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Daily Trading Bites Commodities Report - Sep 08, 2015 : Way2Wealth
Sep 8, 2015 14:54Source: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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