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“Intra-day traders are advised to take a long position In crude oil April contract around 5110 with stop loss of 5070 and wait for the target near 5150.”

25 Mar 2013

AHMEDABAD (Commodity Online): Crude oil futures in India's futures market opened slightly positive on Monday and is currently trading positive. Prices are expected to trade sideways to positive for the day.

“Technically on daily charts, crude oil April futures has a very good support at 5070 and resistance at 5150. Crude prices are expected to trade in the aforesaid range for the day.” said Ankush Kumar Jain, Research Analyst with Commodity Online.

“Intra-day traders are advised to take a long position In crude oil April contract around 5110 with stop loss of 5070 and wait for the target near 5150.” he added.

On India''s MCX, crude oil for delivery on April 19 was seen trading at Rs.5143 a barrel, a gain of 0.51% as of 06.08 PM IST.

Brent futures for delivery on May 13 was seen trading at $108.16 a barrel, a gain of 0.44% as of 06.15 PM IST. WTI crude oil for delivery on the same date was seen trading at $94.42 a barrel, a gain of 0.75% as of 06.20 PM IST.

The Cyprus deal has spared the depositors who own below 1,00,000 Euros in deposits in Cypriot banks even as depositors who own above that figure would see the amount wiped out as they are moved to a bad bank.

“The new programme will see Laiki Bank, the country’s second-largest and most troubled financial institution, closed. Its €4.2bn in deposits over €100,000 will be placed in a “bad bank”, meaning they could be wiped out entirely.” reported The Financial Times this morning.

The smaller deposit accounts would be transferred to Bank of Cyprus which would be restructured.


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