[Base Metal]Commodity Technical Report 28 July,2015 - Emkay Commotrade

By Paul Ploumis 28 Jul 2015  Last updated at 08:07:54 GMT

Trade Strategies

Commodity Trading Strategies for the day

Commodity    Strategy    Levels    Target    Stop-Loss    

Aluminum - July    Buy above    104    104.80    103.40    

Gold: Gold prices open. on a negative note and prices are trading around immediate support around 24800-24750 areas. A decisive break bebw 24750 will see prices correct towards 24580124550 levels. The intraday view for the counter will remain negative until prices stay bebw 24900 levels. A break above this resistance will see prices re test 25000 levels.

Silver: Sustenance below 33700 will see silver prices weaken further towards 33400.3300 zones. Prices need to sustain above immediate resistance at 33850 to rebound towards 34150 levels. We reiterate that the overall view for the counter remains bearish until prices stay bebw 34500 levels.

Crude Oil (Rs/Bbl): As updated in our previous daily reports, crude oil has hit its downside targets of around 3000 levels today. Failure to break below 3000 mark will see prices consolidate between 3000 to 3050 and eventually rebound towards 3065/3080 levels. Areas between 3100-3120 will now act as resistance on the upside. A daily close below 3000 will see prices move lower towards 2960/2945 levels.

Natural Gas (Rs./Mmbtu): Natural gas prices managed to rebound and close with a gain of 0.56% yesterday. Any major downside in the counter is likely only on a decisive breakdown below 175 levels. Until then intraday dips towards 177-175 levels will find buying support and prices will rebound towards 181/181.50 levels. Sustenance above 181.50 will see prices test 184.501185 on the upside.

Copper: Copper prices are trading in a range between 338 to 334.50 levels. A decisive breakout above 338 will see prices rally towards next resistance around 340 levels. Fresh downside in the counter is likely only on a breakdown below 334 ma.. Until then we expect the counter to remain sideways.

Zinc: Zinc prices have managed to recover from its swing lows around 123.50 levels and the counter is now approaching its immediate resistance around 125.20 areas. Failure to sustain around these levels will see prices retrace towards 124.251124 levels again. A breakout above 125.20 will see prices rebound further towards 126.251126.50 levels.

Lead: Lead prices couldn't sustain at higher levels around 109.50 areas and the counter sold-off to close at 108.50 levels yesterday. The outlook for the counter will remain negative until prices stay below 110.10 levels. Until then rallies towards 109.50-110 zones will meet resistance. Immediate support on dips is seen around 108.40-108.20 areas. A break below 108 will see prices correct towards 107 levels.

Nickel: Nickel prices have opened on a positive note and the counter is now approaching resistance around 720 levels. Failure to trade above this resistance will see prices retrace lower towards 710 levels again. Sustenance below 710 will see prices slip lower towards 702/700 levels. A daily close around 720 will be a positive sign for the counter.

Aluminium: Aluminium prices will waness momentum once the counter breaks out above 104 levels decisively. Until then we expect the counter to be range bound between 104 to 102.50 levels. Failure to sustain above 103.50 will see prices drift lower towards support around 102.5,102 areas. A daily close above will be positive for the counter.

Courtesy : Emkay Commotrade