Crude Oil is continuing its bullish momentum, and there are no signals of weakness where 6600 - 6650 is an immediate target level - Swastika Investmart
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COMMODITY OUTLOOK
DAILY COMMODITY MARKET UPDATE
NEWS IN HEADLINE
* Oil prices open lower on demand concerns, remain on track for weekly gain
* Oil retreats from 3-mth highs amid profit taking, dollar recovery
* US oilfield service providers expect rig count recovery later this year on high prices
CHART OF THE DAY
CRUDEOIL: CRUDEOIL is continuing its bullish momentum, and there are no signals of weakness where 6600–6650 is an immediate target level. On the downside, 6450 is the intraday and immediate support level. While below 6400 leads to some further weakness towards 6350–6300, above 6650 will test 6700–6750 levels.
OUTLOOK:
* Bullion: Day trend is indicating uptrend in Gold &Silver.
* Energy: Day trend is indicating uptrend in Crude oil & Natural gas
* Base metals: Day trend is indicating sideways to upside in all base metals
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