Shreekant Jha, MD, PJ Commodity Ventures said Crude turned bullish, when it broke the USD 54 per barrel resistance. “We are now looking at USD 64 per barrel and USD 66 per barrel as the near-term target. We would keep the support at about USD 56 per barrel and USD 54 per barrel.”
Here is a verbatim transcript of the exclusive interview with Shreekant Jha on CNBC-TV18. Also watch the accompanying video.
Q: How do you see crude prices moving from here?
A: When crude broke the USD 54 per barrel resistance, it turned bullish. We are now looking at USD 64 per barrel and USD 66 per barrel as the near-term target. We would keep the support at about USD 56 per barrel and USD 54 per barrel.
Q: And in the Indian markets, do you see it taking off the Rs 3,000 per barrel mark?
A: It should because I think it just went up to that and retraced slightly today.
Q: What are the factors that you are watching on in gold and would you be a buyer at USD 940 per ounce?
A: It is unfortunate – unfortunate in the sense that the rupee got stronger which spoiled the party for the people in India who were looking at gold.
The international markets are actually up and we are looking at USD 950 per ounce and USD 965 per ounce on the higher side for gold with USD 925 per ounce and USD 910 per ounce as the supports, which actually would translate to around – maybe a break of Rs 14,500 per 10 gm would see it targeting Rs 14,800 per 10 gm or Rs 15,000 per 10 gm.
