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23/04/2017 301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free : 18003157801
23/04/2017 Crude futures slump by 4% on disappointing inventory data: Crude oil may open in red on profit booking at higher levels as can test 4500 in MCX. Oil prices dipped on Monday as a rising U.S. rig count pointed to further increases in the country’s output, underlining one of only a few factors holding back crude markets in an environment. U.S. drillers added five oil rigs drilling for new production in the week ending April 20, bringing the total count to 820, the highest since March, 2015, according to General Electric’s Baker Hughes energy services firm. otherwise bullish Copper futures trade higher on MCX: Base metals complex may open on positive note tracking firm international markets but less than expected US manufacturing PMI ad existing homes sales data to cap the upside. Copper may take support near 455 and can move towards 460. Chilean copper commission Cochilco forecast on Friday that Chile would produce 5.76 million tonnes of the red metal in 2018, up 4.3 percent from 2017, while estimating copper prices at $3.06 per pound this year. Aluminium may test 170 in MCX. Gold futures end lower as dollar strengthens: Bullion counter may continue to witness profit booking at higher levels amid bounce back in greenback due to rising US Treasury yields. Gold can face resistance near 31500 in MCX and can slip lower towards 31250. silver can face resistance near 40600 and can slip lower towards 40200. Federal Reserve Governor Lael Brainard on Friday said the US economy appears capable of handling further interest-rate increases in the near future. Yields on benchmark 10-year Treasuries climbed to the highest level since Jan 2014 on Friday. 301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free : 18003157801
23/04/2017 TECHNICAL ANALYST GOLD GOLD OUTLOOK: TREND: - UP RESISTANCE: - 31450, 31550 SUPPORT: - 31250, 31150 STRATEGY: - BUY ON LOW. TECHNICAL OUTLOOK TECHNICAL OUTLOOK Gold hourly chart has formed “Ascending triangle” patterns. The last session ended up consolidated near the channel’s support slope line. The market is expected to continue in bearish momentum, once the same breaks below a key support holding at 31380. The downside rally could test all the way through 31250-31100 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test 31550-31650 levels. Key resistance holds at 31650. 301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free : 18003157801
23/04/2017 OUTLOOK: SILVER SILVER TREND: - UP RESISTANCE: - 40500, 40700 SUPPORT: - 40100, 39900 STRATEGY: - BUY ON LOW. TECHNICAL OUTLOOK TECHNICAL OUTLOOK Silver daily chart has formed “Symmetrical triangle” pattern. The last few sessions seems consolidated but overall bullish in trend as the prices have already broken out the channel’s resistance slope line. The market is expected to continue in bullish momentum, once the same breaks above the key resistance holding at 40750. The upside rally could test all the way through 41000-41500 levels in the upcoming sessions. Alternatively, if the resistance holds strong then the market might retest the same and turn bearish. Key Support holds at 40000. 301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free : 18003157801
23/04/2017 COPPER COPPER OUTLOOK: TREND: - UP RESISTANCE: - 464.50,467 SUPPORT: -459.50, 457 STRATEGY: - BUY ON LOW. TECHNICAL OUTLOOK TECHNICAL OUTLOOK Copper daily chart has formed “Rising channel” pattern along with a long term “Ascending broadening wedge”. The last few sessions ended up consolidated near an interim resistance slope line inside the channel. The market is expected to continue in bullish momentum, once the same breaks above the key resistance holding at 461. The upside rally could test all the way through 465-470 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test 457-454 levels. Key support holds at 454. 301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free : 18003157801
23/04/2017 CRUDE OIL CRUDE OIL OUTLOOK: TREND: - UP RESISTANCE: - 4580, 4610 SUPPORT: - 4510, 4480 STRATEGY: - BUY ON LOW. TECHNICAL OUTLOOK TECHNICAL OUTLOOK Crude oil daily chart has formed “Ascending broadening wedge” pattern. The last few sessions ended up consolidated but bullish in trend. The market is expected to continue in bullish momentum, testing all the way through 4600-4650 levels in the upcoming sessions. Alternatively, if the market breaks below a key support holding at 4400 then it might turn bearish. Key resistance holds at 4650. 301, 3rd Floor, Mangal City, Vijay Nagar, Indore Toll Free : 18003157801
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