World commodity chart update for 20/04/2009

Crude Oil closed higher due to short covering on Friday as it extends this month's trading range. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are neutral to bearish signalling that sideways to lower prices are possible near-term. Closes below last Wednesday's low crossing would confirm that a short-term top has been posted. If it renews last week's rally, March's high crossing is the next upside target.

Gold closed lower on Wednesday as a rebound in the dollar slashed demand for the precious metal as an alternative investment. The mid-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold signalling that sideways to lower prices are possible near-term. If it extends this fall's decline, the75% retracement level crossing is the next downside target. Closes above the 10-day moving average crossing are needed to confirm that a short- term low has been posted.

Rupee: Referring to our previous charts and updates we still maintain a bullish view on rupee aiming 48.80 levels. Dollar has slightly gone strong in the last couple of trading sessions which is looked more as a retracement. Only a break above 50.30 would change the view to neutral otherwise indicators are quite bullish. Bullish