Crude oil futures were steady through out week and closed 1.3% up at 5139. Evern after the reported drop in Chinese inflation, we saw crude enjoy a good run after the sharp downside move. The overall market trend is rather contained in ranges this period with the wait and see sentiment controlling investors. It is the summer holiday season in Europe which is keeping the market awfully quiet this time around especially as the eyes are on the European debt crisis.
Investors hope for some positive data and steady figures to support the outlook for growth and accordingly demand, yet till now the data is lackluster and the hope that policy makers will act remains an expectation and not supported by action.
We still need to keep a close eye on the dollar and its affect on crude oil. The effect of the previous drop in crude prices is likely to show on the trade figures today and remind the market how supportive contained oil prices remain for growth.
We recommend to buy Crude at CMP for a target of 5225, 5256 with a stop loss of 5090.
Crude oil is right on our track. Yesterdays high 5205. Wait for targets...Enjoy!!!
ReplyDeleteCrude Target 1 done..14th August high 5238...Enjoy!!
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ReplyDeleteThanks Nilesh...Enjoy!!!
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