AUG 6 WEDNESDAY
SHORT TERM TREND : BEARISH : TARGET RS 358
LONG TERM TREND : BULLISH : TARGET RS 530
S1 RS 367, S2 RS 363, S3 RS 358
R1 RS 373.50, R2 RS 377, R3 RS 381
PREFER SHORT AT RS 373.50 TO 374
STOP LOSS RS 377
TARGET RS 363
U.S. gasoline demand fell for a 15th consecutive week, as
motorists cope with high fuel prices by driving less,
according to a MasterCard Inc. report yesterday.
Demand last week dropped 3.4 percent from a year
earlier, MasterCard, the second-biggest credit-card
company, said in its weekly SpendingPulse report.
Nymex gasoline for September delivery fell as much as 1.89
cents, or 0.6 percent, to $2.9375 a gallon. Yesterday it lost
4.38 cents, or 1.5 percent, to $2.9564 a gallon, the lowest
close since May 1. Futures fell 13 percent last month, the
biggest drop since September 2006, as a slowing economy
cut demand for the fuel.
Tropical storm Edouard was downgraded to a depression after
it made landfall on the Texas coast, idling 6 percent of U.S. Gulf
of Mexico oil output. Edouard's wind speeds remained below
hurricane strength when it struck the Texas coast, according
to the National Hurricane Center.
The U.S. Energy department may say gasoline supplies fell
1.5 million barrels last week in its weekly report today, a
Bloomberg survey predicted.
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