website: contact no: 0413-4200100 email ... · mcx copper continues to stay positive and mcx crude...

31,500

16 January, 2019

Bottom-Line: Prices of Gold can move sideways to positive and Silver prices can move in range, trend for MCX Copper continues to stay positive and MCX Crude prices can move in range.

MCX Gold Continuous Daily chart: GOLD-1M - Daily 15-01-2019 Open 32130, Hi 32277, Lo 32110, Close 32180 (0.1%) EMA(Close,50) = 31,437.50

c e

(i) c

(b)

(f) a a

(d) b b d

(ii)

(g) 2

(e)

wave 3 is corrective as it is part of Ending Diagonal (c)

f

32,500 32,180

32,000

31,437.5

31,000

30,500

30,000

29,500

29,000

28,500

28,000

27,500

27,000

26,500 2017 Apr Jul Oct 2018 Apr Jul Oct 20

GOLD-1M - RSI(14) = 63.64

70 63.6381

30

2017 Apr Jul Oct 2018 Apr Jul Oct 20

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MCX Gold Feb 60 min chart:

Wave analysis:

As shown on daily chart, prices have arrived near crucial juncture if break above 32200 is witnessed on closing basis it will indicate completion of wave f on downside near levels and this upmove witnessed is in form of wave g.

As shown on hourly chart, prices are testing its important resistance zone placed near 32200-32300 levels but managed to close near 32180 levels. We can expect one minor push on upside as wave (c) is ongoing. Also its 50-periods EMA has managed to capture major trends and is now acting as support on downside keeping the tone positive. Break above 32200 can take the prices towards 32300 levels.

In short, prices have arrived near crucial juncture. The next level to watch on upside is 32200 and on downside is 31750 levels.

50

14 2019 December 2018

7 31 24 17 10 3 26

Relative Strength Index (49.8403)

32450 32400 32350 32300 32250 32200 32150 32100 32050 32000 31950 31900 31850 31800 31750 31700 31650 31600 31550 31500 31450 31400 31350 31300 31250 31200 31150 31100 31050 31000 30950 30900 30850 30800 30750 30700 30650 30600 30550 30500 30450 30400 30350 30300 30250 30200 30150 30100 30050 30000

(g) z d

(e)

(f)

a (b) (d)

(a)

(x) (b)

(a) (b)

(c)

e (c)

(a)

M_GOLD-FEB (32,150.00, 32,150.00, 32,110.00, 32,143.00, -27.00)




39,000

70

MCX Silver continuous daily chart: SILVER-1M - Daily 15-01-2019 Open 39580, Hi 39770, Lo 39461, Close 39569 (0.0%) EMA(Close,20) = 38,856.73 45,000

(x)

(b)

44,000

43,000

(x) (f) 42,000

(a)

(d)

(f)

(a)

(b) (d) (x) 100.0%

76.4%

b

d 39022.99

41,000

40,000 39,569

38,856.7

(c)

(e)

(g) (c)

(e)

(g) 61.8%

a

c 38224.17

f

e

38,000

37,000

36,000

SILVER-1M - RSI(14) = 65.19

0.0% g (a)

35,000

34,000

65.1862

30

Apr Jul Oct 2018 Apr Jul Oct 2019




M_SILVER-MAR (39,532.00, 39,564.00, 39,465.00, 39,496.00, -90.00) 61.8% 50.0% 38.2% 23.6%

40000

c e

39500

0.0% f

d 39000

c a b 38500

38000

a 37500

b x b

37000

36500

c g (a)

36000

35500

80 75 70 65 60 55 50 45 40 35 30 25 20


Silver Mar 60 mins chart:

26 3 10 17 24 31 7 14 2018 December 2019

Wave analysis: Silver in the previous trading session opened on a flat note moved higher in the first hour of session however post that failed to sustain near the high and moved in a range of 39770-39460.

As shown on the daily chart, prices are failing to show momentum and are showing consolidation. A break of this range is required for a clear trend to emerge. In previous session prices formed a Doji candlestick indicating confusion in the markets. As shown on the hourly chart, prices are moving in overlapping fashion in the form of wave g and are showing contracting behavior forming Diamond shaped Diametric Pattern. We are showing Bollinger Bands on the chart and prices are precisely moving within the Bands and have reversed from the upper end of the band. Prices are arriving towards the lower end of the band. A break of this range is now required a break below 39420 is required and can take prices towards lower levels towards 39200 levels. In short Silver is range bound between 39700 and 39300 a break of this range will drive prices in that direction. A break above 39770 will resume the upmove taking prices towards 40000 whereas on the downside a break below 39420 can take prices lower towards 39200.




3,50

MCX Crude daily chart: CRUDEOIL-1M - Daily 15-01-2019 Open 3624, Hi 3712, Lo 3607, Close 3690 (1.7%) EMA(Close,20) =

0.0%

X (g) c

6,000

5,500

(c)

(e) a b x bd

b 5,000

(b)

50.0%

61.8%

76.4% (c)

(e)

(f)

(g) (a)

(x)

(b)

(d)

a

c ac e(f)

4,500

4,000

3,690

3,510.1 0

(a)

(a)

(1c0) 0.0% (e)

Y

(b)

(d) Diametric Pattern

3,000

2,500

Apr Jul Oct 2018 Apr Jul Oct 2019 CRUDEOIL-1M - RSI(14) = 57.84

70 57.84

30

Apr Jul Oct 2018 Apr Jul Oct 2019




MCX Crude Jan 60 min chart:

Wave analysis:

MCX Crude in its previous session opened on a positive note and later rallied higher towards 3712 levels. Overall we are witnessing sideways action from past few trading sessions between 3720 and 3500 levels. It is ideal to wait for prices to break either side of the range to get clear picture of trade.

As shown on hourly chart, wave a (blue) is completed near 2995 levels and wave b is currently ongoing on upside of Flat Correction pattern. Prices are precisely moving within upward sloping blue channel and are currently trading near channel support. As per channeling technique we can expect move towards channel resistance. Currently crude is moving in a range between 3720 and 3500 levels from past 4 trading sessions. If we see break above 3720 levels move towards channel resistance near 3820 can be expected.

In short, trend for Crude is range bound. One should keep a close watch on above mentioned pivot levels i.e. 3720 on upside and 3500 levels on downside to execute trade in respective direction.

M_CRxUDEOIL-JAN (3,692.00, 3,694.00, 3,686.00, 3,692.00, +0.00) 3950

3900

100.0% 3850

c 3800

3750

3700

3650

3600

3550 61.8%

g 3500

a 3450 50.0%

b 3400

c 3350 38.2%

a 3300

x 3250

23.6% 3200

3150 b

3100

3050

0.0% 3000 a

2950

90

80

70

60

50

40

30

20

14 December 2019

7 31 24 17 10 3





420

MCX Copper Daily chart: COPPER-1M - Daily 15-01-2019 Open 415.7, Hi 419.5, Lo 415.7, Close 416.5 (0.6%) EMA(Close,25)

iii g

500

490

e a i ovf

c c c

a b

a x x

b b

c x

d f y

480

470

460

450

440

430

418.479 416.5

iv a

c w

410

400

390

COPPER-1M - RSI(14) = 47.55

70

47.5466

30 Oct 2018 Apr Jul Oct 2019

2019 Oct Jul Apr 2018 Oct


Lo



MCX Copper Feb 60 mins chart:

M_COPPER-FEB (418.20, 418.20, 417.60, 418.10, +1.30)

d f 450

445

440

435

c 430

e b

d 425

420

g 415

a e? 410

405

400

c 395

Relative Strength Index (59.3617) 7060 50 40 30 20

26 3 10 17 24 31 7 14 2018 December 2019

Waves Analysis:

In the previous report we mentioned, “We can expect a move towards 421 levels. Maintain strict stop- loss of 412 levels as break of the same may induce selling pressure” Prices moved in similar manner and made a high near 419.50 levels. As shown on the daily chart, the wave theory suggests that prices seems to have completed wave ii of v near the low of 397.50 levels and the upmove being witnessed could probably be beginning of wave iii of v. For the mentioned scenario to stay valid the upmove would need to be continued.

As shown in the hourly chart, in the previous session copper had a gap-up opening but traded sideways throughout the session keeping the gap intact. The 50-periods EMA which was whipsawing with prices is now acting as a support to it which indicates positivity for the coming sessions. Prices have managed to sustain the channel break which eventually indicates that further upmove looks plausible.

In short, trend for copper looks positive. Break above 419.50 may take the prices towards 425 levels until the short-term support of 414 levels stay intact on the downside.

x




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The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. We have made our best efforts to try and ensure accuracy of data however, Green India Commodities or any of its affiliates /an employee shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Investors should not solely rely on the information contained in this document and must make investment decisions based on their own investment objectives, risk appetite, investment horizon, financial strength or other parameter. Green India Commodities has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. The report is purely for information purposes and does not construe to be investment recommendation/advice or an offer or solicitation of an offer to buy/sell any securities. The opinions expressed are our current opinions as of the date appearing in the material and may be subject to change from time to time without notice. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to local law, regulation or which would subject Green India Commodities and affiliates to any registration or licensing requirement within such jurisdiction. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.




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