Crude Oil Updates

Oil traded near the highest price in almost eight months. Yesterday, Nymex Crude  Oil prices increased by above 4% and on MCX, Crude Oil prices rose by near about 2.1%. Today, Crude Oil prices are likely to trade positive. Traders are advised to buy Crude Oil around 5409 – 5389 with a strict stop loss placed at 5349.

Crude (Jan): Trend - Sideways
Resistance 5469 - 5519, Support 5379 - 5309
Strategy - Sell on higher Levels.

Crude Updates: Trend and Technical Levels for Today

Crude prices tested the support area at 5251, today we can expect prices to test 5371, traders are advised to buy Crude Oil around 5311 – 5301 with a  strict stop loss of 5251.

• Nymex Crude (Feb): Support 98 - 98.8, Resistance 100 - 101.

• MCX Crude (Jan): Support 5222 - 5275, Resistance 5342 - 5392.

Gold Silver Trend Updates for Today: MCX Bullion Tips

Gold is in bearish trend for medium-long term. Gold is currently moving in sideways and now trading in overbought level. The oscillator is showing sell signal and has moved down to its previous low with good volume points to a negative break out.
Support: 27045. Resistance: 27815 - 28490.
Traders are advised to buy Gold above 27388.10 with a stop of 27199.10. Below 27173.4 go for sell.

Silver is currently in downtrend with good momentum but volume is unsatisfactory and the open interest is not increasing with trend.
Support: 50090. Resistance: 53726 - 56442
Traders are advised to sell Silver if open below 49841.5 with stop loss at 51433.5 or sell below 49147. Buy only above 52129.7

MCX Gold Silver Evening Updates for Today

MCX Gold Mini (Jan) For the day, major rallies can be expected only a break above 27775. A direct fall below 27395 would result for fresh selling towards 27235/165 and then to 27000.
Resistance2 - 27885/27965, Resistance1 - 27635/705/825, Support1 - 27445/27395, Support2 - 27245/27000

MCX Silver Mini (Feb) Some initial moves are expected to find the support near 52555 followed by a consolidation and can drag higher towards the 53105/53505 levels.
Resistance2 - 54010/54410, Resistance1 - 53010/53510, Support1 - 52410, Support2 - 52110/51610

MCX Crude Updates and Outlook for Today

NYMEX Crude is in consolidation phase. Last week Crude Oil was down for most part of week and closed near to its week low. For this week 85$ and 80$ will act as major supports and 100$ and 105$ a barrel will be a major resistance in NYMEX Crude. In MCX Crude Oil major resistance is found at 5260 and 5400 and major supports will be 4680 and 4500.
Resistance: 104.49 - 99.01
Support: 90.28 - 87.03

For the week traders can use sell on higher level strategy, if NYMEX Crude sustains below the level of 93.5 $ a barrel then below the level of 92.5$ a barrel it can test the level of 90.80$/89.80$ a barrel and in MCX if Crude sustains below 4900 then below 4850 it can test the level of 4790/4720 in this week. Trade by keeping the proper stop loss.

MCX Commodity Updates and Outlook for Today

Gold & Silver- Gold loses $60/oz yesterday, slips below $1600 to $1563/oz. We expect downside pressure in the case of gold and silver to continue as dollar strength and weak global market sentiments will add pressure on prices.

• Gold (FEB.) Support: 27900 - 28100, Resistance: 28300 - 28450

• Silver (MAR.) Support: 53450 - 54000, Resistance: 54600 - 55100. 

Copper- Copper on the LME fell below $7200/tonne yesterday. With growing worries over the European economy, downside pressure is expected on industrial metals to persist. A stronger US Dollar is expected to add further downside pressure on prices.

• Copper (FEB.) Support: 390 - 394, Resistance: 400 - 403.

Crude Oil- Nymex crude oil prices fell more than 5 percent on Wednesday. Crude prices are expected to test 5120- 5100 on lower end.

• Crude (DEC.) Support: 5150 - 5200, Resistance: 5230 - 5280.

MCX Commodity Updates for Today

• Gold- Today morning news came from China stating narrowed down of its trade balance may have negative impact on commodities market and thereby on gold too. Interestingly, euro is seen trading marginally lower from its previous close and the reason could be expected weaker data and the elation of positive euro summit decision which would have been over. As discussed above the day is expected to be dicey however, selling pressure may maintain during the day. In the Indian front marginal rupee depreciation may have limit on the price fall however selling trend is inevitable.

• Silver- At the Globex platform, silver is seen trading down by 56.30 cents at $31.69. Market has taken cues from Chinese news. If we look at the market Silver prices are trading down by 1.75 per cent while gold is down by around 1.00 per cent. The massive fall on Silver was witnessed due to weaker metals and energy prices. Going ahead the data are looking unimpressive and may have negative impact on prices.

• Copper- Copper Prices may come under pressure amid growing uncertainty over Euro Zone after two day long summit last week failed to ally fears over debt crisis in the region. The downside may however be capped amid rising copper imports in China signaling robust demand from the region. China’s copper import rose 17.9% in November to 452,022 tonnes. Stocks at LME fell by 2075 tonnes last week.

Support for February copper is at Rs.400 while Resistance is at Rs.412.

• Crude Oil- NYMEX crude trades in a narrow range above $99 per barrel amid mixed cues. Supporting prices is rise in Chinese crude oil imports last month and reports that China is considering a vehicle for investment in US and Euro-zone. Crude may remain in a narrow range ahead of some important event due this week, trend in equity and currency markets will determine direction for crude oil.

Support for MCX Crude Dec. contract is at Rs.5125 while Resistance is at Rs.5250.

MCX Commodity Tips Updates and Outlook for Today

• Sluggish trend in Crude Oil is seen today. In America the effect of rising in Crude Oil stocks is being witnessed on Crude Oil Prices. On MCX Crude is trading with 1/2% decline at Rs 5211.

• Gold - Silver is looking light strong today. In the Domestic Market Gold with slight edge is trading at Rs 29,306. Silver is trading with the boom of nearly 1/2% at Rs 57,407.

• Strength in base metals is still intact. On MCX metals are trading in green.

MCX Commodities Updates for Today: (Monday 5th Dec.)

• Crude oil is trading with gains today. In the domestic market Crude Oil is trading with 1/2% rise above Rs 5,200. Edge In the International Market Crude Oil is trading with above $ 100.

• Gold and silver are trading dull today. On MCX Gold with slight rise is at Rs 29,238. In the Domestic Market Silver is trading on the edge at Rs 57,203.

• In base metals mixed trend is visible. Selling pressure is seen in all base metals except Nickel and Copper.

MCX Commodity Tips Updates for Today

Mixed sentiments in International Commodity Markets is being witnessed. On Nymex Crude Oil has slipped. On Comex gold and silver has recovered.
On ComeX Gold is trading with 0.5% rise at $ 1729.75 per ounce level. On Comex Silver is also showing strength with 0.5% rise and has risen above $ 32. Copper on the London Metal Exchange has declined by 1%. Nymex Crude Oil declined by 0.2% and is trading at 99.50 dollars a barrel.