ON FRIDAY 3 JUNE WE HAD PREDICTED THE TREND TO BE BEARISH IN THE EARLY SESSION & DURING THE LATER SESSION WE MAY WITNESS A PULL BACK IN ALL COMMODITIES…
AND CRUDE OIL MANAGED TO CLOSE ABOVE 100$ FROM RECOVERING THE EARLY LOSSES FROM THE LOW 98.16$
HOWEVER WE ARE STRONG BEARISH IN CRUDE OIL FROM A WEEK & WE MAY WITNESS FURTHER PRESSURE ON CRUDE PRICES
THE OPEC MEETING WILL BE STARTING FROM 6 JUN 2011 WHICH MAY LEAD TO HIGH VOLATILITY IN CRUDE PRICES , BUT AS TECHNICALLY THE WEEKLY TREND IS DOWN & THE “IEA” WARNING TO OPEC TO TAKE UP NECESSARY STEPS TO EASE CRUDE PRICES OR IT US WILL BE RELEASING ITS EMERGENCY STOCKPILES..WHATEVER THE OUTCOME IS CRUDE TAKES IT AS BEARISH…
**WE ARE IN THE LAST LEAGUE OF CORRECTION IN OIL PRICES BUT IT WILL BE MUCH STEEP !!
INTERNATIONAL CRUDE :
TRADER’S CAN SELL CRUDE BETWEEN $101.38/$101.74/$102.35 FOR A TARGET OF $97.18/$96.16/$94.94/$93.38
MCX TRADER’S CAN SELL CRUDE @ 4550 LEVEL FOR INTRA DAY / POSITIONAL TARGET OF 4376/4350
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