million barrels
a day to keep abreast of faltering demand.
Saudi Oil Minister Ali Naimi, arriving for a summit here
of the Organization of Petroleum Exporting Countries, said
a cut of that size was the only way for OPEC, which supplies
more than 40% of the world's oil, "to bring things into balance."
View Full Imagendov Ali Al-Naimi, Saudi Arabia's oil minister,
arrives at his hotel prior to an OPEC meeting in Oran, Algeria.
Combined with an earlier reduction, the cuts would total nearly
four million barrels a day in four months -- the cartel's largest
yet in such a short time. But implementing another round of
deep cuts could prove difficult for OPEC, which is already
feeling the financial squeeze from falling prices and diminished
oil exports.
Traders on the New York Mercantile Exchange seemed
unimpressed by the Saudi show of resolve. The price of U.S.
\
benchmark crude for January delivery, already down more
than 70% from its record high this summer, fell 2%, or
91 cents, to $43.60.OPEC has trimmed output by around
1.7 million barrels a day since August, when oil prices began
to plummet on the heels of the global financial crisis and
sharply weaker energy demand. Together, the cuts would
represent 4.3% of current world demand of 85.8 million
barrels a day.
As always, much of the burden of another cut would fall on Saudi
Arabia, the world's largest oil exporter. Mr. Naimi, normally
tight-lipped in advance of big OPEC summits, clearly wanted to
send a signal to the oil market that Saudi Arabia was serious
about curtailing excess supply and buttressing prices. But his
announcement came on a day when the U.S. released another
round of grim economic data, including a steep drop in housing
starts, illustrating how difficult it will be for the cartel to
impress a market captivated by pessimistic economic tidings
on all sides.
OPEC, which meets officially on Wednesday, is eager to win
support for production cuts among big non-OPEC producers
such as Russia and Azerbaijan, both of which have sent
delegations to this week's summit.
Russian officials are expected to show solidarity with OPEC,
but the country's oil fields are already declining amid limited
investment and aging infrastructure. Few analysts believe
Moscow will offer cuts beyond the 300,000 barrels a day
Russia is expected to lose in pumping capacity next year.
Tuesday, December 16, 2008
UPDATES
TECHNICALS FOR NYMEX TRADING
DECEMBER 16
MCX JANUARY CRUDE OIL
SHORT TERM : SIDEWAYS
LONG TERM : BEARISH
SUPPORTS : 2310, 2275, 2220
RESISTANCES ; 2365, 2395, 2440
STAY SHORT AT RESISTANCES
DECEMBER 16
MCX JANUARY CRUDE OIL
SHORT TERM : SIDEWAYS
LONG TERM : BEARISH
SUPPORTS : 2310, 2275, 2220
RESISTANCES ; 2365, 2395, 2440
STAY SHORT AT RESISTANCES
UPDATES
TECHNICALS FOR DECEMBER 16
MCX JANUARY CRUDE OIL
SHORT TERM : SIDEWAYS
LONG TERM : BEARISH
SUPPORTS : 2310, 2275, 2210
RESISTANCES : 2385,2420, 2480
WAIT FOR CONFIRMATION
MCX JANUARY CRUDE OIL
SHORT TERM : SIDEWAYS
LONG TERM : BEARISH
SUPPORTS : 2310, 2275, 2210
RESISTANCES : 2385,2420, 2480
WAIT FOR CONFIRMATION
Monday, December 15, 2008
UPDATES
TECHNICALS FOR NYMEX TRADING
DECEMBER 15
MCX MARCH CRUDE OIL
SHORT TERM : BULLISH
LONG TERM : BEARISH
SUPPORTS ; 2480, 2410, 2360
RESISTANCES : 2530, 2585, 2610
WAIT FOR CONFIRMATION
DECEMBER 15
MCX MARCH CRUDE OIL
SHORT TERM : BULLISH
LONG TERM : BEARISH
SUPPORTS ; 2480, 2410, 2360
RESISTANCES : 2530, 2585, 2610
WAIT FOR CONFIRMATION
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.
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.
Friday, December 12, 2008
UPDATES
TECHNICALS FOR DECEMBER 12
MCX JANUARY CRUDE OIL
SHORT TERM : BULLISH
LONG TERM : BEARISH
SUPPORTS : 2460, 2380, 2330
RESISTANCES : 2515, 2556, 2600
STAY LONG AT SUPPORTS
MCX JANUARY CRUDE OIL
SHORT TERM : BULLISH
LONG TERM : BEARISH
SUPPORTS : 2460, 2380, 2330
RESISTANCES : 2515, 2556, 2600
STAY LONG AT SUPPORTS
Thursday, December 11, 2008
UPDATES
TECHNICAL LEVELS FOR NYMEX TRADING
DECEMBER 11
MCX DECEMBER CRUDE OIL
SHORT TERM : SIDEWAYS
LONG TERM : BEARISH
SUPPORTS : 2190, 2130, 2060
RESISTANCES ; 2260, 2290, 2340
WAIT FOR CONFIRMATION
DECEMBER 11
MCX DECEMBER CRUDE OIL
SHORT TERM : SIDEWAYS
LONG TERM : BEARISH
SUPPORTS : 2190, 2130, 2060
RESISTANCES ; 2260, 2290, 2340
WAIT FOR CONFIRMATION
UPDATES
TECHNICALS FOR DECEMBER 11
MCX DECEMBER CRUDE
SHORT TERM : SIDEWAYS
LONG TERM : BEARISH
SUPPORTS : 2160, 2110, 2060
RESISTANCES : 2245, 2288, 2330
WAIT FOR CONFIRMATION
MCX DECEMBER CRUDE
SHORT TERM : SIDEWAYS
LONG TERM : BEARISH
SUPPORTS : 2160, 2110, 2060
RESISTANCES : 2245, 2288, 2330
WAIT FOR CONFIRMATION
Wednesday, December 10, 2008
UPDATES
TECHNICAL LEVELS FOR NYMEX TRADING
DECEMBER 10
MCX DECEMBER CRUDE OIL
SHORT TERM : BEARISH
LONG TERM : BEARISH
SUPPORTS : 2110, 2060, 2000
RESISTANCES : 2160, 2240, 2280
STAY SHORT AT RESISTANCES
DECEMBER 10
MCX DECEMBER CRUDE OIL
SHORT TERM : BEARISH
LONG TERM : BEARISH
SUPPORTS : 2110, 2060, 2000
RESISTANCES : 2160, 2240, 2280
STAY SHORT AT RESISTANCES
UPDATES ON DEC 10 2008
DEC 10 WEDNESDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 2110 , S2 RS 2060 , S3 RS 2000
R1 RS 2180 , R2 RS 2240 , R3 RS2280
STAY SHORT AT RESISTENCE.
Crude oil falls on demand concern as world oil
demand shrunk in 2008.
Crude oil rose as traders bought contracts to close out bets that
prices will fall and on signs that OPEC will cut production
twice in as many months.
Crude oil futures for January delivery rose as much as $1.33,
or 3.2 percent, to $43.40 a barrel in after-hours electronic
trading on the New York Mercantile Exchange. It was at
$43.25 a barrel at 12 p.m. Singapore time. Yesterday,
futures fell $1.64, or 3.8 percent, to $42.07 a barrel,
capping a 23 percent drop since Nov. 26.
The Organization of Petroleum Exporting Countries cut its
forecast for next year by 530,000 barrels a day, or 0.6
percent, to 86.68 million barrels a day, in its monthly oil
market report on Nov. 17.
Traders are betting that oil for January delivery may fall below
$42 a barrel, according to data on put options contract volume
from the New York Mercantile Exchange.
Brent crude oil for January settlement rose as much as $1.05, or
2.5 percent, to $42.58 a barrel on London’s ICE Futures
Europe exchange at 12 p.m. Singapore time. The contract
yesterday declined $1.89, or 4.4 percent, to settle at
$41.53 a barrel.
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 2110 , S2 RS 2060 , S3 RS 2000
R1 RS 2180 , R2 RS 2240 , R3 RS2280
STAY SHORT AT RESISTENCE.
Crude oil falls on demand concern as world oil
demand shrunk in 2008.
Crude oil rose as traders bought contracts to close out bets that
prices will fall and on signs that OPEC will cut production
twice in as many months.
Crude oil futures for January delivery rose as much as $1.33,
or 3.2 percent, to $43.40 a barrel in after-hours electronic
trading on the New York Mercantile Exchange. It was at
$43.25 a barrel at 12 p.m. Singapore time. Yesterday,
futures fell $1.64, or 3.8 percent, to $42.07 a barrel,
capping a 23 percent drop since Nov. 26.
The Organization of Petroleum Exporting Countries cut its
forecast for next year by 530,000 barrels a day, or 0.6
percent, to 86.68 million barrels a day, in its monthly oil
market report on Nov. 17.
Traders are betting that oil for January delivery may fall below
$42 a barrel, according to data on put options contract volume
from the New York Mercantile Exchange.
Brent crude oil for January settlement rose as much as $1.05, or
2.5 percent, to $42.58 a barrel on London’s ICE Futures
Europe exchange at 12 p.m. Singapore time. The contract
yesterday declined $1.89, or 4.4 percent, to settle at
$41.53 a barrel.
Tuesday, December 9, 2008
TECHNICAL LEVELS FOR NYMEX TRADE
DEC 9 TUESDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 2125 , S2 RS 2090 , S3 RS 2040
R1 RS 2180 , R2 RS 2240 , R3 RS 2280
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 2125 , S2 RS 2090 , S3 RS 2040
R1 RS 2180 , R2 RS 2240 , R3 RS 2280
Monday, December 8, 2008
TECHNICAL LEVEL FOR NYMEX TRADE
DEC 8 MONDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 2110 , S2 RS 2060 , S3 RS 2000
R1 RS 2180 , R2 RS 2240 , R3 RS 2280
STAY SHORT AT RESISTENCE.
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 2110 , S2 RS 2060 , S3 RS 2000
R1 RS 2180 , R2 RS 2240 , R3 RS 2280
STAY SHORT AT RESISTENCE.
UPDATES ON DEC 8 2008
DEC 8 MONDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 2040 , S2 RS 1985 , S3 RS 1953
R1 RS 2145 , R2 RS 2190 , R3 RS 2245
STAY SHORT AT RESISTENCE.
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 2040 , S2 RS 1985 , S3 RS 1953
R1 RS 2145 , R2 RS 2190 , R3 RS 2245
STAY SHORT AT RESISTENCE.
Friday, December 5, 2008
TECHNICAL LEVELS FOR NYMEX TRADING
DEC 5 FRIDAY
TRADING LEVELS FOR EVENING NYMEX TRADING
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 2180 , S2 RS 2130 , S3 RS 2060
R1 RS 2250 , R2 RS 2330 , R3 RS 2380
STAY SHORT AT RESISTENCE.
DEC 5 FRIDAY
Fundamental Scenario
Oil fell more than 6 % to its lowest level
in 4 years in response to a weak economic data deeper decline in
global demand.The number of US workers on joblesss
rolls hit a 26 year high last month while another report
showed US factory orders fell sharply for the third month
in a row . Factory orders in October plunged in 5.1 %
the biggest drop since July 2000 and the number of US
workers on jobless benefit roll was the highest since
Fundamental Scenario
Oil fell more than 6 % to its lowest level
in 4 years in response to a weak economic data deeper decline in
global demand.The number of US workers on joblesss
rolls hit a 26 year high last month while another report
showed US factory orders fell sharply for the third month
in a row . Factory orders in October plunged in 5.1 %
the biggest drop since July 2000 and the number of US
workers on jobless benefit roll was the highest since
December 1982.
US light crude fell $ 3.12 % to settle at $ 43.67 , the lowest
since jan 5 2005.
OUTLOOK
Crude may continue to fall with weak economic data and
global financial crisis.
The oil might pose a bearish trend till the OPEC body meets
to decide the supply cuts fearing a defaltion in the price
level.
UPDATES ON DEC 5 2008
DEC 5 FRIDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 2205 , S2 RS 2165 , S3 RS 2120
R1 RS 2310 , R2 RS 2368 , R3 RS 2415
Oil falls more than 6 % to its weakest in four years
on weak economic data.
Crude oil for January delivery was at $44.02 a barrel, up
35 cents, at 1:03 p.m. Singapore time on the New York
Mercantile Exchange. Yesterday, futures tumbled $3.12,
or 6.7 percent, to $43.67 a barrel, the lowest settlement
price since Jan. 5, 2005.
Oil prices have fallen 70 percent since reaching a record
$147.27 on July 11. Crude's weekly drop is the largest
since a 24 percent decline during the week ending March
21, 2003.
Brent crude oil for January settlement was at $42.60 a barrel,
up 32 cents, on London's ICE Futures Europe exchange at
1:04 p.m. Singapore time. The contract yesterday fell $3.16,
or 7 percent, to $42.28, the lowest settlement since Jan. 5,
2005.
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 2205 , S2 RS 2165 , S3 RS 2120
R1 RS 2310 , R2 RS 2368 , R3 RS 2415
Oil falls more than 6 % to its weakest in four years
on weak economic data.
Crude oil for January delivery was at $44.02 a barrel, up
35 cents, at 1:03 p.m. Singapore time on the New York
Mercantile Exchange. Yesterday, futures tumbled $3.12,
or 6.7 percent, to $43.67 a barrel, the lowest settlement
price since Jan. 5, 2005.
Oil prices have fallen 70 percent since reaching a record
$147.27 on July 11. Crude's weekly drop is the largest
since a 24 percent decline during the week ending March
21, 2003.
Brent crude oil for January settlement was at $42.60 a barrel,
up 32 cents, on London's ICE Futures Europe exchange at
1:04 p.m. Singapore time. The contract yesterday fell $3.16,
or 7 percent, to $42.28, the lowest settlement since Jan. 5,
2005.
Thursday, December 4, 2008
UPDATES
TECHNICAL LEVELS FOR NYMEX TRADING
DECEMBER 4
MCX DECEMBER CRUDE OIL
SHORT TERM : BEARISH
LONG TERM : BEARISH
SUPPORTS : 2280, 2230, 2180
RESISTANCES : 2340, 2390, 2440
STAY SHORT AT RESISTANCES
DECEMBER 4
MCX DECEMBER CRUDE OIL
SHORT TERM : BEARISH
LONG TERM : BEARISH
SUPPORTS : 2280, 2230, 2180
RESISTANCES : 2340, 2390, 2440
STAY SHORT AT RESISTANCES
UPDATES
TECHNICALS FOR DECEMBER 4
MCX DECEMBER CRUDE OIL
SHORT TERM : BEARISH
LONG TERM : BEARISH
SUPPORTS : 2360, 2310, 2280
RESISTANCES : 2430, 2470, 2520
STAY SHORT AT RESISTANCES
MCX DECEMBER CRUDE OIL
SHORT TERM : BEARISH
LONG TERM : BEARISH
SUPPORTS : 2360, 2310, 2280
RESISTANCES : 2430, 2470, 2520
STAY SHORT AT RESISTANCES
Wednesday, December 3, 2008
UPDATES
TECHNICAL LEVELS FOR NYMEX TRADING
DECEMBER 3
MCX DECEMBER CRUDE OIL
SHORT TERM :BEARISH
LONG TERM : BEARISH
SUPPORTS : 2380, 2340, 2280
RESISTANCES : 2430, 2470, 2520
STAY SHORT AT RESISTANCES
DECEMBER 3
MCX DECEMBER CRUDE OIL
SHORT TERM :BEARISH
LONG TERM : BEARISH
SUPPORTS : 2380, 2340, 2280
RESISTANCES : 2430, 2470, 2520
STAY SHORT AT RESISTANCES
UPDATES ON DEC 3 2008
DEC 3 WEDNE244SDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 2440 , S2 RS 2380 , S3 RS 2310
R1 RS 2510 , R2 RS 2560 , R3 RS 2620
STAY SHORT AT RESISTENCE.
Oil Rises From 3-Year Low as Equities Gain, Traders Close Out .
Crude oil rebounded from the lowest price in more than
three years as equities gained and traders bought
contracts to close out bets that prices will fall.
Crude oil for January delivery rose as much as $1.14, or 2.4
percent, to $48.10 a barrel in after-hours electronic trading
on the New York Mercantile Exchange, and traded at $47.75
a barrel at 1:09 p.m. Singapore time.
Yesterday, futures fell $2.32, or 4.7 percent, to $46.96 a barrel,
the lowest settlement since May 20, 2005. Oil has tumbled 67
percent from a record $147.27 a barrel reached on July 11.
Oil is set to decline 50 percent this year, snapping six
years of gains.
U.S. crude inventories probably gained for a 10th week as
demand continues to plummet in the world's largest energy
user, according to a Bloomberg survey before the Department
of Energy releases its weekly report.
Brent crude oil for January settlement gained as much as $1.15,
or 2.5 percent, to $46.59 a barrel on London's ICE Futures
Europe exchange. It was at $46.32 a barrel at 12:54 p.m.
Singapore time. The contract declined $2.53, or 5.3 percent,
to $45.44 a barrel yesterday, the lowest settlement since
Feb. 15, 2005.
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 2440 , S2 RS 2380 , S3 RS 2310
R1 RS 2510 , R2 RS 2560 , R3 RS 2620
STAY SHORT AT RESISTENCE.
Oil Rises From 3-Year Low as Equities Gain, Traders Close Out .
Crude oil rebounded from the lowest price in more than
three years as equities gained and traders bought
contracts to close out bets that prices will fall.
Crude oil for January delivery rose as much as $1.14, or 2.4
percent, to $48.10 a barrel in after-hours electronic trading
on the New York Mercantile Exchange, and traded at $47.75
a barrel at 1:09 p.m. Singapore time.
Yesterday, futures fell $2.32, or 4.7 percent, to $46.96 a barrel,
the lowest settlement since May 20, 2005. Oil has tumbled 67
percent from a record $147.27 a barrel reached on July 11.
Oil is set to decline 50 percent this year, snapping six
years of gains.
U.S. crude inventories probably gained for a 10th week as
demand continues to plummet in the world's largest energy
user, according to a Bloomberg survey before the Department
of Energy releases its weekly report.
Brent crude oil for January settlement gained as much as $1.15,
or 2.5 percent, to $46.59 a barrel on London's ICE Futures
Europe exchange. It was at $46.32 a barrel at 12:54 p.m.
Singapore time. The contract declined $2.53, or 5.3 percent,
to $45.44 a barrel yesterday, the lowest settlement since
Feb. 15, 2005.
Tuesday, December 2, 2008
UPDATES
TECHNICAL LEVELS FOR NYMEX TRADING
DECEMBER 2
MCX DECEMBER CRUDE OIL
SHORT TERM : BEARISH
LONG TERM : BEARISH
SUPPORTS : 2440, 2400, 2360
RESISTANCES : 2510, , 2560, 2620
STAY SHORT AT RESISTANCES
DECEMBER 2
MCX DECEMBER CRUDE OIL
SHORT TERM : BEARISH
LONG TERM : BEARISH
SUPPORTS : 2440, 2400, 2360
RESISTANCES : 2510, , 2560, 2620
STAY SHORT AT RESISTANCES
UPDATES ON DEC 2 2008
DEC 2 TUESDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 2545 , S2 RS 2500 , S3 RS 2460
R1 RS 2630 , R2 RS 2675 , R3 RS 2710
STAY SHORT AT RESISTENCE.
Crude Oil Falls on Signs of Further Contraction
in U.S. Economy .
Crude oil fell to the lowest in more than three years in New York
on signs that the economy in the U.S., the world's largest energy
consumer, is in a more severe economic slowdown than expected.
Crude oil for January delivery dropped as much as $1.70, or
3.5 percent, to $47.58 a barrel in after-hours trading on the
New York Mercantile Exchange. That's the lowest since May 20,
2005. It was at $47.90 at 12:36 p.m. in Singapore. The contract
fell $5.15, or 9.5 percent, to $49.28 a barrel yesterday, the
lowest settlement since May 23, 2005.
Oil prices have tumbled 67 percent since reaching a record
$147.27 on July 11 as the U.S., Europe and Japan face their
first simultaneous recession since World War II.
U.S. crude-oil inventories probably rose for a 10th week as imports
rebounded, a Bloomberg News survey of analysts showed.
Crude-oil stockpiles probably climbed 850,000 barrels in the
week ended Nov. 28 from 320.8 million the week before, according
to the median of six analyst estimates before an Energy
Department report this week.
Brent crude oil for January settlement fell as much as $1.67, or
3.5 percent, to $46.30 a barrel, on London's ICE Futures
Europe exchange. It was at $46.56 a barrel at 12:36 p.m.
Singapore time. The contract yesterday declined $5.52, or 10
percent, to settle at $47.97 a barrel. It was the lowest settlement
since May 19, 2005.
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 2545 , S2 RS 2500 , S3 RS 2460
R1 RS 2630 , R2 RS 2675 , R3 RS 2710
STAY SHORT AT RESISTENCE.
Crude Oil Falls on Signs of Further Contraction
in U.S. Economy .
Crude oil fell to the lowest in more than three years in New York
on signs that the economy in the U.S., the world's largest energy
consumer, is in a more severe economic slowdown than expected.
Crude oil for January delivery dropped as much as $1.70, or
3.5 percent, to $47.58 a barrel in after-hours trading on the
New York Mercantile Exchange. That's the lowest since May 20,
2005. It was at $47.90 at 12:36 p.m. in Singapore. The contract
fell $5.15, or 9.5 percent, to $49.28 a barrel yesterday, the
lowest settlement since May 23, 2005.
Oil prices have tumbled 67 percent since reaching a record
$147.27 on July 11 as the U.S., Europe and Japan face their
first simultaneous recession since World War II.
U.S. crude-oil inventories probably rose for a 10th week as imports
rebounded, a Bloomberg News survey of analysts showed.
Crude-oil stockpiles probably climbed 850,000 barrels in the
week ended Nov. 28 from 320.8 million the week before, according
to the median of six analyst estimates before an Energy
Department report this week.
Brent crude oil for January settlement fell as much as $1.67, or
3.5 percent, to $46.30 a barrel, on London's ICE Futures
Europe exchange. It was at $46.56 a barrel at 12:36 p.m.
Singapore time. The contract yesterday declined $5.52, or 10
percent, to settle at $47.97 a barrel. It was the lowest settlement
since May 19, 2005.
Monday, December 1, 2008
UPDATES
TECHNICAL LEVELS FOR NYMEX TRADING
ON DECEMBER 1
MCX DECEMBER CRUDE OIL
SHORT TERM : BEARISH
LONG TERM : BEARISH
SUPPORTS : 2610, 2560, 2510
RESISTANCES : 2680, 2740,, 2780
WAIT FOR CONFIRMATION
ON DECEMBER 1
MCX DECEMBER CRUDE OIL
SHORT TERM : BEARISH
LONG TERM : BEARISH
SUPPORTS : 2610, 2560, 2510
RESISTANCES : 2680, 2740,, 2780
WAIT FOR CONFIRMATION
UPDATES ON DEC 1 2008
DEC 1 MONDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND ; BEARISH
S1 RS 2700 , S2 RS 2660 , S3 RS 2580
R1 RS 2760 , R2 RS 2790 , R3 RS 2830
oil prices may be in the process of stabilising ,
trading in the mid 50's.
In the short term demand conditions and flow of
economic data are sure to pressure prices.
OECD demand conditions continue to be weak.
In th US demand decline may be moderating as indicated by
October data .
Global demand growth is sure to remain subdued over
the coming months.
However the supply side constraints continue to
remain too. OPEC decision to cut production should
allow prices to stabilise at the front end of the curve.
SHORT TERM TREND : BEARISH
LONG TERM TREND ; BEARISH
S1 RS 2700 , S2 RS 2660 , S3 RS 2580
R1 RS 2760 , R2 RS 2790 , R3 RS 2830
oil prices may be in the process of stabilising ,
trading in the mid 50's.
In the short term demand conditions and flow of
economic data are sure to pressure prices.
OECD demand conditions continue to be weak.
In th US demand decline may be moderating as indicated by
October data .
Global demand growth is sure to remain subdued over
the coming months.
However the supply side constraints continue to
remain too. OPEC decision to cut production should
allow prices to stabilise at the front end of the curve.
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