Weekly commodity market report 19 may 2014 by epic research

WEEKLY COMMODITY REPORT 19-MAY TO 23-MAY-2014

WEEKLY COMMODITY REPORT 19-MAY TO 23-MAY-2014

BULLIONS WEEKLY TECHNICAL LEVELS GOLD(JUN) MCX 4 HOURLY CHART

TRADING STRATEGY: During this week prices could not able sustain on higher levels and in end of the week prices corrected back towards the low of 28,014 levels and finally closed 1.53 % lower at 28,089 levels. As per the candlestick pattern prices has formed “Bearish candlestick pattern” which is the sign of pessimism. In the week prices have breached the last 7 week’s low and trading below it which is the indication of southward trend for coming trading sessions.

For the next week we expect gold prices to find support in the range of 27,800 – 27,700 levels.

Trading consistently below 27,700 levels would lead towards the strong support at 27,200 levels and then finally towards the major support at 26,800 levels.

1 2

BUY GOLD ABOVE 28350 TG: 28500, 28700 SL: 28100 SELL GOLD BELOW 28000 TG: 27850, 27650 SL: 28250

WEEKLY PIVOTAL S1

27803

S2

27516

CLOSE

28089

R1

28587

R2

29084

WEEKLY COMMODITY REPORT 19-MAY TO 23-MAY-2014

BULLIONS WEEKLY TECHNICAL LEVELS SILVER (JUL) MCX 4 HOURLY CHART

TRADING STRATEGY: As expected during this week prices could not able sustain on higher levels and in mid of the week prices corrected towards the low of 40,854 levels and finally closed 1.35 % lower at 40,894 levels. In the week prices have made the new contract low of 40,854 levels and formed “Bearish candlestick” which is the indication of bearish trend.

For the next week we expect silver prices to find support in the range of 40,200 – 40,000 levels.

Trading consistently below 40,000 levels would lead towards the strong support at 39,200 levels and then finally towards the major support at 38,500 levels.

1 2

BUY SILVER ABOVE 41500 TG: 41900, 42400 SL: 41000 SELL SILVER BELOW 40500 TG: 40100, 39600 SL: 41000

WEEKLY PIVOTAL S1

40249

S2

39603

CLOSE

40894

R1

42145

R2

43395

WEEKLY COMMODITY REPORT 19-MAY TO 23-MAY-2014

ENERGY WEEKLY TECHNICAL LEVELS CRUDE OIL (JUN) MCX 4 HOURLY CHART

TRADING STRATEGY: During this week prices bounced from the weekly lower levels towards the weekly high of 6,098 levels. At the end of the week as expected prices could not able to sustain on higher levels and corrected back towards 5,965 levels. During this week price are able to close below the previous week’s closing of 5,991 levels and finally closed 0.07% lower at 5,987 levels. As per the candlestick pattern it formed “Inverted Hammer Pattern” on support levels which represent a trend reversal.

For the next week we expect Crude oil prices to find support in the range of 5,920 – 5,900 levels.

Trading consistently below 5,900 levels would lead towards the strong support at 5,780 levels.

1 2

SELL CRUDE OIL JUN BELOW 5930 TG: 5850, 5750 SL: 6050 BUY CRUDE OIL JUN ABOVE 6110 TG: 6190, 6290 SL: 5999

WEEKLY PIVOTAL S1

5924

S2

5863

CLOSE

6016

R1

6077

R2

6169

WEEKLY COMMODITY REPORT 19-MAY TO 23-MAY-2014

ENERGY WEEKLY TECHNICAL LEVELS NATURAL GAS (MAY) MCX 4 HOURLY CHART

TRADING STRATEGY: During this week as expected prices could not able to sustain on the higher levels and corrected towards the contract low of 256 levels. In mid of the week prices bounced from near to the support zone of 256 - 255 levels towards 268 levels and finally closed at 3.85% lower at 259.90 levels. On weekly basis again we saw that prices has formed “Big Bearish candlestick” pattern which indicates the bearish trend.

For the next week we expect Natural Gas prices to find support in the range of 256 - 255 levels.

Trading consistently below 255 levels would lead towards the strong support at 248 levels 1 2

BUY NATURAL GAS ABOVE 275 TG 281, 291 SL: 267 SELL NATURAL GAS BELOW 252 TG 246, 236 SL: 260

WEEKLY PIVOTAL S1

253.93

S2

247.97

CLOSE

259.9

R1

267.93

R2

275.97

WEEKLY COMMODITY REPORT 19-MAY TO 23-MAY-2014

BASE METALS WEEKLY TECHNICAL LEVELS COPPER (JUN) MCX 4 HOURLY CHART

TRADING STRATEGY: During this week prices have closed below previous week’s closing of 411.70 levels and finally closed 0.36% lower at 410.20 levels. Broadly from last couple of weeks prices have been trading between the support and resistance levels which is basically shows the range bound trend.

For the next week we expect Copper prices to find support in the range of 405 – 404 levels.

Trading consistently below 404 levels would lead towards the strong support at 398 levels and then finally towards the major support at 392 levels.

1. BUY COPPER MCX ABOVE 414 TGT 420,430 SL 406 2. SELL COPPER MCX BELOW 402 TGT 396,386 SL 410

WEEKLY PIVOTAL S1

406.28

S2

402.37

CLOSE

410.2

R1

417.13

R2

424.07

WEEKLY COMMODITY REPORT 19-MAY TO 23-MAY-2014

BASE METALS WEEKLY TECHNICAL LEVELS LEAD (MAY) MCX 4 HOURLY CHART

TRADING STRATEGY: MCX Lead May as seen in the chart above has opened at 125.75 levels and during this period prices made a high of 127.80 levels. As expected during this week prices could not able sustain on higher levels and in mid of the week prices corrected towards the low of 123.25 levels and finally closed at 124.50 levels. Lead prise has recovered from bottom and may go up to test resistance of 128.40 level.

1. BUY LEA(MAY) MCX ABOVE 122 TGT 120.5/118.5 SL 124.5 2. SELL LEAD(MAY) MCX BELOW 128.5 TGT 130/132 SL 126

WEEKLY PIVOTAL S1

122.57

S2

120.63

CLOSE

125.18

R1

127.12

R2

129.73

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