Dani
Commodities has come out with its report on energy and metals. According to the
research firm, one can buy MCX Crude oil at Rs 5220 with a stop loss of Rs 5200
for the price target of Rs 5250. Dani Commodities' report on commodities - Crudeoil futures tumbled below USD 96 a barrel in the Asia electronic session today
as the US dollar gained ground ahead of the release of monthly U.S.
retail-sales data. Crude oil for June delivery declined 72 cents, or 0.8
percent, to USD 95.32 a barrel during Asian hours on the New York Mercantile
Exchange. The contract on Friday fell 35 cents, or 0.4 percent, as the U.S.
dollar rose, though oil recovered from levels below USD 94 a barrel to end back
above USD96. Mcx Intraday Technical Analysis Software Mcx Charting Software
The dollar
was extending gains against major rivals Monday, with Japan's currency falling
below the 102-yen level and the Australian dollar trading below parity. The ICE
dollar index , which measures the U.S. dollar's moves against six other major
currencies, rose to 83.268, up from 83.132 late Friday in North America. The
moves came as the U.S. Federal Reserve had reportedly sketched out a plan for
winding down its stimulus program of buying USD 85 billion in bonds each month.
Oil prices and the dollar may react later Monday to the U.S. Commerce
Department's report on retail sales for April, as the report could give signs
about the outlook for oil demand. On Friday, the Organization of the Petroleum
Exporting Countries said demand grew less than expected in the first quarter of
2013, but it left its overall forecast unchanged at a rise of 800,000 barrels a
day. OPEC, in a monthly report ahead of its May 31 summit, still expects
consumption will increase in the second half of this year.
MCX CRUDEOIL
International:
Major Support for WTI at USD88 Bullish above USD 91
Domestic:
Buy at 5220, Stoploss 5200, Target 5250.
International:
Major Support at USD1400. Bearish below USD1400.
Domestic:
Buy at 26770, Stoploss 26700, Target 26870.
International:
Major Support at USD24. Bearish below USD24.
Domestic:
Buy at 44900, Stoploss 44700, Target 45200.
Domestic:
Buy at 408, Stoploss 406, Target 410.
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Source : .Money Control
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