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MCX
COMMODITY REPORT DATE- April 28, 2016
COMMODITY NEWS
DAILY COMMODITY REPORT
DAILY TECHNICAL REPORT
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Oil prices fluctuated in early European trade while waiting on weekly data on U.S
stockpiles.
The rout in crude prices is snowballing into one of the biggest avalanches in the
history of corporate America, with 59 oil and gas companies now bankrupt after this
week's filings for creditor protection by Mid states Petroleum (PK:MPOY) and Ultra
Petroleum (NL:UPL).
Gold futures moved further away from a 16-month peak in European trade on
Wednesday, as the U.S. dollar staged a recovery after a pair of Federal Reserve
officials talked up U.S. interest rate hikes this year.
Oil prices edged up on Wednesday as an uncontrolled wildfire near Canada's oil
sands region reduced production there, but overall markets were weighed down by
slowing economic growth in Asia and the United States.
The Canadian province of Alberta raced to evacuate the entire population of Fort
McMurray, where a wildfire was taking hold in the heart of the country's oil sands
region, reducing output at some facilities.
MARKET OUTLOOK (THURSDAY, May 5)
China is to release data on the private sector Caixin services index.
The U.S. is to release weekly data on initial jobless claims, while Atlanta Fed's
Lockhart, Dallas Fed President Rob Kaplan, St. Louis Fed President James Bullard
and San Francisco Fed's Williams are all due to participate in a panel discussion
titled "International Monetary Policy and Reform in Practice" at the Hoover
Institute conference.
TOP 5 THINGS TO KNOW IN THE MARKET ON WEDNESDAY
1. Eyes on ADP employment ahead of Friday’s NFP
2. Global stocks broadly lower on continued growth worries
3. Oil registers choppy trade ahead of weekly inventory data
4. Dollar rebounds from multi-month lows
5. Cruz suspends presidential campaign, paving way for Trump
COMMODITY NEWS
DAILY COMMODITY REPORT
WWW.SAIPROFICIENT.COM {DAILY COMMODITY REPORT (MAY 5, 2016)}
“Crude Oil tries to touch our support 2800”
Energy Overview: - Crude Oil prices closed down with a cut of 2.51% yesterday.
Sustenance below 2890 post the inventory data will extend the correction towards 2853/2800
levels. The outlook for the counter will stay negative until prices trade below 3015 levels.
Traders should look to sell into intraday rallies until prices trade below this level.
Date Commodity Expiry Open High Low Close
MAY 5, 2016 CRUDE OIL MAY 19,2016 2915 2959 2905 2954
Recommendation: BUY ABOVE 2970 TARGET- 3000/3020 with the S/L- 2935.
Resistance 2 Resistance 1 Pivot Point Support 1 Support 2
3024 3000 2950 2910 2875
MCX CRUDE OIL
WWW.SAIPROFICIENT.COM {DAILY COMMODITY REPORT (MAY 5, 2016)}
“Gold tries to sustain our position around 30500”
Bullion Overview: - Gold prices continue to retrace lower. Weakness below 30050 will
push prices lower towards 29950—29900 zones. Intraday pullback rallies will face resistance
between 30200—30250 levels. The counter needs to decisively breakout above 30300 to rally
towards its recent swing highs at 30538 levels.
Recommendation: BUY above 30300 levels with a stop loss placed 30140 levels for
target of 30525/30630 levels. (OR) SELL BELOW 30020, target- 29886/29646, SL- 30300
Date Commodity Expiry Open High Low Close
MAY 5, 2016 GOLD June 3, 2016 30150 30270 30005 30200
Resistance 2 Resistance 1 Pivot Point Support 1 Support 2
30830 30724 30260 29960 29730
MCX GOLD
WWW.SAIPROFICIENT.COM {DAILY COMMODITY REPORT (MAY 5, 2016)}
“MCX Copper prices weaken further towards its support”
Market Outlook: - We expect Copper prices to weaken further towards its support
around 326 levels. A daily close below this level will open downside targets of 322.80/321
levels for the counter. Intraday resistance for the counter is seen between 330—331 zones.
A break above 331 will trigger a bounce towards 334.50/335 levels.
Date Commodity Expiry Open High Low Close
MAY 5, 2016 COPPER JUNE30, 2016 328.95 330 325.60 327.25
Resistance 2 Resistance 1 Pivot Point Support 1 Support 2
334 331 327.98 325 323
Recommendation: BUY above, 330 levels with a stop loss placed 327 levels for
target 334/336 levels.
COPPER
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The information and views in this report, our website & all the service we provide are believed to be reliable, but we do not accept any responsibility (or liability) for errors of fact or opinion. Users have the right to choose the product/s that suits them the most. Investment in commodity has its own risks. Sincere efforts have been made to present the right investment perspective. The information contained herein is based on analysis and up on sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it & take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations above. The commodity price projections shown are not necessarily indicative of future price performance. The information herein, together with all estimates and forecasts, can change without notice. SAI PROFICIENT RESEARCH does not purport to be an invitation or an offer to buy or sell any financial instrument. Analyst or any person related to SAI PROFICIENT RESEARCH might be holding positions in the commodity recommended. It is understood that anyone who is browsing through the site has done so at his free will and does not read any views expressed as a recommendation for which either the site or its owners or anyone can be held responsible for. Our Clients (Paid or Unpaid), any third party or anyone else have no rights to forward or share our calls or SMS or Report or Any Information Provided by us to/with anyone which is received directly or indirectly by them. If found so then Serious Legal Actions can be taken. Any surfing and reading of the information is the acceptance of this disclaimer. All Rights Reserved.
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