[Metal Price]Commodity Technical Report 10 August,2015 - Emkay Commotrade

By  Paul Ploumis 10 Aug 2015  Last updated at  07:31:38 GMT

Lead: Aug. Lead prices managed to rebound from its lows at 107.80 and close with a gain of 1.06% during the previous session. Prices can move higher towards 111.30/112 levels on the upside. The intraday view for the counter will stay positive until prices stay above 109.50 on dips Areas between 111.50-112 will act as resistance on the upside.

Trade Strategies

Commodity Trading Strategies for the day

Daily Commodity Technical

Gold –Daily Chart

Gold: Oct. Gold prices have managed to rebound from its support around 24700 levels Sustenance above 24900 will see prices rebound further towards 25050 levels. Prices need to sustain above 25050 levels to advance further towards 25155/25200 levels. The downtrend will resume only once prices break down below 24650 levels.

Silver –Daily Chart

Silver: Silver prices can test its resistance between 34450-34500 zones. Failure to convincingly trade at higher levels will see prices retrace below 34000 levels again. Areas between 33600-33500 are strong support for the counter. A daily close above 34500 will be positive for the counter.

Crude –Daily Chart

Crude Oil (Rs/Bbl): Crude oil prices opened with a negative gap and the counter is trading down with a cut of 0.85% currently. Immediate resistance for the counter is seen around 2830 levels Prices need to break above this resistance to rebound towards 2870/2880 levels Next major support zones for the counter is placed between 2740/2680 levels.

Natural Gas –Daily Chart

Natural Gas (Rs./Mmbtu): Natural gas prices continue to consolidate around 180 levels. Momentum from current levels will take prices higher towards 183 levels. Prices need to break above 183 to advance further towards 1851185.50 levels. Dips from higher levels will find support between 177 levels. We expect the counter to remain side ways for today's session.

Copper –Daily Chart

Copper: Copper prices closed with a cut of 0.44% during the previous session. Areas between 332.50-333.50 will act as resistance for the counter on the upside. Immediate support for the counter is seen around 329 levels A break below this support will see prices weaken towards 327.25/327 levels Prices need to close above 333 to advance towards major resistance at 337 levels.

Zinc –Daily Chart

Zinc: The intraday view for zinc will remain positive until prices stay above 119 levels Prices can advance towards 120.50 levels in that case. A break below 119 will see prices weaken towards 118.30/117.80 levels. Fresh selling can be seen as prices approach 120.50-121 zones.

Lead: Aug. Lead prices managed to rebound from its lows at 107.80 and close with a gain of 1.06% during the previous session. Prices can move higher towards 111.30/112 levels on the upside. The intraday view for the counter will stay positive until prices stay above 109.50 on dips Areas between 111.50-112 will act as resistance on the upside.

Nickel: Aug. nickel prices are attempting a breakout above the upper end of its trading range at 705 levels. Prices need to sustain above 705 levels to advance towards 710/712.50 levels. A daily close above 712.50 will be positive for nickel Areas between 690-685 have become the immediate support levels for nickel on dips. The downtrend will resume only on a breakdown below this support.

Aluminium: The outlook for Aug. Aluminium prices will remain negative until prices stay below 102 levels on a closing basis. Until then, rallies towards 101-101.50 will face selling and prices will slip lower towards 100 levels. Sustenance below 100 will see the counter weaken towards 98.20/97.40 levels.

Courtesy : Emkay Commotrade