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09/08/2018

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09/08/2018

Energy:-

Crude oil may trade sideways with mixed bias as it can take support near 4560 and may face resistance near 4650 in MCX. China's decision to remove crude oil from its latest tariff list in an escalating trade war with the United States was a relief to state oil firms prompted by a strong lobbying effort by main importer the Sinopec Group, Beijing-based oil sources said. Dropping crude oil from the final list on $16 billion in U.S. goods announced late on Wednesday underscores the growing importance of the United States as a key global producer and a critical supply source as China, the world's top oil importer, seeks to diversify supplies. China's U.S. oil purchases shot to a record 553,000 bpd for June loadings.

Base:-

Base metals counter can open in green amid supply concerns. Copper can take support near 416 while its upside will be capped near 428. Copper prices moved higher in Shanghai and London in early Asian trade on Friday and were set to end the week in positive territory as the prospect of strikes at copper mines in Chile, including Escondida, the world's largest, drew nearer. The main union at Chile's Caserones copper mine said on Wednesday that a last round of labour negotiations with mine operator Lumina Copper had broken down and that a strike was imminent.

Bu llions:- Bullion counter may trade on sideways path as investors will eye the US CPI data later today. Gold can take support near 29550 and can face resistance near 29800 in MCX. While silver can take support near 37800 and it has resistance near 38300. Gold prices held broadly steady early on Friday after dipping the session before, drawing some support from global political tensions and a slightly weaker dollar against the yen. Japan's economy expanded at an annualized rate of 1.9 percent in April-June,

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09/08/2018 bouncing back from a contraction in the previous quarter, government data showed on Friday, in a sign its recovery momentum remained intact.

TECHNICAL ANALYST

GOLD

OUTLOOK: TREND: - DOWN

TECHNICAL OUTLOOK

RESISTANCE: - 29800, 29900

- 29600, 29500 channel” pattern in MCX Gold futures technical chart has taken theSUPPORT: formation of “Rising daily time frame. Last few sessions’ been in consolidation inside the channel, where the STRATEGY: - BUY ON LOW. market is expected to continue on the bullish trend. The Buy signal will be confirmed once the market breaks above a key resistance zone holding near 29750. The positive rally could be extending all the way through 29850-30000 and furthermore levels in the upcoming sessions. An alternative scenario indicates that if the key resistance zone holds strong then the market might have a chance to retest the same and revise the trend to 301, 3rd once Floor, again. MangalThe City,downside Vijay Nagar, Indore : 18003157801 bearish rally could extend Toll up Free to 29400. Key support holds at 29400.


09/08/2018

OUTLOOK:

SILVER

TREND: - DOWN RESISTANCE: - 38250, 38450 SUPPORT: - 37850, 37650 STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK Silver daily chart has formed “Right angled ascending broadening wedge” pattern. The last session ended up bullish in trend after retesting near the pattern’s support line. The market is expected to continue on bullish term, upside rally could be testing all the way through 38300-38500 levels in the upcoming sessions. Alternatively, if the market breaks below a key support holding at 37800 then it might turn to bearish momentum. The downside rally could test 37600-37500 levels. Key resistance holds at 38500.

OUTLOOK: TREND: - DOWN RESISTANCE: - 424.50,427. SUPPORT: -418.50, 416.

COPPER 301, 3rd Floor, Mangal City, Vijay Nagar, Indore

STRATEGY: - SELL ON HIGH.

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09/08/2018

TECHNICAL OUTLOOK Copper daily chart has formed “Megaphone chart” pattern. The last session ended up consolidated but bullish in trend inside the channel. The market indicates selling pressure as the previous candlestick has taken the formation of a “shooting star” like pattern. The contract is expected to continue on bearish momentum, testing all the way through 418-415 levels in the upcoming sessions. Alternatively, if the market been able to break above a key resistance holding at 424 and closes above the same in daily basis, then it might turn bullish once again. The upside rally could test 428-432 levels. Key support holds at 415.

OUTLOOK: TREND: - DOWN RESISTANCE: - 4630, 4660.

CRUDE OIL

301, 3rd Floor, Mangal City, Vijay Nagar, Indore

SUPPORT: - 4570, 4540 STRATEGY: - BUY ON LOW.

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09/08/2018

TECHNICAL OUTLOOK MCX Crude Oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Previous sessions ended up bullish by retesting near the channel’s support slope line. As per the technical aspects of the pattern, the market is expected to continue on the same trend. The positive rally could be testing all the way through 4700-4800 levels in the upcoming sessions. An alternative scenario indicates that if the market been able to break below the keys support zone holding near 4560, then it might turn bearish once again. Such downside rally might test around 4500-4400 levels. Key resistance holds at 4800.

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