Commodity Technical Report 01 Sep,2015 - Emkay Commotrade

Trade Strategies

Daily Commodity Technical

Gold –Daily Chart

Gold: Gold prices have opened with a positive gap and prices are sustaining above immediate support around 26800 levels. Momentum above 26900 will take prices higher towards 27040/27125 levels. The intraday view for Gold will remain positive until prices stay above 26800 levels A break below this support will see prices correct towards 26700/26640 levels. A daily close above 27100 will see prices advance towards 27300 levels.

Silver –Daily Chart

Silver: Dec. Silver prices have strong resistance around 35650 levels. Failure to break above these resistance will see prices drift lower towards 35000/34850 levels The counter needs to close above 35650 for prices to rally towards 36500/37000 levels. Failure to do so will see prices remain in a broad range between 35650 to 34000 levels

Crude –Daily Chart

Crude Oil (Rs/Bbl): Crude oil prices continued to move higher and prices rallied to hit an intraday high of 3260 levels and closed with a gain of 7.49% yesterday. The momentum can take prices higher towards next major resistance between 3320-3341 levels. Sustenance below 3140 will see prices correct towards 3090/3050 levels. Sustenance above 3200 will see prices head towards 3260/3300 levels.

Natural Gas –Daily Chart

Natural Gas (Rs./Mmbtu): Sustenance above 180.50 will see natural gas prices move higher towards 182.50/183 levels. Areas between 178-176.50 are strong intraday support zones for the counter. A daily close above 182 will open upside targets of 185/186 levels for Natural Gas. Until then 182 to 175.50 will be the broad trading range for the counter.

Copper –Daily Chart

Copper: Nov. Copper prices have retraced back to its immediate support areas around 343 levels again. Failure to break below this support will see prices rebound towards 348/349.50 levels again. On the contrary, a decisive break below this support will see prices correct further towards next support around 340/337 levels A daily close above 352 is required for the counter to rally towards 360 levels.

Zinc –Daily Chart

Zinc: Zinc prices have managed to rebound from its session lows at 119.55 levels. Sustenance above 122 will see prices advance towards 123.40/124 levels Selling can be seen if prices approach higher levels. The view for the counter will remain positive until prices stay above 119 levels

Lead: Lead prices have recovered from its session lows at 114.15 levels Prices can re-test 116/116.25 levels again. Sustenance above 116.25 will see prices move higher towards 117/117.40 levels. The outlook for lead will remain positive until prices hold on above 114 on dips. A daily close below 114 will see prices correct towards 112/111.50 levels.

Nickel: Nickel prices are trading around support levels between 660-650 zones. Sustenance above 660 will see prices rebound towards 673.50/678 levels A break below 650 will see prices dip towards next support zones between 640/635 levels. Any major reversal in trend is likely only if prices break out above 685.50 levels.

Aluminium: Sep. Aluminium prices have pulled back from its session lows at 105.10 levels Momentum above 106.60 will take prices higher towards 107.25/107.90 levels The outlook for aluminium will stay positive until prices stay above 104 levels. Until then dips towards 105.50-104.60 must be used to go long by traders.

Courtesy : Emkay Commotrade

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