26 February 2014

COMMODITY OUTLOOK FOR TODAY

"Trading Call for the day: Sell Crude Oil in the range 6330-6335 with Stop Loss 6360 Target 6280."
"Yesterday our trading call of Natural Gas achieved our target of 322. Sell was given in the range of 330-330.50."
PRECIOUS METAL
On yesterday’s trading session Gold settled up 0.4% at 30240 advanced to a four-month high on speculation weaker than expected U.S. economic data and unrest in Ukraine increased safe haven demand. Silver settled down -0.35% at 47817 as market players awaited the release of key U.S. economic data later in the day for further indications on the strength of the economy and the future course of monetary policy. The two commodities are expected to trade within the range for the day. Support for Gold is at 30000 & resistance at 30270. Support for Silver is at 47150 & resistance at 48000.
BASE METAL
On yesterday’s trading session most of the base metals closed negative except Zinc closed positive on concern about the impact of slower growth in China and its volatile property sector on metal inventories.  Base metals traded with negative bias the whole trading session and are not showing any signs of recovery so any bounce can be used as a selling opportunity. The base metals are expected to trade within the range for the day.
CRUDE OIL
MCX Crude Oil settled down -1.5% at 6304, ahead of the official weekly oil report from the US Energy Information Administration which is forecast to show increased inventories and on concerns of lower demand from China amid fears of economic growth slowdown. Crude Oil is having support at 6220 & 6150 levels near which the correction might follow. Crude Oil is expected to trade with negative bias for the day can be sold near resistances. Support for Crude Oil is at 6270 and resistance at 6350 level.
NATURAL GAS

MCX Natural Gas settled down -2.1% at 289.60 fell sharply on Tuesday, extending heavy losses from the previous session as forecasts for milder U.S. weather weighed ahead of the expiration of the front-month contract. The commodity is expected to remain under pressure for some trading sessions and might consolidate in the wide range of 275-300. Support for Natural Gas is at 285 and resistance at 295.

1 comment:

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