Commodity Technical Report 26 August,2015 - Emkay Commotrade

By  Paul Ploumis 26 Aug 2015  Last updated at 08:29:29 GMT

Lead: Lead prices managed to rebound from its lows at 108.55 levels yesterday. Failure to break below 109 will see prices rebound towards 111.70/112 levels again. Any major up move though is likely only on a break above 115 levels. A daily close below 107 will see the downtrend resume towards 105/103.50 levels.

Trade Strategies

Daily Commodity Technical

Gold –Daily Chart

Gold: Gold prices retraced lower and the counter closed with a cut of 2.58% yesterday. Immediate support for the counter is seen around 26700-26650 zones. A decisive break below this level will see prices correct further towards 26520/26480 levels. Upside momentum will be seen only if prices start to sustain above 26900 levels. Above 26900 counter can rebound towards 27100/27150 levels.

Silver –Daily Chart

Silver: Silver prices are trading down with a cut of 0.70% currently. Intraday rallies from lower levels will face resistance between 34850-35000 areas. Intraday view for silver will remain negative until prices stay below 35100 levels. Prices can drift lower towards 34000/33800 zones.

Crude –Daily Chart

Crude Oil (Rs/Bbl): The outlook for crude oil will remain negative until prices stay below 2700 levels. Intraday rallies will face selling between 2650-2675 levels A decisive break below 2570 will see prices dip towards 2500 levels A near term reversal is likely only above 2700 levels

Natural Gas –Daily Chart

Natural Gas (Rs./Mmbtu): Intraday view for Natural gas will remain negative until prices stay below 181 levels. Immediate support for the counter is seen at 176 levels. A break below 176 will see prices head lower and test major support at 174 levels 182 to 175 is likely to be the trading range for the day.

Copper –Daily Chart

Copper: Copper prices have once again retraced lower from the higher end of its trading range. Prices can now test support between 327-326 levels Failure to break below this support will see prices rebound towards 3331334 levels again. A daily close below 326 will be extremely negative for copper this will open up downside targets of 318.50/315 levels in the counter.

Zinc –Daily Chart

Zinc: Zinc prices have broken below its immediate support around 113 levels. The counter has hit a fresh swing low of 111.75 levels. Prices can weaken further towards 1101108.50 levels over the coming sessions. Day traders can sell into intraday bounce towards 112.50-112.80 zones.

Lead: Lead prices managed to rebound from its lows at 108.55 levels yesterday. Failure to break below 109 will see prices rebound towards 111.70/112 levels again. Any major up move though is likely only on a break above 115 levels. A daily close below 107 will see the downtrend resume towards 105/103.50 levels.

Nickel: Nickel prices are trading down with a cut of 2% currently. Prices can re-test its lows at 618.40 levels Sustenance below this level will lead to further weakness in the counter and prices will test 600 levels in that case. Sustenance above 635 will see prices rebound towards 650/655 areas again. Selling can be seen in the counter as prices approach 650-655 areas on the upside.

Aluminium: Aluminium prices hit a fresh swing low of 99.45 but buying at lower levels helped prices rebound towards 101.10 levels by close. Any major upside reversal though is likely only above 102.60. Failure to trade above 101.50 will see prices drift lower towards 99.80/99.50 levels again. The broader view for the counter will remain negative until prices stay below 102.60

Courtesy : Emkay Commotrade