Daily Trading Bites Commodities Report - Sep 08, 2015 : Way2Wealth

Sep 8, 2015 14:54

Source:SMM

MCX Sep Nickel; “bearish H & S” has developed on intraday charts and the neck-line breakdown of the same took place at 655 levels.

By Paul Ploumis 08 Sep 2015 Last updated at 03:15:26 GMT

Daily trading Bites | Commodities |

MCX Sep Crude oil

MCX Sep Crude oil; selling pressure has triggered in the counter by erasing its last three days gains. A weak close followed by a “spinning top” on daily charts renders that the fall from 3260 remains intact and further fall can be possible towards 2977 & 2934 levels, where as a resistance resides at 3013 levels.

Action	Entry	Target	Stop
SELL	Around 3013	2934/2860	3061

MCX Sep Nickel

MCX Sep Nickel; “bearish H & S” has developed on intraday charts and the neck-line breakdown of the same took place at 655 levels. Overall outlook remains weak and is likely to extend the fall towards 641 & 628 levels, which is an equality target of the chart pattern.

Action	Entry	Target	Stop
SELL	around 655	641/628	669

Outlook & Intraday Strategy
Commodity	Expiry	S1	S2	Last Trade	R1	R2	Intraday	Recommendation
Gold	05'Oct	25380	26233	26500	26575	26710	Bearish	Sell at R1 TGT S1 SL 26710
Silver	05'Dec	34560	34020	35193	35500	35933	Bearish	Sell at R1 TGT S1 SL 35933
Copper	30'Nov	349.00	346.00	351.35	354.00	357.00	Sideways	Wait for call
Nickel	30'Sep	641	628	652.60	655.0	669.00	Bearish	Sell at R1 TGT S2 SL 669
Zinc	30'Sep	117.55	116.40	118.70	119.30	120.45	Bearish	Sell at R1 TGT S1 SL 120.45
Lead	30'Sep	111.00	109.80	111.90	112.65	113.50	Bearish	Sell at Cmp TGT S1 SL 112.65
Aluminum	30'Sep	105.50	104.30	106.75	107.20	108.35	Bearish	Sell at R1 TGT S1 SL 108.35
Crude Oil	21'Sep	2896	2846	2948	2979	3023	Bearish	Sell at R1 TGT S1 SL 3023
Natural Gas	25'Sep	175.3	172.4	177.9	180.0	182.70	Bearish	Sell at R1 TGT S1 SL 182.70

Courtesy :Way2Wealth

WAY2WEALTH Brokers Private Ltd., CIN U67120KA2000PTC027628 - Email: research@way2wealth.com website: www.way2wealth.com No. 14, Frontline Granduer, Walton Road, Bangalore-560001 Way2wealth Research is also available on Bloomberg WTWL

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Daily Trading Bites Commodities Report - Sep 08, 2015 : Way2Wealth

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