22/12/2017
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Market Update (Energy): Crude oil may move in the range of 3700-3765. Oil prices on Friday dipped away from 2015 highs reached the previous session, weighed down by rising U.S. output and the expected January re-opening of the Forties pipeline in the North Sea. Dealt volumes of crude futures were declining fast as traders closed positions ahead of upcoming Christmas and New Year breaks. The pipeline, which delivers crude underpinning Brent futures contracts, shut down earlier this month due to a crack. Operator Ineos said on Thursday it expected to complete repairs around Christmas and would gradually restart the system in early January.
Market Update (Base Metals): Base metals complex may witness profit booking at higher levels as US new home sales data to give further direction to the prices. Copper may trade in range of 450-460. Aluminum can move in the range of 135.50-138 in MCX. Lead can hover in the range of 158-162. Zinc may move in range of 206-208. Nickel may trade in range of 760-780. London copper prices edged lower on Friday to reverse gains made the session before, with wage agreements at mines in Chile easing concerns about disruptions to supply from the world's top producer of the metal.
Market Update (Bullions): Bullion counter may trade with volatile path as US durable goods order data and risk sentiment along with movement of greenback to give further direction to the prices. Gold can move in range of 28300-28650 while silver can move in range of 37300-37800 in near term. Gold prices traded just below a two-week high on Friday, pressured by a firmer dollar, but were on track to log a second consecutive week of gains..
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TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - DOWN RESISTANCE: - 28600, 28700. SUPPORT: - 28300, 28200. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
Gold four-hour chart seems to have formed “Rising wedge” pattern. The last few sessions have been bullish but have also delivered corrections that strengthen the pattern itself. As per the technical aspects, market is expected to give a small correction on negative momentum while meeting with the channel’s support line and is likely to turn positive. $1278(28710) will be a strong resistance level. The market is expected to rally upside testing through $1275-1278(28640-28710). Support holds strong at $1267(28440).
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SILVER
OUTLOOK: TREND: - DOWN RESISTANCE: - 37700, 37900. SUPPORT: - 37300, 37100. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK Silver daily chart still continues “Descending broadening wedge” pattern. And as expected the last few sessions tested the support and seem a bit consolidated near a key resistance level which indicates a possible acquisition of both positive and negative momentums in the upcoming sessions. As per the technical aspects, the last session market has given a “Hammer candlestick” pattern which could be read as a trend reversal one. Market is expected to turn bearish and rally could test through 37300-37200 levels in the upcoming sessions. Alternatively, if market breaks above the key resistance then it is likely to continue in bullish and could test 37850-38000 levels. Key Resistance holds at 37730 and support at 36700.
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COPPER
OUTLOOK: TREND: - UP RESISTANCE: - 457.50,460. SUPPORT: -452.50, 450. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK The 4Hr chart of Copper market has formed “Rising wedge� pattern where the last few sessions seems successfully bullish in trend and has ended up meeting with a major resistance level holding at 457. This indicates that market is expected to continue on bullish momentum once it breaks above the resistance and the rally could test 458-460 levels in the upcoming sessions. Alternatively, if resistance holds strong then trend might turn to bearish. Support holds at 452.
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CRUDE OIL OUTLOOK: TREND: - UP RESISTANCE: - 3760, 3790. SUPPORT: - 3700, 3670. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK Crude Oil Daily chart continues in “Symmetrical triangle� pattern. The last few sessions seem a bit consolidated but bullish in trend. As per the technical aspects of the pattern, the market is likely to be pushed further on the same trend. Once it breaks above the resistance slope line of the triangle, the rally could test $59-59.50(3780-3810) levels in the upcoming sessions. Alternatively, if support gets broken, then market might fall on bearish momentum testing all the way through $57.50-57(3682-3650). Resistance holds at $58.50(3746) and Support holds at $57(3650).
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