Download - Commodities Weekly Outlook 12 05 14 to 16 05 14

Commodities Weekly Technical Report

12.05.2014 to 16.05.2014

www.angelcommodities.com

Content

Weekly Technical Levels

Strategy/Recommendations

Angel Commodities Broking Pvt. Ltd.

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Prepared by

Anuj Gupta – A.V.P - Technical Research [email protected] (011) 33101954

mailto:[email protected]

mailto:[email protected]


12.05.2014 to 16.05.2014


MCX GOLD JUNE (CMP – 28,525 / $ 1,289)

MCX Gold June as seen in the weekly chart above has opened the week at 28,920 levels and during this week prices made

a high of 29,039 levels. During this week prices could not able sustain on higher levels and in mid of the week prices

corrected towards the low of 28,452 levels and finally closed 1.20 % lower at 28,525 levels. As per the candlestick pattern

prices has formed “Bearish candlestick pattern” which is the sign of pessimism. Broadly from last couple of weeks prices

have formed a sideways trend which is also expecting to be continue in the coming trading sessions.

For the next week we expect gold prices to find support in the range of 28,250 – 28,200 levels. Trading consistently below

28,200 levels would lead towards the strong support at 27,800 levels and then finally towards the major support at 27,200

levels.

Resistance is now observed in the range of 29,200-29,300 levels. Trading consistently above 29,300 levels would lead

towards the strong resistance at 29,700 levels, and then finally towards the major resistance at 30,200 levels.

MCX / Spot Gold Trading levels for the week

Trend: Sideways

S1 – 28,200 / $ 1,270 R1 - 29,300 / $ 1,320

S2 - 27,800 / $ 1,250 R2 - 29,700 / $ 1,340


12.05.2014 to 16.05.2014


MCX SILVER JULY (CMP – 41,453 / $ 19.12)

MCX Silver July as seen in the weekly chart above has opened the week with gap down opening at 42,444 levels and during

this period prices made a high of 42,945 levels. During this week prices could not able sustain on higher levels and in mid of

the week prices corrected towards the low of 41,318 levels and finally closed 2.56 % lower at 41,453 levels. During this

week prices have closed below previous week’s closing of 42,540 levels and as per candlestick pattern it formed a “Bearish

candlestick” which is the indication of bearish activity.

For the next week we expect silver prices to find support in the range of 41,200 – 41,000 levels. Trading consistently below

41,000 levels would lead towards the strong support at 40,000 levels and then finally towards the major support at 39,000

levels.

Resistance is now observed in the range of 42,800 – 43,000 levels. Trading consistently above 43,000 levels would lead


MCX / Spot Silver Trading levels for the week

Trend: Down

S1 - 41,000 / $ 18.80 R1 - 43,000 / $ 19.80

S2 - 40,000 / $ 18.30 R2 - 44,200 / $ 20.30

Weekly Recommendation: Sell MCX Silver July between 42,100 – 42,300, SL- 43,000, Target – 41,000 / 40,500


12.05.2014 to 16.05.2014


MCX COPPER JUNE (CMP – 411.70 / $ 6,770)

MCX Copper June as seen in the weekly chart above has opened at 410.70 levels and during this week prices made a high of

412.65 levels. As expected during this week prices corrected sharply towards the low of 404.40 levels and in the end of the

week prices have bounced back from near to the support of 404 levels towards 412.45 levels and finally closed 0.04% higher

at 411.70 levels. During this week prices have closed above previous week’s closing of 411.55 levels and as per candlestick it

formed a “Hammer pattern” which indicates positivity.

For the next week we expect Copper prices to find support in the range of 405 – 404 levels. Trading consistently below 404

levels would lead towards the strong support at 398 levels and then finally towards the major support at 392 levels.

Resistance is now observed in the range of 418 - 420 levels. Trading consistently above 420 levels would lead towards the

strong resistance at 427 levels, and then finally towards the major resistance at 434 levels.

MCX / LME Copper Trading levels for the week

Trend: Up

S1 – 404 / $ 6,730 R1 – 418 / $ 6,960

S2 – 398 / $ 6,630 R2 – 427 / $ 7,120

Weekly Recommendation: Buy MCX Copper June between 404 – 405, SL- 398, Target – 418 / 420


12.05.2014 to 16.05.2014


MCX CRUDE MAY (CMP – 5,993 / $ 100.03)

MCX Crude oil May as seen in the weekly chart above has opened the week at 5,991 levels and during this week price made

a low of 5,965 levels. During this week prices bounced from the weekly lower levels towards the weekly high of 6,069

levels. At the end of the week as expected prices could not able to sustain on higher levels and corrected back towards

5,988 levels. During this week price are able to close below the previous week’s closing of 6,010 levels and finally closed

0.28% lower on 5,993 levels.

For the next week we expect Crude oil prices to find support in the range of 5,920 – 5,900 levels. Trading consistently below

5,900 levels would lead towards the strong support at 5,780 levels.

Resistance is now observed in the range of 6,050-6,100 levels. Trading consistently above 6,100 levels would lead the rally


MCX / NYMEX Crude Oil Trading levels for the week

Trend: Down

S1 – 5,900 / $ 98.40 R1 – 6,100 / $ 100.80

S2 – 5,780 / $ 96.50 R2 – 6,200/ $ 103.40

Weekly Recommendation: Sell MCX Crude Oil May between 6,070 – 6,100, SL - 6,200, Target – 5,900 / 5,850.


12.05.2014 to 16.05.2014


MCX NATURAL GAS MAY (CMP – 270.30 / $ 4.53)

MCX Natural Gas May as seen in the weekly chart above has opened the week at 282 levels during this period prices has

made a high of 290.50 levels. During this week as expected prices could not able to sustain on the higher levels and

corrected back towards the weekly low of 270 levels. In the week prices are able to close below the previous week’s closing

of 282.30 levels and finally closed 4.25% lower on 270.30 levels and formed “Big Bearish candlestick” pattern which

indicates the bearish trend.

For the next week we expect Natural Gas prices to find support in the range of 265 - 263 levels. Trading consistently below

263 levels would lead towards the strong support at 256 levels.

Resistance is now observed in the range of 278 - 280 levels. Trading consistently above 288 levels would lead towards the

strong resistance at 295 levels, and then finally towards the major resistance at 305 levels.

MCX / NYMEX Natural Gas Trading levels for the week

Trend: Down

S1 - 263 / $ 4.40 R1 - 278 / $ 4.70

S2 - 258 / $ 4.30 R2 - 288 / $ 5.00

Weekly Recommendation: Sell MCX Natural Gas May between 278 - 280, SL - 288, Target – 263 / 258.