08/12/2017

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Crude rebounds on threat of strike in Nigeria:

Crude oil futures moved higher on Thursday
after a threat of strike in Nigeria and
growing Middle East political tensions stoked
fears of supply disruptions also as the
traders bet this week's decline was
overdone. One of Nigerias two main oil
unions on Thursday threatened to launch a
nationwide strike from Dec. 18 should the
government fail to force the management of
domestic oil and gas companies to recall
laid-off union members.

Copper futures trade lower

on MCX:
Copper futures traded lower on MCX, on
weak investors' sentiments amid heavy sell-
offs in base metals in domestic and
overseas market. The red metal also
extended downdraft on negative global
cues.

Gold futures edge down on MCX:

Gold futures edged down on MCX, on
broad-based selling for locking in current
profits, as firm dollar and US tax reform
overhaul muted demand of the yellow
metal in overseas market.

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TECHNICAL ANALYST

GOLD
OUTLOOK:

TREND: - DOWN

RESISTANCE: - 28700, 28800.

SUPPORT: - 28400, 28300.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

Gold futures daily technical chart has formed Rectangle chart pattern where market has
already broken the rectangles support line in bearish momentum. In the upcoming
sessions, market is expected to fall further on the same trend which could test $1245-
42(28545-28470) levels. Previous support has become resistance near $1265(29045).
Long-term Support holds at $1240(28420).

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 08/12/2017

OUTLOOK:
SILVER
TREND: - DOWN

RESISTANCE: - 37170, 37370.

SUPPORT: - 36770, 36570.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

Silver daily chart seems to be continuing in the same Descending broadening wedge
pattern. The last session has successfully been bearish and is likely to retest the
channels support line. Once the market meets with the same, then the retest might turn
the momentum positive and the upside rally could test 37200-37500 levels in the
upcoming sessions. Alternatively, if market breaks below the strong support level which is
now holding at 36970, market might continue to rally in bearish trend, breaking the
pattern itself. Key Resistance holds at 37890.

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COPPER
OUTLOOK:

TREND: - DOWN

RESISTANCE: - 430.50,433.

SUPPORT: -426.50, 424.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

The daily chart of Copper market has formed Falling wedge pattern where the lower
channel has been broken at 427. This indicates that more selling pressure on sellers is
going to take control over the market. The same is expected to continue on bearish
momentum and the rally could test 420 levels in the upcoming sessions. Resistance holds
at 430-435.

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 08/12/2017

CRUDE OIL

OUTLOOK:

TREND: - DOWN

RESISTANCE: - 3680, 3710.

SUPPORT: - 3620, 3590.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

The 4HR chart of Crude Oil future market has formed Double top pattern where last
market session has already broken the patterns neckline support in bearish trend. Last
market session has retested another support level which is holding near $56(3615) and
turned bullish. In the upcoming sessions, market is expected to continue to rally on bullish
trend and retest the resistance line which was support previously and now hold near
$57(3680). This could turn bearish. The downside rally is likely to test $56.50-56 levels
(3648-3615).

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