See crude at $150-155/bbl soon: PJ Commodity Ven

Shreekant Jha, MD, PJ Commodity Ventures, expects crude to touch USD 150-155 per barrel soon. "While we are looking at the USD 150-155 levels, we would advice a little bit of caution on the long side."

Excerpts from CNBC-TV18's exclusive interview with Shreekant Jha:

Q: How do you look at crude prices, are there more gains or is this the time now for profit taking?

A: We are waiting for USD 143 per barrel to break, which it has done. It hung around there for a week. We are still looking at USD 150-155 per barrel. Actually the support that we are looking at is USD 138 per barrel. We would watch that carefully. Crude has not corrected for a very long time. It may be a good idea to keep a track of the USD 130 and USD 138 per barrel levels.

Q: Would any rallies be a sell?

A: Not really. The thing is that it has not corrected for a while. So, while we are looking at the USD 150-155 levels, we would advice a little bit of caution on the long side.

Q: How are you looking at gold, since we have good jumps from last week's lows? It is really not holding on to those levels?

A: The targets are still USD 950 and USD 970 per oz with support at USD 912 and USD 895. It is actually in a rather large range.

Q: Would you suggest a sell here on rallies? How would you play it?

A: We would wait and see. It may break the same USD 927 levels on the downside. One could probably look at it again. If one has a position that you have bought at USD 927, one could probably hang on to it.