17/11/2017
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Crude oil futures extend the bearish trend: Crude oil futures continuing their bearish trend ended lower on Thursday, amid a flurry of U.S. economic data and as investors fretted over a potential uptick in global supply amid reports that Turkey and Iraq discussed resuming exports from the Kirkuk-Ceyhan pipeline. The resumed talk sparked fears of oversupply as many said a possible uptick in exports would forced OPEC to rein in production. Meanwhile, Energy Information Administration (EIA) Energy Agency’s preliminary US production figures showed weekly output rose by 25,000 to an alltime high of 9.65 million barrels per day, as crude oil stockpiles rose for second week in a row.
Copper futures edge lower on MCX: Copper futures traded lower on MCX on weakness in copper and other base metals at the London Metal Exchange (LME) on concerns about slowing growth in the Chinese economy. Though, pick-up in demand at the spot market capped some losses in copper futures.
Gold futures edge down on MCX:
Gold futures edged down on MCX after upbeat US economic data bolstered the prospects of interest rate increase next month and beyond by the Federal Reserve.
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TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - DOWN RESISTANCE: - 29500, 29600. SUPPORT: - 29200, 29100. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK
Gold 4HR chart has formed “Ascending broadening wedge� pattern and the corrections are clear that market is on a rally to break every possible higher resistance in the previous sessions. The same is expected in the upcoming one that market will have some small correction, but will rally on bullish momentum as per the analysis. Once the market breaks above the strong resistance level which holds at $1286(29550) then the buy signal will be confirmed towards next higher resistance level. Support holds near $1277.50(29340).
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SILVER
OUTLOOK: TREND: - DOWN RESISTANCE: - 39800, 40000. SUPPORT: - 39400, 39200. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK Silver 4H chart Sideways market has formed “Rectangle chart pattern”. The previous session seems consolidated inside the pattern and thus confirms the chance in acquisition of both positive and negative momentum in the upcoming market sessions. The market also indicates selling pressure on analyzing the historical level. Resistance holds at 39920 and Support holds at 39520.
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COPPER
OUTLOOK: TREND: - DOWN RESISTANCE: - 440.50,443. SUPPORT: -436.50, 434. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK The daily chart of the Copper market has formed “Falling wedge” pattern. In this pattern, the previous session displays a strong bearish momentum and as per candlesticks formations, the upcoming session is expected to bounce back the strong support level 438 to push higher side 442-446.
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CRUDE OIL OUTLOOK: TREND: - DOWN RESISTANCE: - 3620, 3650. SUPPORT: - 3550, 3520. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK Crude Oil Daily chart has formed “Ascending Broadening Wedge” pattern, where market has been strongly bullish with some small corrections for over few months. Expectations are higher as the last market session had a correction and the upcoming one it is expected to pullback bullish again as per the channel’s nature once it takes support on the key support level holding near $54.50(3530). Resistance holds at $56(3630).
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