UPDATES ON JULY 30 2008

JULY 30 WEDNESDAY

SHORT TERM TREND : BEARISH : TARGET RS 383

LONG TERM TREND : BULLISH : TARGET RS 530

S1 RS 387, S2 RS 383, S3 RS 380

R1 RS 393, R2 RS 396, R3 RS 400

PREFER SHORT AT AR 393.50 TO 394

STOP LOSS RS 397

TARGET RS 387

Crude Oil Trades Near 12-Week Low on Slowing Gasoline Demand .

U.S. refining profits have fallen because oil companies are

making more gasoline than drivers need, as a result of

running refineries to satisfy demand for diesel, BP

Plc's top refining executive said yesterday.

U.S. motorists drove less for a seventh consecutive month in

May, as vehicle-miles traveled on all U.S. roads fell 3.7 percent

during the month from a year earlier, the Federal Highway

Administration said in a report July 28. The seven-month

slide is the longest downward streak since 1979.

Demand for oil and petroleum products dropped 4.3 percent

in May from a year earlier to 19.7 million barrels a day,

according to Energy Department data released July 28.

That's 889,000 barrels a day less for the first five

months of the year, compared with the same period

a year earlier.

Gasoline futures for August delivery fell 1.17 cents, or

0.4 percent, to $2.9960 a gallon in New York.

Regular gasoline at the pump, averaged nationwide,

fell 1.7 cents to $3.941 a gallon, AAA, the nation's

biggest motoring group, said yesterday on its

Web site.

OPEC President Chakib Khelil said yesterday in Jakarta

should the dollar strengthen and political tensions in the

Middle East ease, then the long-term oil price will be

about $70 to $80 a barrel.

The Organization of Petroleum Exporting Countries produces

about 40 percent of world oil supplies.

Oil prices have dropped more than $25 a barrel, or 17

percent, from the July 11 record.

UPDATES ON JULY 29 2008

JULY 29 TUESDAY

SHORT TERM TREND : BEARISH: TARGET RS 383

LONG TERM TREND : BULLISH: TARGET RS 530

S1 RS 388, S2 RS 385, S3 RS 383

R1 RS 395, R2 RS 398, R3 RS 401

PREFER SHORT AT RS 395.30 TO 395.60

STOP LOSS RS 399

TARGET RS 385


Crude oil traded near $125 a barrel in New York after rising

1.2 percent yesterday as Royal Dutch Shell Plc reduced

Nigerian production because of an attack on a

pipeline by militants.

Prices have dropped more than $20 from the record $147.27

a barrel reached on July 11 on concern that high prices have

cut demand for fuel in the U.S., the world's largest energy

consumer. The nation's motorists drove less in May than

a year earlier, a seventh consecutive monthly drop, the

Federal Highway Administration reported yesterday.

OPEC President Chakib Khelil said in Jakarta today

the producer group wants to ensure adequate oil supply

to consumers and there isn't any need to cut production.

The Organization of Petroleum Exporting Countries will meet

in Vienna on Sept. 9. The group left production unchanged

at its past three meetings in December, February and March.

UPDATES ON JULY 22 2008

JULY 22 TUESDAY

SHORT TERM TREND : BEARISH : TARGET RS 444

LONG TERM TREND : BULLISH : TARGET RS 630

S1 RS 451, S2 RS 447, S3 RS 444

R1 RS 457, R2 RS 460, R3 RS 464

PREFER SHORTS AT RS 457.50 TO 458

STOP LOSS RS 460

TARGET RS 451.

UPDATES ON JULY 18 2008

JULY 18 FRIDAY

SHORT TERM TEEND : BEARISH : TARGET RS 432

LONG TERM TREND : BULLISH TARGET RS 630

S1 RS 453 , S2 RS 448, S3 RS 444

R1 RS 468, R2 RS 462, R3 RS 465

Natural gas tumbles 8% after inventories data

Natural-gas futures tumbled 7.6% Wednesday after

government data showed U.S. inventories gained more

than expected.

U.S. natural-gas inventories rose 104 billion cubic feet in

the week ended July 14, the EIA reported Thursday.

Analysts at Global Insight had been expecting a buildup

of 86 billion cubic feet.

After the data, natural-gas futures for August delivery tumbled

86.1 cents, or 7.6%, to close at $10.54 per million British thermal

units. Earlier, it fell to an intraday low of $10.46, down 8.2%. .

At 2,312 billion cubic feet, natural-gas stocks were 361 billion

cubic feet less than last year at this time and 49 billion cubic feet

below the five-year average of 2,361 billion cubic feet, the EIA said.

UPDATES ON JULY 16 2008

JULY 16 WEDNESDAY

SHORT TERM TREND : BEARISH : TARGET RS 488

LONG TERM TREND : BULLISH: TARGET RS 630

S1 RS 494, S2 RS 491, S3 RS 488

R1 RS 501, R2 RS 504, R3 RS 507

PREFER SHORTS AT RS 501 TO 501.50

STOP LOSS RS 505

TARGET RS 494

Gasoline futures fell 17.29 cents, or 4.9 percent, to $3.3848

a gallon yesterday in New York. They were at $3.3854

at 11:10 a.m. in Singapore.

The profit margin, or crack spread, for making three barrels of

crude into one of heating oil and two of gasoline, reached its

lowest since March 19 yesterday, based on futures prices.

The crack spread fell 40.32 cents to $10.9410 a barrel.

Gasoline stockpiles were probably unchanged from 211.8

million barrels the week before, the survey showed.

Distillate fuel, including heating oil and diesel, probably

rose 2 million barrels from 122.5 million barrels the

week before.

U.S. oil refineries probably operated at 89.2 percent of capacity,

unchanged from the week before.

UPDATES ON JULY 16 2008

JULY 16 TUESDAY

SHORT TERM TREND : BEARISH: TARGET RS497

LONG TERM TREND : BULLISH: TARGET RS 630

S1 RS 508, S2 RS 503, S3 RS 497

R1 RS 515, R2 RS 519, R3 RS 523

PREFER SHORTS AT RS 516 TO 517

STOP LOSS RS 521

TARGET RS 508.

UPDATES ON JULY 11 2008

JULY 11 FRIDAY

SHORT TERM TREND : BEARISH: TARGET RS 512

LONG TERM TREND : BULLISH: TARGET RS 630

S1 RS 518, S2 RS 515, S3 RS 512

R1 RS 527, R2 RS 530, R3 RS 533

PRICES TRADING AT OVER SOLD ZONE

WAIT FOR RESISTENCE FOR FRESH SHORTS.

UPDATES ON JULY 10 2008

JULY 10 THURSDAY

SHORT TERM TREND : BEARISH: TARGET RS 512

LONG TERM TREND : BULLISH : TARGET RS 630

S1 RS 517, S2 RS 512, S3 RS 508

R1 RS 523, R2 RS 527, R3 RS 530

PRICES ARE TRADING AT OVER SOLD ZONE.

WAIT FOR RESISTENCE FOR FRESH SHORTS.

UPDATES ON JULY 9 2008

JULY 9 WEDNESDAY

SHORT TERM TREND : BEARISH: TARGET RS 528

LONG TERM TREND : BULLISH: TARGET RS 630

S1 RS 536, S2 RS 532, S3 RS 528

R1 RS 543, R2 RS 546, R3 RS 550

PREFER INTRA DAY SHORTS AT RS 542.50 TO 543

STOP LOSS RS 546

TARGET RS 536

Refineries probably operated at 89.2 percent of capacity

last week, unchanged from the week before, according

to the median of responses.

Analysts were split over whether gasoline stockpiles rose

or fell. Supplies probably increased 50,000 barrels from

210.9 million barrels the prior week, according to the

median of responses.

Supplies of distillate fuel, a category that includes heating

oil and diesel, probably rose 1.95 million barrels from

120.7 million barrels the prior week, according to the

survey. It would be the ninth straight increase.

UPDATES ON JULY 8 2008

JULY 8 TUESDAY

SHORT TERM TREND : SIDEWAYS: TARGET RS 557 TO 577

LONG TERM TREND : BULLISH: TARGET RS 630

S1 RS 563, S2 RS 560.40, S3 RS 557

R1 RS 571, R2 RS 574, R3 RS 577

PREFER INTRADAY SHORTS AT RS 583 TO 583.50

STOP LOSS RS 586

TARGET RS 578

JULY 1 2008

JULY 1 TUESDAY

SHORT TERM TREND : BULLISH: TARGET RS 583

LONG TERM TREND : BULLISH : TARGET RS 630

S1 RS 571, S2 RS 568, S3 RS 565

R1 RS 577, R2 RS 580, R3 RS 583

PREFER LONGS AT RS 571 TO 571.50

STOP LOSS RS 568

TARGET RS 577