Commodity Technical Report september 04 ,2015 - Emkay Commotrade

Trade Strategies

Daily Commodity Technical

Gold –Daily Chart

Gold: The intraday view for Gold will remain negative until prices stay below 26650 levels Any major breakdown is likely only below 26200 levels. Failure to sustain at higher levels between 26600-26650 zones will see prices correct towards 26400/26300 levels again. A daily close above 26650 is required for prices to rebound towards 26850/27000 levels again.

Silver –Daily Chart

Silver: Dec. Silver prices continue to consolidate at higher levels around 35600 levels. Failure to decisively trade above 36000 levels will see prices correct sharply towards 35000/34800 levels. A daily close below 34800 will see prices correct towards 34000 levels

Crude –Daily Chart

Crude Oil (Rs/Bbl): Crude oil prices couldn't sustain at its highs at 3213 levels yesterday. Failure to sustain above 3160 will see prices trade on a weak note. Any major corrective move for the day is likely only on a decisive break below 3040 levels. A break above 3160 will see prices retest resistance between 3210/3260 levels. The rally will resume once prices break above 3260 levels decisively.

Natural Gas –Daily Chart

Natural Gas (Rs./Mmbtu): Natural Gas prices managed to rebound higher post the inventory data. The counter closed with a gain of 2.09% yesterday. Further upside in the counter is likely only once prices break above 182 levels. Until then prices will dip towards 178/177 levels again. Sustenance above 182 will see prices rebound towards 184/185 levels

Copper –Daily Chart

 Copper: Nov. Copper prices hit a fresh swing high of 358 levels but the counter couldn't sustain at higher levels until close. Failure to break above 354 will see prices remain weak and drift lower towards 348.50/347 levels. A decisive break above 354 will see prices re-test 356.80/358 levels again.

Zinc –Daily Chart

Zinc: Zinc prices have retraced from the higher end of its trading range at 122 levels. Further fall in the counter is likely only on a break below 119 levels. Sustenance below 119 will see the correction extend towards 118.05/117.50 levels. Intraday resistance for the counter is seen between 120.70/120.90 zones. Positive reversal is likely only on a break above this resistance.

Lead: Lead prices moved lower sharply once prices broke below its support at 114 levels yesterday. Failure to break above 114 on intraday rallies will mean that the correction can extend towards 112 levels. Sustenance above 114 will see prices rebound towards 115/115.20 levels.

Nickel: Nickel prices sold-off from its highs at 674.40 levels yesterday. Failure to break above 666 today will see prices retrace further towards 650 levels which is the next major support for the counter. Any major fall is likely only on a break below 650 levels. A break above 666 will see prices rebound towards 674 levels again

Aluminium: Failure to sustain above 109 levels will see aluminium prices correct sharply towards 107 levels. A decisive break below 107 will see prices dip towards 105.50-105 levels. The intraday view will be positive until prices stay above 107.50 levels.

Courtesy : Emkay Commotrade

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