Commodity market today i.e. on 24th may 2012 opened negative after a fall of 0.56% on Wednesday. It is currently trading higher by 3.03 points, or 0.08%, at 3,881.63 at 10.01 a.m. after opening at 3,876.11.
Crude Updates says that for the first time since October, crude oil prices fell below the $90/bbl
mark, indicating further downside risks as the supply-side scenario
eases and as inventories continue to rise. Global economic risks have
also widened and sentiments would not support the commodity above
$90/bbl as markets prepare for further negativity.
CRUDE TREND TODAY :-
With fundamentals becoming weak amid a negative macroeconomic
scenario, we expect the downtrend in crude oil prices to continue
today. Additionally, latest data on the Chinese manufacturing front is
also bearish and will add to further downside
CRUDE OIL SUPPORT AND RESISTANCE :-
MCX Crude June 2012 :- Support :- 5050/5014, Resistance :- 5138/519
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