Commodity Outlook 29.09.11
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Transcript of Commodity Outlook 29.09.11
8/4/2019 Commodity Outlook 29.09.11
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DAILY COMMODITY OUTLOOK 29th
Sep, 11
1
NCDEX SOYAOIL REF. OCT Contrac t – Technic al Out look & Trading
Stra tegy
The price of Soya oil witnessed a sharp correction from the highs of ` 659.45 levels as on 14th
Sep, 2011 and broke down below its key support zones placed between the ` 639--` 637.40 levels.
Traders would also note from the chart above that the recent correction was on the back of
strong surge in volumes, indicating strong supply pressure in the counter.
Some of the other technical factors that support the bearish outlook are that the price is now
trading below its moving averages and the MACD indicator is also trading in sell mode. We
believe that the price of soya oil can test levels of ` 624.50 / ` 621.75 levels.
We recommend traders to sell between ` 629.25--` 631.50 levels with a stop loss placed above
` 635.65 levels for downside targets mentioned above.
NCDEX SOYAOIL R
OCT. CONTRAC
OPEN ` 633.5
HIGH ` 633.5
LOW ` 628.0
CLOSE ` 630.3
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DAILY COMMODITY OUTLOOK 29th
Sep, 11
2
COMMODITIES TO WATCH
MCX Crude Oil Oct CMP—` 4029.00
Technical Out look & Trading Strat egy:-
The price action of Crude oil since 26 th
Aug, 2011 levels has been taking shape of a bearish head & shoulders
price pattern on its intraday charts. The formation of this price pattern is a bearish sign and further weakness from current levels could bring about a sharp correction in the prices of crude oil. The momentum indicators are
trading in sell mode and still showing signs of weakness despite the recent pullback from the lows of ` 3853 levels.
We recommend day / positional traders to take short positions between ` 4050--` 4005 levels with a stop loss placed
above ` 4101 levels for downside targets of ` 3940 / ` 3890 levels.
INVENTORY DATA
LME Warehouse Stocks (Inventory) and Volume28 Sep 2011
METALS Inventory Volume
MT +/- MT +/-
Aluminum 4,573,025 -5,200 7,088,075 837,300
Al Alloy 134,900 0 48,500 23,220
NASAAC 151,400 420 81,940 -42,520
Copper 466,675 -725 4,613,800 -794,275
Lead 373,700 -525 1,093,275 -264,500
Nickel 97,290 -168 215,958 -25,332
Tin 21,450 155 36,015 -5,440
Zinc 827,325 425 2,321,250 -541,050
KEY SUPPORT RESISTANCE LEVELS
Commodity Support – 1 Support – 2 CLOSE-PRICE Resistance – 1 Resistance - 2
NCDEX Chana 3474 3417 3530 3628 3725
NCDEX Pepper 35538 35157 35920 36388 36857
NCDEX Soya Oil 622 614 630.30 639 647
NCDEX Jeera 15331 15224 15439 15531 15624
NCDEX Guarseed 4587 4553 4622 4671 4721
MCX Copper 343 335 351.60 367 383
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DAILY COMMODITY OUTLOOK 29th
Sep, 11
3
MCX Nickel 876 862 890.30 916 941
MCX Lead 96 95 97.35 100 102
MCX Silver 48910 47410 50410 53152 55894
MCX Gold 25386 25099 25673 26182 26691
MCX Crude 3990 3951 4029 4098 4167
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