Commodity Market Overview for the Week (30th May – 3rd June ’11)
CRUDE OIL:
For the next week in bullion commodities crude oil can be bullish above the level of 4625, as we saw last week NYMEX crude oil was not able to sustain at lower levels. If next week NYMEX crude oil sustains above $100.50 then above $101.90 it can touch the level of 103. In MCX crude oil i would recommend traders to take long position above 4625 for the target of 4675 if it sustains above 4570.
JEERA:
For the next week in Agri commodities jeera can be bullish above the level of 14800. After a continuous downtrend in jeera we can expect some short covering coming at lower levels next week. So for the next week if jeera sustains above 14650 then above 14800 it can touch the level of 15100.
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