• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources

Group Sites

• The Hindu
• Business Line
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Short-term view

The price movement was in line with expectations. The near month crude oil futures ruled firm and also moved to the initial target zone of $63.8-64 a -barrel-mark. After touching a high of $63.79, the prices closed at $63.67 on Friday. There appears to be marginal upside potential from prevailing levels. A move to $64.2-64.5 appears to be on the cards.

Long-term outlook

There is no major change in the long-term outlook featured last week. Crude oil futures appears on the price appears to be on the verge of completing the recent upward corrective phase. On the completion of this phase, crude oil is likely to retest the support zone at $56-58. The next leg of the long-term uptrend would commence on the completion of the anticipated drop to $56-58 and prices could move past the earlier high recorded in August 2005.

(Note: The above analysis is based on technical analysis of the historical price movement. There is a risk of loss in trading.)

B.Krishnakumar

More Stories on : Technical Analysis | Petroleum | Commodity Exchanges

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
MCX to launch forward contracts in potato

Copyright © 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line