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Tuesday, January 5, 2016

Update on Basemetals and Energy 05 Jan 2016






Copper




Support at 308 and Resistance at 319---324

Two consecutive closes below 309 will take to 293---289 and then to 276 mark in days to come

Else it could test its resistance level of 319---324 again

Further upside rally seen only weekly close above 324 mark. Till then traders can trade in a range with levels only and wait for confirmation.





Crude Oil




Support at 2430 and Resistance at 2490---2540

Close below 2430 will take to 2370---2320 and then to 2250 mark in days to come else it could test its resistance level of 2540 again

Close above 2540 will take to 2630---2680+ mark

Trade with levels only







Natural Gas



Support at 151 and Resistance at 159

Two consecutive closes below 151 will take to 143---138 and then to 132 mark in days to come else it could test its resistance level of 159 mark again


Three consecutive closes + weekly close above 159 will take to ???

Trade with levels only.









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