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Commodity Technical Report september 09,2015 - Emkay Commotrade

Published: Sep 10, 2015 08:51
Lead prices are trading with a gain of 1.30% currently. Sustenance above 114 will see prices move higher towards next resistance zones between 115.50-116 levels.

By  Paul Ploumis 09 Sep 2015  Last updated at 08:22:58 GMT

Lead: Lead prices are trading with a gain of 1.30% currently. Sustenance above 114 will see prices move higher towards next resistance zones between 115.50-116 levels Intraday dips can be used to go long until prices hold on above 113.25 levels. A break below this support will see prices correct towards 112.70/112.25 levels

Trade Strategies

Commodity Trading Strategies for the day

CommodityStrategyLevelsTargetStop-Loss
Copper – NovBuy360—359365.50356.90
Aluminum - SepSell109.65—109.80108.75110.55

Daily Commodity Technical

Gold –Daily Chart

 Gold: Gold prices continue to drift lower and trade with a negative bias. A decisive break above 26450 will lead to an intraday pullback in the counter towards 26500126525 levels. A break below 26350 will see prices dip towards 26200/26140 levels. 26550 to 26180 is likely to be the broad trading range for the counter.

Silver –Daily Chart

 Silver: Dec. Silver prices have retraced from its highs at 35988 levels. Further downside in the counter is likely only once prices break below 35400 levels. Prices can dip towards 35130/35000 levels in that case. Failure to break below this support will see prices rebound towards 35850/36000 levels. A break above 36000 will see prices rebound towards 36250 levels

 Crude –Daily Chart

 Crude Oil (Rs/Bbl): Crude oil prices closed with a gain of 3.43% yesterday. The pullback rally will extend further only if prices breakout above 3110 levels. Prices can rally towards 3150/3160 levels in that case. Failure to sustain above 3110 will see prices correct towards 3000/2949 levels again.

Natural Gas –Daily Chart

 Natural Gas (Rs./Mmbtu): Natural Gas prices moved higher but the counter failed to break above 182 levels yesterday. Sustenance below 181 will see prices retrace back towards 177 levels again. Any major upside momentum is likely only above 182 levels Counter can rally towards 185 levels in that case. Areas between 177 up to 175 are strong support areas for the counter.

 Copper –Daily Chart

 Copper: Nov. Copper prices have retraced after hitting a fresh swing high of 367.10 levels. Failure to sustain above 366 will see prices correct further towards 362.501361 areas. Dips can be used to go long until prices hold on above 361 levels. The rally can extend towards major resistance around 370 levels A break below 361 will see prices correct towards 359/358 zones.

Zinc –Daily Chart

 Zinc: Zinc prices couldn't sustain at its intraday highs at 122.60 levels. Prices can rebound back to 122.30-122.60 until the counter holds on to support at 120.80 levels. A break below this support will see zinc correct sharply towards 119.50/119 levels A decisive breakout above 122.60 will open upside targets of 123.35/123.80 levels

Lead: Lead prices are trading with a gain of 1.30% currently. Sustenance above 114 will see prices move higher towards next resistance zones between 115.50-116 levels Intraday dips can be used to go long until prices hold on above 113.25 levels. A break below this support will see prices correct towards 112.70/112.25 levels

Nickel: Nickel prices rallied higher and the counter closed with a gain of 2.48% yesterday. The intraday view will remain positive until prices hold on above 660 levels A break below this support will see prices correct sharply towards 650 levels. Momentum above 675 will take prices higher towards 680/685.50 levels.

Aluminium: Aluminium prices have hit a fresh swing high of 109.20 levels. Sustenance above 109 will see prices rally further towards major resistance between 109.80-110 levels Selling can be seen as prices approach higher levels. The intraday support will remain positive until prices stay above 108.30 levels. A break below this support will see prices correct sharply towards 107.40 levels

Courtesy : Emkay Commotrade


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Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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Commodity Technical Report september 09,2015 - Emkay Commotrade - Shanghai Metals Market (SMM)