Content. Commodities Weekly Technical Report to Weekly Technical Levels. Strategy/Recommendations

Transcription

1 Content Weekly Technical Levels Strategy/Recommendations Prepared by Anuj Gupta - Head Research (Tech.) Commodities & Currencies Anuj.gupta@angelbroking.com (011) Tejas Anil Shigrekar - Technical Research Tejas.shigrekar@angelbroking.com (022) Extn Angel Commodities Broking Pvt. Ltd. Registered Office: G-1, Ackruti Trade Centre, Rd. No. 7, MIDC, Andheri (E), Mumbai Corporate Office: 6th Floor, Ackruti Star, MIDC, Andheri (E), Mumbai Tel: (022) MCX Member ID: / FMC Regn No: MCX / TCM / CORP / 0037 NCDEX : Member ID / FMC Regn No: NCDEX / TCM / CORP / 0302 Disclaimer: The information and opinions contained in the document have been compiled from sources believed to be reliable. The company does not warrant its accuracy, completeness and correctness. The document is not, and should not be construed as an offer to sell or solicitation to buy any commodities. This document may not be reproduced, distributed or published, in whole or in part, by any recipient hereof for any purpose without prior permission from Angel Commodities Broking (P) Ltd. Your feedback is appreciated on commodities@angelbroking.com

2 NSE USDINR Jan (CMP 68.09) NSE USDINR Jan as seen in the weekly chart above has opened the week with gap up at levels and starting of the week it made a weekly high of Later on as prices could not able to sustain on higher levels and corrected sharply and made a weekly low of At the last trading session of the week prices have again bounced back from lower levels towards This week prices have closed above the previous week s closing of levels and finally closed 0.23% higher at Technically, prices have formed Doji Type Candlestick pattern which indicates indecisiveness. For the next week we expect USDINR prices to find support in the range of Trading consistently below levels would lead towards the strong support at levels and then finally towards the major support at Resistance is now observed in the range of Trading consistently above levels would lead towards the strong resistance at levels, and then finally towards the major resistance at NSE USDINR trading levels for the week S R S R Weekly Recommendation: Buy NSE USDINR Jan between , SL 67.70, Target /

3 MCX GOLD Feb (CMP 28,380 / $ ) MCX Gold Feb as seen in the weekly chart above has opened the week with gap up at 27,915 levels and at starting of the week it made a weekly low of 27,841 Later on as expected prices could not able to sustain on lower levels and rallied sharply and made a weekly high of 28,520 At the last trading session of the week prices corrected from higher levels towards 28,240 This week prices closed above the previous week s closing of 27,887 levels and finally closed 1.77% higher at 28,380 Technically, prices have formed Bullish Candlestick pattern which indicates further strength. For the next week we expect Gold prices to find support in the range of 28,100 28,000 Trading consistently below 28,000 levels would lead towards the strong support at 27,800 levels and then finally towards the major support at 27,600 Resistance is now observed in the range of 28,600 28,700 Trading consistently above 28,700 levels would lead towards the strong resistance at 28,900 levels, and then finally towards the major resistance at 29,100 MCX / Spot Gold Trading levels for the week S1 28,100 / $ 1,185 R1-28,600 / $ 1,206 S2-27,800 / $ 1,173 R2 28,900 / $ 1,219 Weekly Recommendation: Buy MCX Gold Feb between , SL 27800, Target /

4 MCX SILVER Mar (CMP 40,887 / $ 16.81) MCX Silver Mar as seen in the weekly chart above has opened the week with gap down at 40,330 levels and on the same day it made a weekly low of 40,222 Later on prices could not able to sustain on lower levels and bounced back for lower levels and made weekly high of 41,319 At the last trading session of the week prices corrected sharply towards 40,590 This week prices closed above the previous week s closing of 40,342 levels and finally closed 1.35% higher at 40,887 Technically, candlestick pattern have formed Bullish Candlestick pattern which indicates further strength. For the next week we expect Silver prices to find support in the range of 40,200 40,000 Trading consistently below 40,000 levels would lead towards the strong support at 39,300 levels and then finally towards the major support at 38,500 Resistance is now observed in the range of 41,500 41,800 Trading consistently above 41,800 levels would lead towards the strong resistance at 42,500 levels, and then finally towards the major resistance at 43,500 MCX / Spot Silver Trading levels for the week S1 40,200 / $ R1 41,500 / $ S2-39,300 / $ R2 42,500 / $ Weekly Recommendation: Neutral.

5 MCX COPPER Feb (CMP / $ ) MCX Copper Feb as seen in the weekly chart above has opened the week with gap up at levels and on same day price made a weekly low of Later on as expected prices could not able to sustain on lower levels and rallied sharply towards the weekly high of This week prices closed above the previous week s closing of levels and finally closed 5.66% higher at Technically, prices have formed Bullish Candlestick pattern which indicates further strength. For the next week we expect Copper prices to find support in the range of Trading consistently below 396 levels would lead towards the strong support at 391 levels and then finally towards the major support at 386 Resistance is now observed in the range of Trading consistently above 414 levels would lead towards the strong resistance at 419 levels, and then finally towards the major resistance at 426 MCX / LME Copper Trading levels for the week Trend: Up S1 398 / $ 5,805 R1 383 / $ 6,010 S2 391 / $ 5,700 R2 389 / $ 6,110 Weekly Recommendation: Buy MCX Copper Feb between , SL- 391, Target 412/414.

6 MCX Crude Oil Feb (CMP 3,653/ $ 52.55) MCX Crude oil Feb as seen in the weekly chart above has opened the week with gap down at 3,742 levels and at the starting of the week sessions it made a weekly high of 3,743 Later on prices could not able to sustain on higher levels and corrected sharply for weekly low of 3,549 In the mid of the week prices again rallied sharply from lower levels towards 3,710 This week price closed below the previous week s closing of 3,750 levels and finally closed 2.59% lower at 3,653 Technically, prices have formed Bearish Candlestick pattern which indicates further weakness. For the next week we expect Crude oil prices to find support in the range of 3,570 3,550 Trading consistently below 3,550 levels would lead towards the strong support at 3,490 levels and then finally towards the major support at 3,420 Resistance is now observed in the range of 3,730 3,750 Trading consistently above 3,750 levels would lead the rally towards the strong resistance at 3,810 levels, and then finally towards the major resistance at 3,890 MCX / NYMEX Crude Oil Trading levels for the week Trend: Sideways to Down S1 3,570 / $ R1 3,730 / $ S2 3,490 / $ R2 3,810 / $ Weekly Recommendation: Neutral

7 MCX NATURAL GAS Jan (CMP / $ 3.417) MCX Natural Gas Jan as seen in the weekly chart above has opened the week with gap down at levels and at the same day of the week sessions it made a weekly low of Later on prices could not able to sustain on lower levels and rallied sharply for weekly high of This week prices closed above the previous week s closing of levels and finally closed 3.92% higher at Technically, prices have formed Bullish Candlestick pattern which indicates further strength. For the next week we expect Natural Gas prices to find support in the range of Trading consistently below 225 levels would lead towards the strong support at 221 levels and then finally towards the major support at 216 Resistance is now observed in the range of Trading consistently above 241 levels would lead towards the strong resistance at 245 levels, and then finally towards the major resistance at 251 MCX / NYMEX Natural Gas Trading levels for the week S1-227 / $ 3.32 R1 239 / $ 3.50 S2-221 / $ 3.24 R2 245 / $ 3.59 Weekly Recommendation: Buy MCX Natural Gas Jan between , SL 221, Target 239/ 241.