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Wednesday, July 14, 2010
Alcoa kicks off earning season in a positive way
Stocks rally as investor sentiments get a boost from the first earning report of the season
Alcoa's earning report boosts metal prices
Prices also get boosted by a weak dollar
Copper prices ended higher at Comex on Tuesday, 13 July 2010. Prices rose following strong earning report from Alcoa and due to weak dollar.
Crude tops $77
IEA projects a rise in oil demand next year
Crude oil prices ended substantially higher on Tuesday, 13 July 2010 at Nymex. Prices rose as market cheered Alcoa's earning report following yesterday's close and also as IEA projected a rise in demand next year. Weak dollar also boosted prices.
Indian ADRs up in higher US markets
US stock markets rose strongly Tuesday as a solid start to the U.S. corporate earnings season from aluminum company Alcoa Inc. helped investors look past a credit rating downgrade of Portugal.
The Dow rose 146.75 points, or 1.44%, to 10,363.02. The Standard & Poor`s 500 index rose 16.59 points, or 1.54%, to 1,095.34, while the Nasdaq composite index rose 43.67 points, or 1.99%, to 2,242.03.
Indian ADRs end higher.
Jaiprakash Power Ventures
We recommend a buy in the stock of Jaiprakash Power Ventures from a short-term trading perspective. It is seen from the charts that the stock was on an intermediate-term downtrend from its June 2009 peak of Rs 103 until it found support around Rs 62 in late May 2010. This level is a long-term support for the stock. Since then, the stock has been on a short-term uptrend. While trending up, it breached 21 and 50-day moving averages successively. Moreover, the stock's 4 per cent jump on July 13 has emphatically penetrated its 200-day moving average and the down trend-line. There has been an increase in volume over the past two trading sessions. The 14-day price rate of change indicator has rebounded into the positive territory and weekly indicator is featuring in this territory implying buying interest. A buy signal in the daily moving average convergence divergence indicator and daily RSI hovering in the bullish zone are other positive factors for the stock. Our short-term outlook on the stock is bullish. We expect the stock to move ahead to hit our price target of Rs 76 or Rs 78 in the approaching trading sessions. Traders with short-term perspective can buy the stock while maintaining stop-loss at Rs 72.
via BL
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