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29/11/2017
Crude oil futures decline on concern of the outcome of the OPEC meeting :
Crude oil futures declined further on Tuesday ahead of
U.S. inventories data and amid ongoing investor
uncertainty concerning the outcome of the OPEC meeting
this week with reports suggesting Russia is reluctant to
join in extending output curbs beyond March. Traders
remain uncertain about whether OPEC will announce a
meaningful extension of its supply quota plan with Russia.
Earlier a joint OPEC and non-OPEC Committee reportedly
recommended extending output cuts through the end of
2018.
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29/11/2017
TECHNICAL ANALYST
GOLD
OUTLOOK:
TREND: - UP
TECHNICAL OUTLOOK
Gold four-hour chart seems to have formed Rising wedge pattern. The last few sessions
have been bullish but have also delivered corrections that strengthen the pattern itself. As
per the technical aspects, market is expected to give a small correction on negative
momentum while meeting with the interim support line and is likely to turn positive.
$1296(29440) will be a strong resistance level. Once the market is able to break the
same, then the buyers are likely to control the market. Support holds strong at
$1292(29340).
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29/11/2017
OUTLOOK:
SILVER
TREND: - UP
TECHNICAL OUTLOOK
Silver 4hr chart has formed a long term Descending triangle pattern. The last market
session has ended up meeting with the triangles strong support level where market is
expected to retest the level and turn bullish once again to complete the formation as per
the technical aspects. The upside rally could test 38900-39100 levels in the upcoming
sessions. Once it reaches the possible higher level, then sellers are likely to control the
market. Strong Resistance holds at 39500 and support holds at 38680.
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29/11/2017
COPPER
OUTLOOK:
TREND: - DOWN
RESISTANCE: - 439.50,442.
TECHNICAL OUTLOOK
Copper 4H chart bearish candle is in a downtrend. It is to be noted that copper had taken
previous support at 436 and again bulls control the market towards limited upward
direction up to 438.50-441. If it breaks and closes below the support, further downside
rally can be expected towards 430. Alternatively, if it breaks higher the resistance and
closes above 441, a further upside rally can be expected up to 444.
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29/11/2017
CRUDE OIL
OUTLOOK:
TREND: - DOWN
TECHNICAL OUTLOOK
The hourly chart of Crude oil future market has formed an Ascending broadening wedge
pattern and as per the analysis, the last market session has ended up retesting the
channels support line which could mean that market is expected to turn bullish in the
upcoming session. The upside rally could test $58-58.50(3740-3770) levels in the next few
days. A strong resistance holds at $58(3740) and support holds at $57.50(3707).
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29/11/2017
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