Trading Call for the day: Sell Natural Gas in the range 329.5-330 with Stop Loss 335 Target 324.
Yesterday our sell call of Natural Gas achieved the target of 315. Sell was given in the range on 319.5-320.
Precious metals closed
negative on yesterday’s trading session where Gold settled down -1.33% at 28632
slipped as a modest rebound in equities dampened safe-haven interest in the
metal and physical purchases in top buyer Asia were quiet. Silver settled down
-0.69% at 43557 remained lower on Tuesday, after data showed that U.S. factory
orders fell less-than-expected in December. The two commodities are expected to
trade sideways for the day. Support for Gold is at 28600 & resistance at 28880.
Support for Silver is at 43400 & resistance at 44150.
On yesterday’s
trading session all base metals closed negative as investors and speculators
exited positions in the industrial metal amid concerns that a slowdown in
manufacturing in the US and China the world’s two biggest economies may cloud
the demand outlook for base metals. The trend for the base metals is still
negative but might reverse from today.
MCX Crude Oil
settled down -0.13% at 6075 traded in the range and support seen as markets
viewed the growth-sensitive commodity as oversold after Monday’s market rout,
the product of a weak U.S. factory report. Crude Oil is expected to trade within
the range for the day. Intraday support for Crude Oil is at 6050 and resistance
at 6150.
MCX Natural Gas
settled up 7.37% at 333.60 soared after updated weather forecasts downplayed
recent calls for a warming trend across portions of the eastern U.S. The
commodity entered into corrective phase and is expected to trade sideways for
the day but the range would be very big. Support for Natural Gas is at 320
& resistance at 335.
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