Commodity Technical Report 20 August,2015 - Emkay Commotrade

By Paul Ploumis 20 Aug 2015  Last updated at 08:40:29 GMT

Lead: The outlook on Lead will be negative until prices stay below 113 levels. Until then rallies towards 112.50-112.90 will face selling. The intraday view will turn negative once prices break below 110.50 levels. Sustenance below this support will see prices correct sharply towards 109.50 levels.

Trade Strategies

Daily Commodity Technical

Gold –Daily Chart

Gold: Gold prices are have opened on a positive note and the counter is trading around fresh swing highs at 26475 levels. Sharp intraday corrective moves towards 26300126250 levels cannot be ruled out in the counter. The broader view though will remain positive until prices hold on above 26000 levels. The momentum can take prices higher towards 26525/26650 levels over the coming sessions.

Silver –Daily Chart

Silver: Silver prices are trading with a gain of 1.20% currently. Failure to break below 35700 will see prices advance further towards 36250/36300 levels. Some selling can be seen if prices approach these areas. A daily close above 36300 will open upside targets of 36700/36850 levels. A break below 35700 will see prices dip towards 35400 levels.

Crude –Daily Chart

Crude Oil (Rs/Bbl): Crude oil prices hit fresh swing low of 2670 levels post the inventory data yesterday. The counter has intraday resistance at 2715 followed by 2734 levels. Prices need to decisively trade above these levels to rebound towards 2755/2780 levels. Failure to do so will see the downtrend continue and the prices will move lower towards 2625/2600 levels

Natural Gas –Daily Chart

Natural Gas (Rs./Mmbtu): Natural gas prices are consolidating in a range between 180-176 zones over the past few sessions. A decisive break below 176 will see prices head towards major support at 174 levels. Further fall in the counter is likely only on a daily close below 174. This will result into a break down towards 170/168.50 levels. A daily close above 180 will see prices rebound towards 185 levels.

Copper –Daily Chart

Copper: Copper prices hit a fresh swing low of 326.10 but the counter has managed to rebound towards 332.90 levels Any major upside though is likely only on a break above 335 levels. Selling can be seen as prices approach 333.50-334.50 zones. Sustenance below 329 will see prices weaken towards 326 levels again. A daily close below 326 will be negative for copper.

Zinc –Daily Chart

Zinc: Zinc prices are trading around its resistance between 118-118.50 levels. Failure to sustain between these areas will see prices weaken towards 117/116.50 levels again. A daily close above 119 is required for prices to retest 120.65/121 levels again. Immediate support is placed between 115.75-115.50 levels.

Lead: The outlook on Lead will be negative until prices stay below 113 levels. Until then rallies towards 112.50-112.90 will face selling. The intraday view will turn negative once prices break below 110.50 levels. Sustenance below this support will see prices correct sharply towards 109.50 levels.

Nickel: Nickel prices are trading at lower levels. Any major rebound from today's session is likely only if prices sustain above 685.50 levels. Until then prices will trade with a negative bias and drift lower towards 675/670 levels. A sustained break above 685.50 will see prices rebound towards 690.50/692.50 levels.

Aluminium: Aluminium prices have managed to rebound from its lows at 100.25 levels. Sustenance above 101.80 will see prices test its major resistance around 102.50 levels. Support for the counter is seen between 100.40-99.80 levels. The counter is likely to be side ways today.

Courtesy : Emkay Commotrade