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DAILYDAILY TECHNICAL REPORT COMMODITY REPORT

MCX COMMODITY REPORT DATE- April 28, 2016

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COMMODITY NEWS

DAILY COMMODITY REPORT COMMODITY NEWS 

Oil prices fluctuated in early European trade while waiting on weekly data on U.S stockpiles.

The rout in crude prices is snowballing into one of the biggest avalanches in the history of corporate America, with 59 oil and gas companies now bankrupt after this week's filings for creditor protection by Mid states Petroleum (PK:MPOY) and Ultra Petroleum (NL:UPL).

Gold futures moved further away from a 16-month peak in European trade on Wednesday, as the U.S. dollar staged a recovery after a pair of Federal Reserve officials talked up U.S. interest rate hikes this year.

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Oil prices edged up on Wednesday as an uncontrolled wildfire near Canada's oil sands region reduced production there, but overall markets were weighed down by slowing economic growth in Asia and the United States.

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The Canadian province of Alberta raced to evacuate the entire population of Fort McMurray, where a wildfire was taking hold in the heart of the country's oil sands region, reducing output at some facilities.

MARKET OUTLOOK (THURSDAY, May 5) 

China is to release data on the private sector Caixin services index.

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The U.S. is to release weekly data on initial jobless claims, while Atlanta Fed's Lockhart, Dallas Fed President Rob Kaplan, St. Louis Fed President James Bullard and San Francisco Fed's Williams are all due to participate in a panel discussion titled "International Monetary Policy and Reform in Practice" at the Hoover Institute conference.

TOP 5 THINGS TO KNOW IN THE MARKET ON WEDNESDAY 1. Eyes on ADP employment ahead of Friday’s NFP 2. Global stocks broadly lower on continued growth worries 3. Oil registers choppy trade ahead of weekly inventory data 4. Dollar rebounds from multi-month lows 5. Cruz suspends presidential campaign, paving way for Trump

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{DAILY COMMODITY REPORT (MAY 5, 2016)}

MCX CRUDE OIL “Crude Oil tries to touch our support 2800” Energy Overview:

- Crude Oil prices closed down with a cut of 2.51% yesterday.

Sustenance below 2890 post the inventory data will extend the correction towards 2853/2800 levels. The outlook for the counter will stay negative until prices trade below 3015 levels.

Traders should look to sell into intraday rallies until prices trade below this level.

Date MAY 5, 2016

Commodity CRUDE OIL

Expiry

Open

High

Low

Close

MAY 19,2016

2915

2959

2905

2954

Resistance 2

Resistance 1

Pivot Point

Support 1

Support 2

3024

3000

2950

2910

2875

Recommendation: BUY ABOVE 2970 TARGET- 3000/3020 with the S/L- 2935.

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{DAILY COMMODITY REPORT (MAY 5, 2016)}

MCX GOLD “Gold tries to sustain our position around 30500” Bullion Overview: -

Gold prices continue to retrace lower. Weakness below 30050 will

push prices lower towards 29950—29900 zones. Intraday pullback rallies will face resistance between 30200—30250 levels. The counter needs to decisively breakout above 30300 to rally towards its recent swing highs at 30538 levels.

Date

Commodity

MAY 5, 2016

GOLD

Expiry June 3, 2016

Open

High

Low

Close

30150

30270

30005

30200

Resistance 2

Resistance 1

Pivot Point

Support 1

Support 2

30830

30724

30260

29960

29730

Recommendation: BUY above 30300 levels with a stop loss placed 30140 levels for target of 30525/30630 levels. (OR) SELL BELOW 30020, target- 29886/29646, SL- 30300

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{DAILY COMMODITY REPORT (MAY 5, 2016)}

COPPER “MCX Copper prices weaken further towards its support” Market Outlook:

- We expect Copper prices to weaken further towards its support around 326 levels. A daily close below this level will open downside targets of 322.80/321 levels for the counter. Intraday resistance for the counter is seen between 330—331 zones.

A break above 331 will trigger a bounce towards 334.50/335 levels.

Date

Commodity

MAY 5, 2016

COPPER

Expiry

Open

High

Low

Close

JUNE30, 2016

328.95

330

325.60

327.25

Resistance 2

Resistance 1

Pivot Point

Support 1

Support 2

334

331

327.98

325

323

Recommendation: BUY above, 330 levels with a stop loss placed 327 levels for target 334/336 levels.

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{DAILY COMMODITY REPORT (MAY 5, 2016)}

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{DAILY COMMODITY REPORT (MAY 5, 2016)}