Crude oil fell in New York after Congressional negotiations on plans to rescue the financial industry stalled, adding to concern that the economy of the world's biggest energy consumer will falter, slowing fuel demand.
Now support for the crude is seen at 4808 and below could see a test of 4692. Resistance is now likely to be seen at 5014, a move above could see prices testing 5104.
Trading Ideas: TRADING RANGE IS 4690-5100.
BUY CRUDE @ 4870-4890 SL 4846 TGT 4908-4926-4944.MCX
CRUDE RANGE IS AT $103-$109.
SELL CRUDE TILL 5030-5055 SL 5078 TGT 4996-4972-4938. MCX
Courtesy: JRG Wealth Management
