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Weekly Commodity Update
Metals & Energy
13th OCT 2014
Geojit Comtrade Ltd.
CONTENTS
•
Currency
– Dollar Index, USD INR
•
Precious Metals
– Gold, Silver
•
Energy
– Crude Oil, Natural Gas
•
Base Metals
– Copper, Nickel, Lead, Zinc, Aluminum
DOLLAR INDEX
On the Daily chart of DX, prices have breached the crucial support of 86.20 levels.
RSI is in a sell mode and prices are trading close to the short term averages. We
expect prices to correct up to levels of 86.50 which is the previous bottom.
Resistance on the upside is at 86.40 levels.
USD INR (Spot)
On the Daily chart of USD/INR, prices have breached the crucial support of 61.40
levels. Daily RSI is in a sell mode and prices are trading below the short term
averages. We expect prices to correct up to levels of 60.80 which is the previous
bottom. Resistance on the upside is at 61.50 levels.
COMEX GOLD (Spot)
On the Daily chart prices have reversed after taking support of $1182 levels. Daily
RSI is in a buy mode and prices are trading above the short term averages. We
expect prices to go up to levels of $1260 which is the previous top. Support on the
downside is at $1210 levels.
MCX GOLD DEC
On the daily chart, prices have reversed after taking support of 26500 level. Daily
RSI is in a buy mode and prices are trading above the short term averages. We
recommend a buy around 27000 levels with a stop loss placed below 26500 levels
for targets of 27700 levels.
COMEX SILVER (Spot)
On the Daily chart prices have reversed after taking support of $16.80 levels. Daily
RSI is in a buy mode and prices are trading above the short term averages. We
expect prices to go up to levels of $18.60 which is the previous top. Support on the
downside is at $17 levels.
MCX SILVER DEC
On the daily chart, prices have reversed after taking support of 37500 level. Daily
RSI is in a buy mode and prices are trading above the short term averages. We
recommend a buy around 38800 levels with a stop loss placed below 38000 levels
for targets of 41000 levels.
MCX CRUDE OIL OCT
On the daily chart, prices have breached the crucial support of 5300 level. Daily
RSI is in a sell mode and prices are trading below the short term averages. We
recommend a sell around 5250 levels with a stop loss placed above 5350 levels
for targets of 5000 levels.
MCX NATURAL GAS OCT
On the daily chart, prices are trading near the crucial support of 235 level. Daily
RSI is building strength and prices are trading below the short term averages. We
recommend a buy around 234 levels with a stop loss placed below 228 levels for
targets of 245 levels.
MCX COPPER NOV
On the Daily chart, prices have reversed after taking support of 408 levels. Daily
RSI is in a buy mode and prices are trading below the short term averages. We
recommend a buy around 412 levels with a stop loss placed below 408 levels for
target of 422 levels.
MCX NICKEL OCT
On the Daily chart, prices have reversed after taking support of 1000 levels. Daily
RSI is in a buy mode and prices are trading below the short term averages. We
recommend a buy around 1010 levels with a stop loss placed below 988 levels for
target of 1060 levels.
MCX LEAD OCT
On the Daily chart, prices have reversed after taking support of 125 levels. Daily
RSI is building strength and prices are trading below the short term averages. We
recommend a buy around 126 levels with a stop loss placed below 124 levels for
target of 130 levels.
MCX ZINC OCT
On the Daily chart, prices have reversed after taking support of 141 levels. Daily
RSI is in a buy mode and prices are trading above the short term averages. We
recommend a buy around 142 levels with a stop loss placed below 140 levels for
target of 146 levels.
MCX ALUMINIUM OCT
On the Daily chart, prices have reversed after taking support of 116 levels. Daily
RSI is in a buy mode and prices are trading close to the short term averages. We
recommend a buy around 117 levels with a stop loss placed below 115 levels for
target of 121 levels.
THANK YOU
Research Department - Institutional Desk
Nitin Nachnani
nitin_n@geojitcomtrade.com
Contact:022- 61312127
805, Dev Plaza,
Opp. Irla Fire Brigade, S.V. Road,
Andheri West,
Mumbai - 400058.
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 commodity trading and commodity options 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. Geojit Comtrade Ltd. does not guarantee that such information is accurate or complete and it should not be relied upon as such. Any
opinions expressed reflect judgements at this date and are subject to change without notice. For use at the sole discretion of the investor
without any liability on Geojit Comtrade Ltd.