Choice International Ltd
Published on 25/09/2017 11:15:22 AM

Gold

In the hourly chart, MCX Gold price has been moving within a downwards falling channel, which is a bearish set up. In addition, price is on corrective mode for the last few trading session. In addition, RSI has come out of its overbought zone and fallen below the rising trendline which suggests near term weakness. Short term trend remains bearish; on the lower end price may move towards 29300 over the short term

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Enrich Commodities India Pvt.Ltd
Published on 25/09/2017 10:53:49 AM

 

Technical View

Short term Intraday Opportunity

Intraday 4h chart has formed “Falling wedge pattern”. The pattern has completed 5 cycles and has almost reached the target. It is likely that prices may rise upside to the next crucial place at $1306(29650). If it breaks above and closes the 4-hour candle, buy and hold long positions towards $1315-1325(2965-29850). Revised trailing stop loss holds at 1294(29440).

On the other hand, if it doesn’t break above the resistance line at $1306(29800), then the selling pressure will continue to reach towards $1290-1260 level (29440-28850)

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Enrich Commodities India Pvt.Ltd
Published on 25/09/2017 10:51:45 AM

Technical Outlook:

Crude prices in the 4H chart have formed “Ascending triangle”. The market is ready to break the triangle which is close to the crucial place and as per pattern, it wouldn’t take much longer. Consolidation is almost over and it’s likely to move towards $55 (3500). The Current market’s momentum is strong bullish and is expected towards 52(3333) level soon.

Prices sustained above $50.75 (3185) on the weekly & daily chart which indicates bullish strength. A break above and close of the four-hour candle, could lead to high buying pressure. Trailing Support holds at $50(3240). A break below support line could lead the selling pressure towards 49.20 (3160) level.

Medium Term:

The crude oil market trend gives us the impression that the lower highs and lower lows are constantly repeated. Since Feb 2017, it’s the first-time crude oil prices break through lower high which is an indication of trend reversal from negative to positive momentum towards 52-55(3333-3500).

Indicator: On the daily chart, the 50-day moving average crossed over 100 day moving average at $47.40 (3050), indicating bullish momentum.

In the view of price action, a 50-day moving average is likely to crossover 200 day moving average towards $55(3500).

Pattern Analysis: Crude oil daily chart has formed “Symmetrical triangle pattern”. Prices have broken the resistance line at $49.50(3175) and the expected short-term target has reached at $ 51(3300). Currently prices hold above the 200 day Moving average line which is a positive indication towards $52-55(3350-3500). Support holds at $50(3240).

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IIFL Wealth Management Ltd
Published on 25/09/2017 9:28:22 AM

Crude Oil

Oil futures sustain around five-month high, as markets look forward to key oil producer meet, expected to endorse extension of production accord. Working committee would discuss quantum and duration of output cut today.

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IIFL Wealth Management Ltd
Published on 25/09/2017 9:25:48 AM

Non-Ferrous Metal

Divergent trends evident in non-ferrous pack, with Aluminium rules the roost, underpinned by reports of several smelters in Heman province cutting output, 2 months prior to China`s offical winter curbs. The curtailment would likely last till march next year.

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