Commodity Technical Report september 11,2015 - Emkay Commotrade
By Paul Ploumis 11 Sep 2015 Last updated at 08:03:15 GMT
Commodity Trading Strategies for the day
|Gold – Oct||Sell||26250—26280||26050||26340|
|Crude oil – Sep||Buy||2960—2930||3095||2890|
|Nickel – Sep||Buy||684—680||694.50||674.50|
Daily Commodity Technical
Gold –Daily Chart
Gold: Gold prices managed to rebound towards 26289 levels yesterday but selling at higher levels dragged prices lower towards 26163 levels by close yesterday. Sustenance below 26175 will see prices weaken towards 26050/25984 levels again. A break below 25950 will see prices move lower towards 25700125650 levels. The outlook on gold will remain negative until prices stay below 26500 levels.
Silver –Daily Chart
Silver: Dec. Silver prices continue to be range bound. Intraday rallies are met with supply at higher levels between 35850-36000 levels. Weakness at higher levels should be sold into by traders. Failure to sustain above 35550 will see prices drift lower towards 35050/35000 levels Major support for the counter is seen around 34800 levels.
Crude –Daily Chart
Crude Oil (Rs/Bbl): Crude oil prices moved higher post the inventory data yesterday. Areas between 2950-2880 have now become strong support zones for the counter. Intraday dips and reversals from between these support zones can be used by traders to go long. Upside momentum is likely only once prices breakout above 3100 levels A break above 3100 will see prices rally towards 316013220 levels
Natural Gas –Daily Chart
Natural Gas (Rs./Mmbtu): Natural Gas prices retraced after testing the higher end of its trading range at 182 levels yesterday. Failure to trade above 180 will see prices weaken and dip towards 177/176 levels Momentum above 180 will see prices move higher towards 182 levels again.
Copper –Daily Chart
Copper: Nov. Copper prices have retraced lower from its highs at 368 and the counter is trading around immediate support zones between 362-361 levels. A decisive break below 361 will see prices correct further towards next support zones between 358-3571evels. The intraday view for the counter will remain negative until prices stay below 366 levels.
Zinc –Daily Chart
Zinc: Failure to sustain above 121.50 on rallies will see zinc prices trade on a weak note today. A decisive break below 119.80 will see prices dip towards 119.40/119 levels Momentum above 121.50 will take prices higher towards resistance at 122.10-122.25 levels.
Lead: Lead prices are face selling at higher levels around 115.40-115.60 levels. Sustenance below 114.50 will see prices move lower towards next support around 113.50 levels. A daily close below 113.50 will be negative for the counter. A decisive breakout above 115.60 will see prices rebound towards 116/116.25 levels.
Nickel: Failure to sustain above 694 will see nickel prices trade on a corrective mode today. The view for the counter though remains positive until prices stay above 676 levels. Until then dips towards 680 areas will find buying support and counter can rebound towards 690/692. Momentum above 694 will take prices higher towards 700 levels. A daily close below 675 will be negative for the counter.
Aluminium: Aluminium prices are consolidating between 108.80-107.85 levels. Momentum above 109 will take prices higher towards 109.50-109.70 levels. A break below 107.85 will see prices correct further towards 107 levels
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