Friday, January 7, 2011

Sure Shot Crude Oil Tips

Crude futures fell in the domestic market on the back of profits booking by the speculators at prevailing higher levels. While, sentiments are still firm in global market due to recovery of US economy after reports showed yesterday that US service industries expanded and companies added workers in December, indicating that fuel demand may increase in the world’s biggest crude consuming country.

US economy is on recovery phase with the release of report from ADP Employer yesterday that showed employment in US boosted by 297,000 against the previous figure of 92,000, almost three times the 100,000 estimated figures.

Yesterday, The US Department of Energy said crude inventories in the US declined by 4.16 million barrels to 335.3 million barrels in last week, declining more than previous estimation that also supported the upward trend in crude prices. Futures traded above $90 a barrel in New York yesterday after the Institute of Supply Management’s non-factory index data which rose to 57.1 against the previous figure of 55.0.

Crude for January contract, at MCX, is trading at Rs.4,100.00 per barrel (down by 0.58%) after opening at Rs. 4,115.00 against the previous close of Rs. 4,124.00 with intra-day low of Rs. 4,094.00 till the trading. (At 02:47 PM today).

At New York Mercantile Exchange (NYMEX), crude future for March contract is trading with flat note at $91.43 a barrel, up by 1 cent, after opening at $91.55 against the previous close price of $91.42. It touched the intra-day high of $91.83 a barrel with a business volume of 5,718 lots till electronic trading. (AT 02:45 PM today).

This counter last week shown some weakness as we expect & mention that it can touch 4008 and from that level, you can keep buying again. Now this week keep your eyes on level of 4060, if it maintain above this level you can keep buying till target 4140 and once its close above 4140 hold your bought position till 4300 soon. For intraday today keep your eyes on opening level of 4094, if it open above this level you can keep buying and if it open below 4046, you can keep shorts in your hand. 

TODAY'S STRATEGY: - This counter again shown volatility and again made low of 4013, from last 2 weeks its continues took support around 4000. But today keep your eyes on level of 4045-4070, till its maintain below those levels, you can keep shorts in your hand till target 3970. And below 3970 more weakness will be expecting. For more detail join our paid newsletter. Today it will face resistance 4050-4070 & support 4000-3970.

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