[Metal Price] Commodity Technical Report 24 July,2015 - Emkay Commotrade

By  Paul Ploumis 24 Jul 2015  Last updated at  08:47:39 GMT

Trade Strategies

Commodity Trading Strategies for the day

Daily Commodity Technical

Gold –Daily Chart

Gold: Gold prices have opened with a negative gap and the counter is trading around fresh swing lows of 24503 levels. The intraday view for the counter will remain negative until prices stay below 24650 levels. A fresh breakdown below 24500 will take prices bwer towards 24400.4350 levels. Sustenance above 24650 will see prices rebound towards 24750 levels. Traders must bok to sell on rise.

Silver –Daily Chart

Silver: Silver prices are trading down with a cut of 0.65% currently. Further weakness from current levels will take prices lower towards immediate support around 33500/33450 levels. Failure to break bebw 33450 will trigger an intraday pullback rally in the counter towards 33900134000 levels. Any near term reversal in trend is likely only once prices break out above 34500 on a closing basis.

Crude –Daily Chart

CrudeOil(Rs/Bbl): Aug. Crude Oil prices registered a fresh swing low of 3098 levels and the counter closed down with a cut of 2.69% yesterday. Intraday pullback rallies from lower levels will take prices higher towards resistance at 3155 levels. Failure to move above this resistance will see prices move bwer towards 3090/3050 areas. Next major support for the counter is seen between 3040-3000 areas. A daily cbse above 3155 will take prices higher towards 3190 levels.

Natural Gas –Intraday Chart

 Natural Gas: Natural gas prices .Id off post the inventory data and the counter close down with a cut of 1.63% yesterday. Sustenance below 181 will see prices correct further towards 177/175.50 levels. Areas between 186-188 have become supply zones for the counter. A break bebw 175 will lead to major breakdown in the counter. Intraday rallies and weakness from around 181 levels can be sold into by day traders.

Copper –Daily Chart

Copper: Copper prices broke below immediate support around 338 and prices hit a fresh swing low of 334.30 levels today. Sustenance above 338 will see prices rebound a further towards 341.41.50 levels. Weakness below 337 vrill see prices weaken towards 334.32 levels again. Next major support for copper is seen around 332 levels. The counter can move into side ways consolidation for few sessions. 

Zinc –Daily Chart

Zinc:Zinc prices are trading down with a cut of 0.50% currently. Sustenance above 126.10 will see prices rebound towards 126.60/127 levels. A break below 125 will see prices weaken towards 1241123.50 levels. Any major reversal is likely only on a close above 127 levels.

Lead: Lead prices have managed to recover from its intraday bws at 108.80 levels. Sustenance above 110.25 will take prices higher towards 111 levels. Overall price setup for the counter is negative and failure to sustain at higher levels will see prices correct towards 108.80/108.25 levels as the session progresses.

Nickel: Nickel prices continue to drift lower. Intraday resistance for the counter is seen between 728.50-732 levels. If intraday rallies fail to break out above these suppy zones then prices will move bwer towards 710/705 levels. A daily close above 732 will see prices rebound towards 740/742.50 levels.

Aluminium: Aluminium prices have managed to rebound after testing its support at 102 levels. Failure to break below this support on dips will take prices higher towards 103.90 levels. A daily cbse below 102 will take prices lower towards 101/100.50 levels. Any major reversal in the counter is likely only on a close above 104 levels.

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