CapitalStars Financial Research Pvt., Ltd., SEBI Registration Number: INA000001647
MCX Daily Report
26 NOV 2018
News Highlights Gold falls as global growth concerns boost dollar. Gold prices slipped on Friday as investors banked on the safety of the dollar over worries about a slowdown in the global economy, exacerbated by a sharp decline in oil prices. "Crude prices are down and that pulls down the buying power of commodity accounts, so people are not buying gold," said George Gero, managing director at RBC Wealth Management. The dollar was on track to notch its biggest weekly percentage increase in a month, as markets were rattled by a steep drop in oil prices that suggested global growth is slowing. The greenback also benefited from a retreat in the euro, which slumped half a percent following a Purchasing Managers Index (PMI) survey that showed business growth in the euro zone had slowed much faster than expected this month. Gold, a traditional safe store of value during times of political and economic uncertainty, has lost out to the dollar this year, with the metal having fallen more than 10 percent from a peak in April against the backdrop of a U.S.China trade tussle. Development of China-US trade conflict will remain in focus in the near run. The SHFE 1901 contract fell into negative territory and closed at 49,400 yuan/mt after it extended overnight gains to the day’s highs of 49,820 yuan/mt. This sent the contract to the range between the middle and lower Bollinger bands, posting a four-day losing streak. Support came from the 10-day moving average with converging KDJ lines. Market participants tonight should monitor if the contract can hang on to the 10-day moving average at 49,368 yuan/mt. Refined nickel inventories in east China had piled up for three consecutive weeks. The SHFE 1901 contract extended overnight decline to the lowest in close to one year at 87,660 yuan/mt before some 15,000-lot short-covering pushed the contract up to close at 88,490 yuan/mt. KDJ lines converged and MACD green bar extended. Market participants should monitor whether the contract can hold on to the 88,000 yuan/mt level tonight. Oil plunges nearly 8 pct despite talk of output cut. Oil prices slumped up to nearly 8 percent to the lowest in more than a year on Friday, posting the seventh consecutive weekly loss, amid intensifying fears of a supply glut even as major producers consider cutting output. Oil supply, led by U.S. producers, is growing faster than demand and to prevent a build-up of unused fuel such as the one that emerged in 2015, the Organization of the Petroleum Exporting Countries is expected to start trimming output after a meeting on Dec. 6. But this has done little so far to prop up prices, which have dropped more than 20 percent so far in November, in a seven-week streak of losses. Prices were on course for their biggest one-month decline since late 2014. A trade war between the world's two biggest economies and oil consumers, the United States and China, has weighed upon the market. "The market is pricing in an economic slowdown - they are anticipating that the Chinese trade talks are not going to go well," said Phil Flynn, an analyst at Price Futures Group in Chicago, referring to expected talks next week between U.S. President Donald Trump and his Chinese counterpart Xi Jinping at the G20 summit in Buenos Aires. Market
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doesn't believe that OPEC is going to be able to act swiftly enough to offset the coming slowdown in demand," Flynn said.
CapitalStars Financial Research Pvt., Ltd., 2 SEBI Registration Number: INA000001647
MCX Daily Report
26 NOV 2018
Precious Metals CS GOLD (DEC) OVERVIEW: TREND : BEARISH RESIST 2: 30700 RESIST 1: 30600 SUP 1:30400 SUP 2:30300 WWW.CAPITALSTARS.COM +919977499927
CS SILVER (DEC) OVERVIEW: TREND : BEARISH RESIST 2: 36400 RESIST 1: 36200 SUP 1: 36050 SUP 2: 35775 WWW.CAPITALSTARS.COM +919977499927
Base Metals CS COPPER (NOV) OVERVIEW: TREND : BEARISH RESIST 2:440.00 RESIST 1:434.00 SUP 1: 428.00 SUP 2: 422.00 WWW.CAPITALSTARS.COM +919977499927
CS NICKEL (NOV) OVERVIEW: TREND : BEARISH RESIST 2: 775.00 RESIST 1: 765.00 SUP 1: 750.00 SUP 2: 745.00 WWW.CAPITALSTARS.COM +919977499927
CS ZINC (NOV) OVERVIEW: TREND : SIDEWAYS RESIST 2:185.00 RESIST 1:183.00 SUP 1: 180.50 SUP 2: 178.50 WWW.CAPITALSTARS.COM +919977499927
CS LEAD (NOV) OVERVIEW: TREND : BEARISH RESIST 2: 140.00 RESIST 1: 138.00 SUP 1: 136.00 SUP 2: 134.00 WWW.CAPITALSTARS.COM +919977499927
CS ALUMINIUM (NOV) OVERVIEW: TREND : BEARISH RESIST 2: 137.00 RESIST 1: 136.50 SUP 1: 135.00 SUP 2: 134.00 WWW.CAPITALSTARS.COM +919977499927
Energies CS CRUDE OIL (DEC) OVERVIEW: TREND : BEARISH RESIST 2: 3700 RESIST 1: 3650 SUP 1: 3570 SUP 2: 3520 WWW.CAPITALSTARS.COM +919977499927
CS NATURAL GAS (NOV) OVERVIEW: TREND : BULLISH RESIST 2: 310.00 RESIST 1: 307.00 SUP 1: 303.00 SUP 2: 297.00 WWW.CAPITALSTARS.COM +919977499927
CapitalStars Financial Research Pvt., Ltd., SEBI Registration Number: INA000001647
MCX Daily Report
26 NOV 2018
Pick for the DAY
MCX Crude on Friday as seen in the Daily chart opened at 3892 levels and made day Low of 3810 Levels. During this period Crude High is 3903 levels and finally closed at 3823 levels. Now, there are chances of down movement technically & fundamentally.  Oil prices slumped up to nearly 8 percent to the lowest in more than a year on Friday, posting the seventh consecutive weekly loss, amid intensifying fears of a supply glut even as major producers consider cutting output.  Oil supply, led by U.S. producers, is growing faster than demand and to prevent a build-up of unused fuel such as the one that emerged in 2015, the Organization of the Petroleum Exporting Countries is expected to start trimming output after a meeting on Dec. 6.
DAILY RECOMMENDATION: SELL MCX CRUDE DEC BELOW 3600 LEVELS FOR TARGET OF 3570/3550 WITH SL 3652 OF LEVELS.
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CapitalStars Financial Research Pvt., Ltd., SEBI Registration Number: INA000001647
MCX Daily Report
26 NOV 2018
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