JUNE 3 TUESDAY
SHORT TERM TREND : BULLISH ; TARGET RS 518
LONG TERM TREND ; BULLISH ; TARGET RS 538
S1 RS 510, S2 RS 507, S3 RS 504
R1 RS 515, R2 RS 518, R3 RS 521
WAIT FOR SUPPORT FOR FRSH LONG.
Oil plunged on fears of lower demand after recent record prices,
dollar strength and receding worries over the hurricane season.
Meanwhile, traders kept an eye on the hurricane season's developments.
The Atlantic hurricane season kicked off with Tropical Storm Arthur.
The storm, which dumped rain on southern portions of Mexico as well
as Guatemala and Belize, will most likely stay over land and break up.
High seas in the Gulf of Mexico will calm today as Arthur misses the Bay of
Campeche and its Cantarell oilfield.
Though the storm has weakened into a tropic depression, it shut two
of Mexico's three main crude oil ports as a precaution. The three ports
ship about 80 percent of Mexico's crude exports, most of which goes
to U.S. refineries.
No comments:
Post a Comment