Commodity Report

Zinc 1/16/2019 9:10:00 AM
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Technical outlook

Zinc daily chart has formed “Descending broadening wedge” pattern. The last few sessions ended up bullish in trend along with some corrections inside the channel. The market is expected to continue on bullish momentum based on the current price action, testing all the way through 180-182 levels in the upcoming sessions. Alternatively, if the market breaks below a key support holding at 174 then it might turn bearish once again. The downside rally could test up to 172-170 levels. Key resistance holds at 182.


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Silver 1/16/2019 9:07:00 AM
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Technical outlook

MCX Silver March futures technical chart has taken the formation of “Megaphone chart” pattern in daily time frame. Last few sessions ended up bullish in trend along with some corrections inside the channel, where the market is expected to continue on the bullish trend. The continuation of the trend will be confirmed once the prices breaks above the key resistance holding at 39750. The positive rally could be extending all the way up to 40000-40100 levels in the upcoming sessions. An alternative scenario indicates that if the key resistance holds strong then the market might have a chance to retest the same and revise the trend to bearish. The downside rally could test up to 39400-39200 levels. Key support holds at 39200.


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Nickel 1/16/2019 9:04:00 AM
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Technical outlook

Nickel daily chart has formed “Ascending broadening wedge” pattern. The last few sessions been in bullish trend along with some corrections inside the channel. The market is expected to continue on the bullish term based on the current price action, once the same breaks above a key resistance holding at 830. The upside rally could be testing all the way through 840-850 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 815-800 levels. Key support holds at 800.


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Natural Gas 1/16/2019 9:00:00 AM
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Technical outlook

Natural gas daily chart has formed “Right angled ascending broadening wedge” pattern. The last session ended up in bearish trend after few positive rallies inside the channel. The market is expected to continue on bearish momentum based on the price action, once the same breaks below a key support holding at 244. The downside rally could be testing all the way through 240-230 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test up to 255-265 level. Key resistance holds at 265.


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Lead 1/16/2019 8:57:00 AM
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Technical outlook

Lead daily chart has formed “Megaphone chart” pattern. The last few sessions ended up bullish in trend along with some corrections inside the channel. The market is expected to continue on bullish momentum based on the current price action, once the same breaks above a key resistance holding at 141. The upside rally could be testing all the way up to 142-143 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 139-138 level. Key support holds at 138.


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Copper 1/16/2019 8:54:00 AM
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Technical outlook

Copper daily chart has formed “Descending broadening wedge” pattern. The last few sessions been in sideways trend along with some corrections inside the channel. The market is expected to continue on bullish momentum based on the current price action, testing all the way through 420-425 levels in the upcoming sessions. Alternatively, if the market breaks below a key support holding at 415 then it might turn bearish once again. The downside rally could test up to 410-405 levels. Key resistance holds at 425.


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Aluminium 1/16/2019 8:50:00 AM
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Technical outlook

Aluminium daily chart has formed "Megaphone chart" pattern. The last few sessions ended up in bullish trend along with some corrections inside the channel. The market is expected to continue on the bullish trend based on the current price action, once the same breaks above a key resistance holding at 132. The upside rally could be testing all the way through 133-135 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 130-128 levels. Key support holds at 128.


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Crude Oil 1/16/2019 8:40:00 AM
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Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Right angled Ascending broadening wedge” pattern in daily time frame. Previously few sessions ended up in bullish trend along with some corrections inside the channel. As per the technical aspects based on the current price action, the market is expected to continue on bullish trend. The positive rally could be testing all the way up to 3760-3860 levels in the upcoming sessions.

 

Crude oil Inventory forecast:

Time

Actual 

Forecast

Previous

API Weekly Crude Oil Stock    

3:00 AM

-0.560M

-----

-6.270M

Tonight

 

 

 

 

Crude Oil Inventories

9:00 PM

-----

-1.323M

-1.680M

EIA Weekly Distillates Stocks 8Pm

9:00 PM

-----

1.565M

10.611M

Gasoline Inventories

9:00 PM

-----

2.769M

8.066M

 

An alternative scenario indicates that if the market breaks below a key support holding at 3600 then it might revise the trend to bearish once again. Such break out could possibly test up to 3500-3400 levels. Key resistance holds at 3860.


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Gold 1/16/2019 8:35:00 AM
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Technical outlook

MCX Gold Feb futures technical chart has taken the formation of “Rising channel” pattern in daily time frame. Last few sessions ended up bullish in trend along with some corrections inside the channel, where the market is expected to continue on bullish momentum. The continuation of the trend will be confirmed once the prices breaks above a key resistance zone holding at 32200. The positive rally could be extending all the way up to 32300-32400 levels in the upcoming sessions. An alternative scenario indicates that if the key resistance holds strong then the market might have a chance to retest the same and revise the trend to bearish once again. The downside rally could test up to 32000-31900 levels. Key support holds at 31900.


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Zinc 1/15/2019 10:07:00 AM
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Technical outlook

Zinc daily chart has formed “Descending broadening wedge” pattern. The last few sessions ended up bullish in trend along with some corrections inside the channel. The market is expected to continue on bullish momentum based on the current price action, testing all the way through 180-182 levels in the upcoming sessions. Alternatively, if the market breaks below a key support holding at 174 then it might turn bearish once again. The downside rally could test up to 172-170 levels. Key resistance holds at 182.


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Technical Chart:
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