MARKET OUTLOOK OF COMMODITY 12 JAN 2016

YESTERDAY CRUDE HIT FIRST TGT 2210 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

“SELL SILVER BELOW 33600 TG 33400, 33200 SL 33800”

Silver: Silver prices will slip towards major support around 33150—33030 levels if the counter starts to trade below 33400. Prices needs to show momentum above 33700 to re-test 34000 areas. Any major downside in the counter is likely only on a break below 33000 levels.

Gold: Gold prices are consolidating at higher levels. A decisive breakdown below 25700 will push prices lower towards 25380 areas. Failure to break below this support will see prices rebound towards 26123 levels again. Sustenance above 26140 will push prices higher towards 26330 levels.

Crude Oil (Rs/Bbl): Crude Oil continue to slide lower. Weakness below 2047 will push prices lower towards 2000/1974 levels. Pullback rallies will face selling around 2114-2125 zones. Major resistance for the counter is seen around 2160 levels.

Natural Gas (Rs./Mmbtu): Natural gas prices have retraced from its swing highs at 165.70 levels. A decisive breakdown below 155 will see prices correct further towards 150/148.50 levels. The counter needs to show momentum above 159 to retest 162.50/164 levels.

Copper: The outlook for Copper will continue to be negative until prices stay below 297 levels. Momentum above 297 will trigger a strong pullback rally towards 300.60/301.40 levels. Next support for the counter is seen around 292 levels. A daily close below this level will push prices lower towards 285 areas.

Zinc: The intraday outlook for Zinc will stay negative until prices stay below 98.60. A daily close below 97 will push prices lower towards 95/94.50 areas. Momentum above 98.60 will push prices higher towards 99.50/100 levels.

 Lead: Lead can witness an intraday pullback rally until prices hold on around 107 levels. Sustenance below 106.50 though will see prices slip further towards 105 areas. Prices can test 107.60/108 areas in case of a pullback. A decisive breakout above 108.05 will see prices bounce towards 109.25 levels.

Nickel: Failure to trade above 552 will see Nickel prices correct further towards 542.40 levels. The counter can witness a bounce until prices hold on above 542.40 levels. Any major upside though is likely only once prices breakout above 555. A decisive breakout above this level will push prices higher towards 563.40/566 levels. A daily close below 542 will be negative for the counter.

Aluminum:  Aluminum can slide lower if prices fail to trade above 99 levels. Major support for the counter is placed at 97.60 areas. A daily close below this level will push the counter lower towards 96.65/96 levels. Momentum above 99 will push prices higher towards 99.70/100 levels.