Saturday, October 1, 2011


Crude oil price has affected, due to slower economy growth. Touching a yearly high around $ 115 oil prices fell sharply and  made an intraday low around $76 on 09/08/2011.Crude oil has added more loss on Friday's session and closed $ 78.64 due to increase of supply of 341 million  barrels in   this week. Supplies may increase in next few weeks. Technically, Crude has an immediate resistance on $83 and a strong resistance around $87 while a minor support around $75, prices may fall more around $ 70 in few weeks. In Indian markets Rs 4160 is the resistance for Crude oil while 3950 is a minor support. short sell is advised in any rise of prices with a strict stop-loss.