The Federal Reserve announced that economic outlook would remain grim causing an unexpected steep drop in crude supplies. The international crude prices declined with Brent trading below USD 109 per barrel and the domestic crude prices touched Rs 4,250 per barrel yesterday.
If the crude closes around Rs 4,300 per barrel levels or retraces now, it would be a good point to exit said Shreekant Jha, managing director of PJ Commodity Ventures. He indicated that the Rs 4,100 per barrel level still remain a support. "Buy crude at Rs 4,100 per barrels with a stop loss below that level around Rs 4,050 per barrel," he advised so that if the change in trend takes place, the investor is protected on this long position.
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