Financial Daily from THE HINDU group of publications
Monday, Feb 27, 2006
Financial Daily from THE HINDU group of publications Monday, Feb 27, 2006 |
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Agri-Biz & Commodities
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Technical Analysis Crude oil looks bullish B.Krishnakumar
The near month crude oil futures closed on a strong note at 62.91 cents a barrel on Friday. The short-term outlook is bullish and a rise to 63.8-64 cents appears likely. A close above 64 cents would impart further momentum that could take prices to the next target zone at 66.5-67 cents. The short-term positive outlook would be negated on a close below 60.4 cents mark.
Long term outlook
Crude oil futures price appears to be in the midst of a corrective phase to the earlier rally that peaked just above the 70 cents mark in August last. The price action indicates that there could be a rally to 72-73 cents range on the completion of the corrective phase that the prices are presently confined to. There is a strong support zone at 55-56 cents range. The long-term positive outlook would be in force as long as the prices hold above 55-cents.
(The above analysis is based on technical analysis of the historical price movement. There is a risk of loss in trading.)
More Stories on : Technical Analysis | Petroleum
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