14/12/2017

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Crude oil futures extend their decline on build in

gasoline supplies:
Crude oil futures declined further on
Wednesday, as traders overlooked the data
showing crude stockpiles fell for the second
straight week; there was concern of a
larger-than-expected build in gasoline
supplies. The Energy Information
Administration (EIA) reported draw of 5.1
million barrels of crude for the week ended
Dec. 8. Gasoline inventories rose by 5.7
million barrels, while supplies of distillate fell
by about 1.4 million barrels. Also weighing
on crude prices was a rise in production to
record highs as data showed weekly U.S.
crude production jumped by 73,000 barrels
a day to 9.78 million barrels a day.
Copper futures trade nearly
flat on muted global cues:
Copper futures traded nearly flat on MCX, in
line with the muted overseas market on Fed
meeting overhauls. A strong demand
forecast and supply worries have capped
the rates from going further lows.

Gold futures edge lower on MCX:

Gold futures edged lower on MCX, as
investors awaited the conclusion of the
Federal Reserve's meeting, at which it is
widely expected to raise interest rates by
a quarter point.

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TECHNICAL ANALYST

GOLD
OUTLOOK:

TREND: - DOWN

RESISTANCE: - 28500, 28600.

SUPPORT: - 28300, 28200.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

The daily technical chart of Gold future market has formed Falling wedge pattern which
descends in bearish momentum. The last few sessions have been successfully bullish by
retesting the channels support line which is also pointed as a junction place as given in
the chart. The market is expected to continue in the same trend and the upside rally
could test $1262-1265-1270(28295-28370-28495) levels in the upcoming sessions.
Resistance holds at $1265(28370) and support holds at $1255(28120).

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OUTLOOK:
SILVER
TREND: - DOWN

RESISTANCE: - 37700, 37900.

SUPPORT: - 37300, 37100.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

Silver daily chart has formed a Falling wedge pattern. The last few sessions tested the
support and seem a bit consolidated near the channels support line which could trigger
bullish momentum in the upcoming days. Market is expected to continue on bullish trend
with some small negative correction along the way testing 38000-39000 in long term
positional basis. Resistance holds at 39000 and support at 36500.

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COPPER
OUTLOOK:

TREND: - DOWN

RESISTANCE: - 438.50,441.

SUPPORT: -434.50, 432.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

Copper 4Hr chart has formed a Descending broadening wedge pattern. The last few
sessions been successfully bullish after the consolidation near the channels support line.
Market is expected to continue in bullish trend testing all the way through 440-442.50
levels in upcoming sessions. Resistance holds near 441 and support at 431.50.

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CRUDE OIL

OUTLOOK:

TREND: - DOWN

RESISTANCE: - 3680, 3710.

SUPPORT: - 3620, 3590.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

Crude oil future 4HR chart has formed Megaphone chart pattern and as per the technical
aspects of the pattern, the last sessions have been successfully bearish by retesting the
resistance level of the channel. Market is expected to continue to rally in the same
momentum and could test $56-55.50(3600-3567) levels in the upcoming sessions.
Alternatively, a long-term support holds at 56 where market might have a chance to retest
the same and turn bullish and could test $57-57.50(3665-3696). Resistance holds at
$57.50(3696) and support at $55(3535).

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