-- Posted Monday, 16 June 2008 | Digg This Article | Source: GoldSeek.com
INSIGNIA CONSULTANTS
Asian Metals Market Update for 16th June, 2008
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER JULY 08-- $348.00 - $372.00
NYMEX CRUDE OIL- $131.60. - $142.40
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EURO/USD-- TECHNCAL LEVELS
SUPPORT
RESISTANCE
S1
S2
S3
S4
R1
R2
R3
R4
1.5280
1.5291
1.5334
1.5370
1.5480
1.5535
1.5602
1.5691
GBP/USD-- TECHNCAL LEVELS
SUPPORT
RESISTANCE
S1
S2
S3
S4
R1
R2
R3
R4
1.9270
1.9330
1.9408
1.9492
1.9574
1.9630
1.9685
1.9740
GENERAL MARKET CONDITIONS
Crude oil’s rise is the next best thing to have happened to curb global warming. The current rise in crude oil prices is pinching everyone in a hard way and all are trying their best to reduce their energy bills. More and more people are looking for energy efficient gadgets and vehicles. Reduction in global energy demand will not be felt overnight. It will take six months to one year when we producers will feel the pinch of slowing demand. As far as demand from emerging markets like India and China are concerned; per capita demand will remain stable. Overall demand (from India, China and other emerging nations) will continue to rise due to increase in number of energy consumers.
Last week’s gain in the US dollar was a bit too fast. We expect the US dollar to weaken as the Federal Reserve meeting nears on 25th June. This is pre fed week. There will be position squaring and rebuilding ahead of the meeting. It remains to be seen whether crude oil is able to create another new high.
NYMEX CRUDE OIL --FUTURE
This week as long as crude oil holds $128.60 it will target $141.40 and $146.70.
HAPPY PROFITABLE TRADING
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prices of specific currencies, precious metals, base metals, or equity indices reflect the views
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errors in, or omissions of Information.
Nothing in this article is, or should be construed as, investment advice.
-- Posted Monday, 16 June 2008 | Digg This Article | Source: GoldSeek.com
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