Crude Oil futures faced heavy declines in the session gone by. The
prices have seen correction in the last week as well as new week from
breakout stage. The commodity is expected to move higher if it manages
to breach Rs 3000 per barrel. Having said that, price has shown a
tendency to correct from those levels. On the lower side supports for
Crude Oil is at Rs 2800 and 2750 per barrel. Last night prices closed at
Rs 2913 per barrel down 2.2%. Supports so far are intact at Rs 2800
that will again be an opportunity to buy metal. The prices tested a high
of Rs 3046 per barrel and a low of Rs 2902 per barrel.
Monday, 9 May 2016
Technical Comment For The Day: Gold
Supplies has been noted in the Gold futures June contract after a bull
run that has taken prices above Rs 30000. The prices closed at Rs 29805
per 10 grams on 9 May 2016, down 1.9%. Gold is forming an evening star
pattern that is bearish reversal and means that the prices can see
further downside. The prices moved further away from important levels of
Rs 29950 per 10 grams. Gold closure below Rs 30000 has made the bears
grow strong. The gains are expected to get limited towards Rs 29950 and
30000 per 10 grams can happen in Gold prices in coming week that will
again be oppurtunity to sell. However a correction below Rs 29700 can
prove decimating for Gold. On the lower side Rs 29500 per 10 grams is
acting as a medium term support zone. The prices tested a low of Rs
30215 and a high of Rs 29765 per 10 grams.
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