DAILY COMMODITY TECHNICAL

Transcription

1 DAILY COMMODITY TECHNICAL Trade Strategies Navin Nair Commodity Trading Strategies for the day Commodity Strategy Levels Target Stop-Loss Precious Metals Gold Dec Range Silver Dec Range Energy Crude oil Dec Sell Natural gas Nov Range Base Metals Copper Nov Sell Nickel Nov Sell Zinc Nov Range Lead Nov Range Aluminum Nov Range

2 Gold Daily Chart Silver Daily Chart Gold: Gold prices have retraced back towards its levels. Failure to break above levels will see the counter weaken towards levels. A daily close below will open downside targets of 24750/24600 levels in the counter. Prices need to sustain above to rebound towards 25325/25400 areas again. Silver: Silver prices are currently trading between its major support zones between zones. A decisive breakdown below will open downside targets of 32500/32000 levels. The counter needs to trade above levels to avoid a breakdown below its support zones. Sustenance above will help prices rebound towards levels. 2

3 Crude Daily Chart Natural Gas Daily Chart Crude Oil (Rs/Bbl): Sustenance below 2700 levels will lead to further weakness in Dec. Crude oil prices and the counter will correct further towards 2655/2636 levels. Intraday pullback rallies will face resistance between zones. Areas between are strong supply zones for the counter. Natural Gas (Rs./Mmbtu): Natural Gas prices are trading well below its support at 144 levels. Prices can correct further towards immediate support levels between levels. Failure to break below this zone will trigger a pullback rally towards 140/ levels. Intraday pullback rallies and weakness from higher levels should be used by traders to go short in the counter. 3

4 Copper Daily Chart Zinc Daily Chart Copper: Copper prices witnessed a gap down opening and the counter hit a fresh swing low of levels. We expect the counter to test its immediate support at 292 levels. Prices can rebound higher until this support holds. Momentum above 297 will help the counter pullback towards /300 levels. The broader outlook for the counter remains negative and a daily close below 292 will see prices slip towards / levels. Zinc: The intraday outlook for zinc will remain negative until prices stay below levels. Areas between are the immediate resistance zone for the counter. Weakness from current levels will see prices re-testing recent swing lows at levels. A daily close below this level will see prices slip towards Momentum above will see prices rebound towards 104 levels. 4

5 Lead: The outlook for Lead will remain negative until prices stay below 105 levels. Prices can re-test its day s low at and weakness below this levels will see the counter slip towards major support at 100/99.40 areas. Traders can look to sell into weakness at higher levels. Nickel: Nickel prices have broken down below its multi year support levels. On a broader note, this breakdown has opened downside targets of /506 levels for the counter. Intraday momentum above 550 will help the counter rebound towards 570 levels. Traders must look to sell into intraday rallies and weakness from higher levels. Aluminium: Aluminium prices should slip lower towards 94/93.50 levels over the coming sessions. Intraday rallies towards zones can be sold into by traders. Major resistance is placed at levels. 5

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