Crude View and Commodity Intraday Trading Tips

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Crude View and Commodity Intraday Trading Tips
Mcx Crude Commodity Market Trading broadly
continues to be in a downward spiral however,
both the benchmarks look oversold in the
near-term as been specified yesterday as well. In
other cues, the early morning data over China GDP
may act some additional support to industrial
commodities including oil. Chinese government
data showed GDP rise by 7.3 percentage YoY
against markets forecasts of an increase in
the range of 7.2 percentages. Note that
broader risk over the commodity remains due
to continuously falling Brent as issues related
to supply increasing from the OPEC stays
higher, however positive equities and better
Chinese gauge is seen providing some support to
the WTI. In we look at that inventory data
variable from the US, initial forecast call for
moderate decline in product stocks whereas crude
stocks might see extended decline. On a
cumulative front, we feel it is better to
look for only momentary trades in the
commodity with bias seen marginally positive
as per the WTI is concerned. Hence, we look
for small dips to buy the commodity with strict
stoploss.Crude oil internationally had a decently
volatile session last day as the
commodity, especially the US WTI recorded
moderate gains during the larger part of Asian
and European session, fell in the US trading
hours before bouncing back from lows to close tad
lower around the 81.90 per barrel mark for
December expiry. Global Market View In
todays morning trade most of the Asian equity
markets are trading on a mixed to positive note
tracking the positive close of the US share
markets and buoy by the GDP information from
China that has been released this morning.
Euro and Pound have appreciated marginally
with respect to the dollar, and are currently
trading at 1.2801 and 1.6161 respectively. Major
economic data for today China GDP that came in
positive, and in the evening we have the home
sales data from the US markets, which could
continue to support the market momentum. Natural
gas Commodity Trading weather is exp
forecasting cool air will sweep through
Midwest and Northeast in the coming week
driving moderate heating demand however rest
of the US will be relatively comfortable
with limited demand for heating or cooling for
most part of the week. if we look into updates
from US CPC, most part of the country might see
largely higher than normal temperature cutting
down the demand for cooling and thus
further pushing prices lower. However,
technically as prices move to oversold
territory, we advice selling only on pullbacks
today. Natural gas for November expiry at NYMEX
recorded good slump last day with the
commodity taking cues over extended
normalization in temperatures in most part of the
US.
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Commodity Intraday Trading Tips Sell Copper Nov
Mcx below 408.50 SL 411.50 Tgt 404.50 Buy Nickel
Oct Mcx above 920 SL 908 Tgt 945