crude oil price slips

As i said in last post HPCL share price gonna take the u-turn stopping its downward rally. It has shown today the same. After the government has declared, the petrol prices can go up and in international market the slipping down of crude oil price also favoured this stock.
Oil prices fell below $72 a barrel today in Asia as a three-month rally lost steam amid a strengthening dollar.Oil prices have more than doubled since March in part on expectations that the massive U.S. fiscal and monetary stimulus will hasten a decline of the dollar. Investors often buy crude and other commodities as a hedge against the possibility of inflation.Traders are also wary that the recent price run-up isn't supported by improving supply and demand fundamentals.Energy analyst Victor Shum says oil has "rallied too much in too short a period of time."On Friday, the Organization of Petroleum Exporting Countries dropped its daily demand forecast for 2009 by 230,000 barrels, estimating that global consumption would shrink to 83.8 million barrels a day.
I expect the same tomorrow. Crude price will go down further.

Expect some good from HPCL

HPCL will be key script in next week. If the crude oil price falls a bit it can go to high of Rs 20 from here.(i.e Rs 323) in one trading session. On friday crude oil price has come down a bit. Lets see what happens on monday. i am optimistic about this share.


It was at Rs 397 on 29th may and Rs 303 on 12th june, approx. 23% fall in 2 weeks. That really bad, it shouldn't have happened, but it happned.But now it gonna take U-turn from here, it will again go back to RS-400 mark in coming week.Govt. officials has expressed their concern over the falling share price of HPCL and announced, if needed the price of petrol can be increased.


The intraday high and close price for HPCL.
Date..... .. High Close

12-Jun-09 316.90 303.70

11-Jun-09 323.90 302.00

10-Jun-09 333.00 316.30

9-Jun-09 325.00 303.3

8-Jun-09 350.00 320.00

5-Jun-09 364.70 336.75

4-Jun-09 354.75 335.55

3-Jun-09 357.45 341.50

2-Jun-09 368.00 336.40

1-Jun-09 382.40 357.15

29-May-09 336.00 397.55