Sell MCX Crude oil, recommends Dani Commodities

Dani Commodities' report on metals & energy

Crude oil futures extended the job led gains in the Asia electronic trades today as the better-than-expected jobs growth in October raised the prospects for energy demand*Bundle of strong data releases from China also support the energy commodity. December crude futures are trading up marginally at USD 94.67 per barrel on the New York Mercantile Exchange*On Friday, it rose 40 cents, or 0.4 percent, to settle at USD 94.60 a barrel*A week ago, prices closed at USD 94.61* The robust data eased concerns over a slowdown in demand from the world’s largest oil consumer; however the gains were limited as the U.S*dollar
strengthened amid expectations that the Federal Reserve will begin tapering its USD85 billion-a-month asset purchase program as soon as next month. The Department of Labor said the U.S*economy added 204,000 jobs in October, much more than the 125,000 increase forecast by economists*September's figure was revised up to 163,000 from a previously reported 148,000* The unemployment rate ticked up to 7.3 percent from an almost five-year low of 7.2 percent the previous month*The report came one day after official data showed that the U.S*economy grew at an annual rate of 2.8 percent in the three months to September, well above expectations for growth of 2 percent. MCX CRUDE OIL
International: Major Support for WTI at USD100 Bullish above USD 100
Domestic: Sell at 6040, Stoploss 6065, Target 6010. MCX GOLD
International: Major Support at USD 1250. Bearish below USD1250.
Domestic: Buy at 29700, Stoploss 29620, Target 29850. Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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