By Paul Ploumis 03 Aug 2015 Last updated at 09:14:05 GMT
Trade Strategies
Commodity Trading Strategies for the day
| Commodity | Strategy | Levels | Target | Stop-Loss |
| Natural gas – Aug | Sell | 178.50—179 | 174.5 | 180.60 |
| Nickel – Aug | Sell | 695—700 | 679.50 | 706.50 |
| Lead – Aug | Sell | 108.50—108.60 | 106.50 | 109.15 |
Daily Commodity Technical
Gold –Daily Chart
Gold: The intraday view for Oct. Gold prices will remain positive until prices stay above 24800. Momentum above 25050 will take prices higher towards 25200 levels Areas between 24700-24660 have become immediate support for the counter. Any major reversal in trend is likely only on a breakout above 25400 levels. Until then, rallies towards 25200-25350 zones will face selling.
Silver –Daily Chart
Silver: Silver prices rallied to hit an intraday high of 34450 levels during the previous session but selling at higher levels dragged the prices lower towards 34025 levels by close. We reiterate that a near term reversal in trend is likely only once prices breakout above 34500 mark on a closing basis. The downtrend will resume only on a breakdown below 33300 mark. Until then prices will stay side ways.
Crude –Daily Chart
Crude Oil (Rs/Bbl): Crude oil prices opened with a negative gap and the counter is trading below its immediate support around 3000 levels. A daily close below 3000 levels will be bearish for the counter. Prices will slide lower towards 2940/2890 levels in that case. Resistance for the counter is seen around 3050-3065 areas.
Natural Gas –Daily Chart
Natural Gas (RsJMmbtu): Natural gas prices are trading up with a gain of 1.54% currently. Further upside from current levels will take prices higher towards resistance around 179/179.50 levels. Failure to break above this resistance will see prices slip lower towards 176. A decisive break below 175 will see prices slip lower towards 171/170.50 levels.
Copper –Daily Chart
Copper: Copper prices have opened with a negative gap and the counter is trading down with a cut of 1.20% currently. Sustenance below 332 will see prices weaken further towards 325.50/324 levels. A daily close around 335 will be the first sign of a near term reversal in the counter. Weakness after intraday rallies towards 333-334 zones should be sold into by day traders.
Zinc –Daily Chart
Zinc: Aug. Zinc prices are trading down with a cut of 1.30% currently. A breakdown below 120 will open up downside targets of 117.501116 levels for zinc. The intraday view for the counter will remain negative until prices stay below 122.10 levels. A decisive break above 122 10 will see prices rebound towards 123/123.25 levels in the evening session.
Lead: Aug. Lead prices are trading around its immediate support at 107 levels. A daily close below this support will see prices slip towards 105.50/104.25 levels over the coming sessions. The intraday view for the counter will remain negative until prices stay below 108.30 levels. A break above this level will see prices rebound towards 109/109.40 levels.
Nickel: Aug. nickel prices are trading below its immediate support around 700 levels. Sustenance below 700 on pullback rallies will be a sign of weakness. Prices can slide lower towards 675 levels in that case. Traders can look to sell into pullback rallies towards 695-700 levels. A reversal is likely only on a close above 705 levels.
Aluminium: Aug. aluminium prices have pulled back after breaking below its immediate support at 102 levels for a brief period. The intraday view though, will remain bearish until prices stay below 103.10 levels. A daily close below 102 mark will see prices slide towards next major support around 98.50196 levels.
Courtesy : Emkay Commotrade
Emkay Commotrade Ltd.
7th Floor, The Ruby, Senapati Bapat Marg, Dadar - West, Mumbai - 400028.
India Tel: +91 22 66121212 Fax: +91 22 66121299
