SAI PROFICIENT RESEARCH MCX COMMODITY REPORT DATE- April 6, 2016
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DAILY COMMODITY REPORT
MCX Crude Oil “Oil slips to one-month low on unexpected U.S. demand drop� Energy overview: The U.S. Energy Information Administration is to release its weekly report on oil and gasoline stockpiles. Oil slipped to a one-month low on Tuesday after a surprise fall in gasoline demand in the United States, the world's largest oil consumer, and doubts whether oil producers can agree an output freeze to dampen a global supply glut.
Date
Commodity
April 6, 2016
CRUDE OIL
Expiry April 19,2016
Resistance 2
Resistance 1
2426
2413
Open
High
Low
Close
2380
2384
2355
2377
Pivot Point 2374
Support 1
Support 2
2352
2327
Recommendation: The above is hourly chart of Crude Oil. On the downside; it has immediate support at 2350 levels. On the upside, it has immediate resistance at 2426 levels. Further is has confirmed reversal in the trend by positive divergence on RSI. Trading Call: Buy around 2400 levels with a stop loss placed below 2370 levels for targets of 2440 levels
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{DAILY COMMODITY REPORT (April 6, 2016)}
MCX GOLD “Gold bounced high and more likely to go higher� Bullion Overview: The Fed is to issue the minutes of its March monetary policy meeting, while Cleveland Fed President Loretta Mester, St. Louis Fed President James Bullard and Dallas Fed President Rob Kaplan are slated to speak during the day.
Date
Commodity
April 6, 2016
GOLD
Expiry
June 3, 2016
Resistance 2
Resistance 1
29145
29078
Open
High
Low
28485
28877
28477
Pivot Point
28830
Close
28868
Support 1
Support 2
28631
28381
Recommendation: The above is hourly chart of Gold. It suggests that prices are making higher highs. Hence, it is expected to make another lower high till 28477 levels. On the flip side, immediate support is located at 28877 levels. Trading Call: Buy around 29150 levels with a stop loss placed below 28800 levels for target of 29399 levels.
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{DAILY COMMODITY REPORT (April 6, 2016)}
COPPER “Copper touch lowest in a month� Metal Overview: The Fed is to issue the minutes of its March monetary policy meeting, while Cleveland Fed President Loretta Mester, St. Louis Fed President James Bullard and Dallas Fed President Rob Kaplan are slated to speak during the day. Copper touched its lowest in a month and nickel slipped to its weakest in six weeks on Monday as investors pared long positions on persisting concern over Chinese growth and metals demand.
Date
Commodity
April 6, 2016
COPPER
Expiry
Open
High
Low
Close
April 29, 2016
315
317.35
314.7
315.3
Resistance 2
Resistance 1
Pivot Point
Support 1
Support 2
320.50
318
316
314
312
Recommendation: The above is hourly chart of Copper. . Hence, it is expected to make another lower high till 312 levels. On the flip side, immediate support is located at 318 levels. Trading Call: Buy above 317 levels with a stop loss placed below 314 levels for target 320.50 levels.
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{DAILY COMMODITY REPORT (April 6, 2016)}
DISCLAIMER The information contained here was gathered from sources deemed reliable however; no claim is made as to accuracy or content. This does not contain specific recommendations to buy or sell at particular prices or time, nor should any examples presented be deemed as such. There is a risk of loss in equity trading and you should carefully consider your financial position before making a trade. This is not, nor is it intended, to be a complete study of chart patterns or technical analysis and should not be deemed as such. SAI PROFICIENT INVESTMENT ADVISORS does not guarantee that such information is accurate or complete and it should not be relied upon as such. Any opinions expressed reflect judgments at this date and are subject to change without notice. For use at the sole discretion of the investor without any liability on Sai Proficient Investment Advisors.
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{DAILY COMMODITY REPORT (April 6, 2016)}