Crude saw biggest weekly gain on US Economy. Reports indicated that growth in the world highest crude consumer will accelerate, and as a result it made a high of 5300 before recovering from the low of 4940, which indicates short-term trend is bullish. Now in this week, price stays above 5300 for a few sessions, will move further and may test 5375, thereafter further up-move cannot be ruled out. On the lower side, 5150-5170 to watch out, decisively breaking with volume with downward bias, do not open / hold long side.
Trend Decider of this week: 5180.
NYMEX: Next week, crude may continue rising and market speculation that sanctions against Iran will curb supply from the world's third largest oil exporter.
COPPER (FEB. 2012)
Last week it broke the support level of 390 and finally made a low of 387. But some recovery was seen, which resulted in it managing to close above 400. Now in this week, we may consider resistance at 412-415, successfully crossing over it will move further. On the other hand, downside support at 400-398 to watch out.
It failed to hold the support level of 170 and continue closing, thereby indicating near-term trend as bearish and bulls should avoid fresh longs as long as the price stays below. Continuous trading below may test 156 mark.