01/12/2017

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01/12/2017

Crude oil futures make some recovery on OPEC

announcement:
Crude oil futures made a bounce back
and ended modestly higher on Thursday,
after OPEC announced it would extend
cuts in oil output by nine months
through 2018. However, the impact of
the announcement remained mostly
muted as the extension was said to be
mostly priced in, but reports that both
Nigeria and Libya decided to cap
production added a positive slant on the
outcome of the meeting. There was
speculation that certain OPEC members
will renege on promised supply cuts. The
next OPEC ministerial meeting is set for June 2018 .
Copper futures trade higher
on MCX:
Copper futures traded higher on MCX as
market players went on covering-up of
short positions, as today being the last
day of November series expiry but a
weak trend in overseas market, capped
some gains. The red metal also edged
up on spot demand.

Gold futures end lower on Thursday:

Gold futures ended at their lowest
level in more than a week on
Thursday, as dollar firmed against a
basket of currencies. The yellow metal
deepened its cut as a round of US
economic data did little to sway
markets from expectations for an
interest-rate hike later this month.

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TECHNICAL ANALYST

GOLD
OUTLOOK:

TREND: - DOWN

RESISTANCE: - 29200, 29300.

SUPPORT: - 29000, 28900.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

The last few sessions of Gold future market has been successfully bearish as the retest
seems to have triggered the same within the Symmetrical triangle which is formed in the
daily chart analysis of the bullion. Fortunately, the last session market ended up meeting
with the triangles support line which indicates that market might have a chance to turn
bullish from here and the upside rally could test $1278-1281(29135-29210) levels in the
upcoming sessions. Resistance holds strong at $1285(29310) and Support holds at
$1272(28985).

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 01/12/2017

OUTLOOK:
SILVER
TREND: - DOWN

RESISTANCE: - 37950, 38150.

SUPPORT: - 37550, 37350.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

Silver daily chart have come up with the formation of a Symmetrical triangle pattern
which been already broken out on bearish momentum. As of the last few sessions been
strongly bearish, market is expected to continue on the same trend once the same breaks
below the support level holding near 38200 which rallies could test 38000-37500 levels in
upcoming sessions. Resistance has held up at 38600.

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 01/12/2017

COPPER
OUTLOOK:

TREND: - DOWN

RESISTANCE: - 443.50,446.

SUPPORT: -438.50, 436.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

Copper Daily chart bearish candle is in a downtrend. It is to be noted that copper had
taken previous support at 430 Correction level as we marked on chart .If it breaks and
closes below the support, further downside rally can be expected towards 420.
Alternatively, if it breaks higher the resistance and closes above 447, a further upside rally
can be expected up to 455.

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 01/12/2017

CRUDE OIL

OUTLOOK:

TREND: - DOWN

RESISTANCE: - 3750, 3780.

SUPPORT: - 3690, 3660.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

Crude oil Daily technical chart has formed Rising wedge pattern and as per the analysis of
the last market session, the same has been retesting the patterns support line and has
given a doji like candlestick pattern which could be read as a trend reversal one. The
market is likely to fall further on bearish momentum once it breaks below the channels
support line and the rally could extend to $57-56.50(3682-3650) in the upcoming sessions.
Alternatively, if support line holds strong, then the market might turn to positive momentum.
Long term strong resistance holds at $58.50(3780) and support holds at $56(3617)

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01/12/2017
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