Trading Call for the day: "Sell Crude Oil in the range 6395-6400 with Stop Loss 6420 Target 6360."
"On Friday’s trading session, our trading call of Natural Gas achieved our target of 386. Sell was given in the range of 392-392."
Precious metal
On Friday’s
trading session Gold settled flat at 29889 as prices recovered from lows as
doubts over U.S. economic recovery helped lift bullion’s safe-haven appeal.
Silver settled flat at 47467 as prices recovered from lows after investors
digested the latest in a series of hit-and-miss economic indicators, this time
soft U.S. home sales, and concluded that even though the Federal Reserve remain
on course to dismantling stimulus programs, it will do so gradually. The two commodities
are expected to trade with positive bias for the day. Support for Gold is at 29800
& resistance at 30150. Support for Silver is at 47150 & resistance at 47800.
Base metal
On Friday’s
trading session base metals closed flat to negative as concerns over growth in
top consumer China weighed on the market, although a survey showing brisk U.S.
manufacturing underpinned prices. Base
metals traded with negative bias most of the trading session and the
intermediate negative trend is still intact. The base metals are expected to
trade with negative bias for the day.
Crude oil
MCX Crude Oil
settled down -0.86% at 6359 as the fierce U.S. winter weather that has
supported heating fuel demand gave way to milder temperatures, triggering a
selloff in heating oil. Crude Oil might face resistance near 6400 and if
managed to sustain above that then rise till 6460 can be seen. Intraday support
for Crude Oil is at 6360 and resistance at 6410.
Natural gas
MCX Natural Gas
settled down -2.12% at 378 as pressure seen due to profit booking though prices
rose nearly 18 percent for the week as a severely depleted storage level and
projections for yet another bout of freezing weather boosted prices. The
commodity shown some consolidation but the range was still wide and it is
expected that this consolidation might continue in the large range of 360 to
400. Support for Natural Gas is at 378 and resistance at 400.
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