UPDATES ON MAY 30 FRIDAY

MAY 30 FRIDAY

SHORT TERM TREND : BEARISH : TARGET RS 483

LONG TERM TREND : BULLISH : TARGET RS 538

S1 RS 490.60, S2 RS 487, S3 RS 483

R1 RS 496, R2 RS 498, R3 RS 502

PREFER LONGS AT RS 495.50 TO 496

STOP LOSS RS 498

TARGET RS 491

Supplies of gasoline were down 3.2 mn barrels while

haeting oil supplies were up 600,000 barrels.

Over the past 4 weeks , gasoline demand was done 0.4 %

from a year ago while distillate demand was up 1.2 %

from a year ago.

The DOE also said that the underground supplies of

gasoline were up 87 bn cubic feet last week to

1.701 trillion cubic feet.

Supplies are now down 16 % from a year ago and

down slightly from the 5 year average.