16/11/2017
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Crude oil futures extend decline on more modest build in US oil stockpiles: Crude oil futures continued their weakness and slid to their fresh two week low on Wednesday, after government data showed a more modest build in U.S. oil stockpiles and as Russia is said to be less than convinced that OPEC should extend output curbs in a meeting this month. There were reports that the Russian government has yet to reach a consensus with the nation’s oil companies on extending the deal. Meanwhile, the Energy Information Administration (EIA) said domestic inventories rose by about 1 million barrels. Crude exports rose by 260,000 barrels a day, while inventories at the key Cushing, Oklahoma, pipeline hub fell by 1.5 million barrels.
Copper futures edge lower on MCX: Copper futures edged lower on MCX as participants trimmed their holdings amid a weakening trend in most industrial metals at the London Metal Exchange (LME) on lacklustre economic data from the world's top consumer of base metals China and rising inventories.
Gold futures edge higher on MCX:
Gold futures edged higher on MCX as the dollar slipped ahead of the release of October consumer inflation data from the United States later in the day that could provide hints on the Federal Reserve's monetary tightening policy.
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TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - DOWN RESISTANCE: - 29600, 29700. SUPPORT: - 29400, 29300. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK
Gold four-hour chart has formed a “Megaphone chart pattern”. The previous session ended up bearish as a correction in the market. In the upcoming sessions, the correction is expected to happen further on bearish momentum extending all the way to $1276-1272(29480-29380) levels. The same market might retest the channel support level to gain bullish once again as per the technical aspects. Support holds near $1272(29380) and Resistance strongly holds near $1280(29580) on short term.
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SILVER
OUTLOOK: TREND: - DOWN RESISTANCE: - 39900, 40100. SUPPORT: - 39500, 39300. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK Silver 4Hr basis chart displays a lot of corrections in the market in bullish momentum forming a “Symmetrical triangle” pattern. The corrections in last session ended up near tip of the triangle indicating that if market breaks above the resistance slope line then it might trigger the strong extension of bullish momentum in the market which might rally towards 40100-40250 levels. Support holds at 39500.
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16/11/2017
COPPER
OUTLOOK: TREND: - DOWN RESISTANCE: - 444.50,447. SUPPORT: -439.50, 437. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK Technical view: Copper daily chart is in bearish momentum with a downtrend and sharp recovery from lower level has formed “hammer� and weekly chart displayed Descending triangle is a bearish formation that usually forms during a downtrend as a continuation pattern. There are instances when descending triangles form as reversal patterns at the end of an uptrend, but they are typically continuation patterns. Triangle support holds at 436.50. Once it breaks the support line, further fall can be expected towards 430-420 level and on the other hand, triangle slop line is resistance at 449.
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CRUDE OIL OUTLOOK: TREND: - DOWN RESISTANCE: - 3650, 3680. SUPPORT: - 3590, 3560. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK Crude Oil daily technical chart has formed a “Rising wedge� pattern. As per the pattern analysis; market has clearly given corrections that retested the support of the channel. The same is expected to happen in the upcoming session where market is likely to fall a little bearish to retest the channels support level near 3580. Alternatively, if the retest fails market might fall further on bearish momentum breaking the channel itself and rally might extend towards 3545-3500 levels.
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16/11/2017
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