UPDATION ON COPPER AND CRUDE

Copper

The above chart shows hourly chart of copper the average price of the copper is 310.90 and it has Support at 308 and Resistance at 312 

NOW WHAT WE EXPECT ???

Three consecutive closes + weekly close below 308 will see sharp downside panic till 293---289 and then to 276 mark in days to come else it could test its resistance level of 314 again

Close above 314 will take to 318---319 and then to 324 mark

Any way Trade with levels only

CRUDE OIL

See  Yesterday 's post  we clearly told to sell around 2461 with stop loss of 2491. Just made a low of 2331

Now what to expect???

Break and sustain below 2320 will see further panic till 2290---2280 and then to 2250 mark

Now hurdle resistance at 2400---2430

UPDATION ON CRUDE OIL

UPDATE ON CRUDE OIL

FUNDAMENTAL REPORT:-

Oil prices fall as weak China data, oversupply drag on markets. Crude oil prices reversed earlier gains on Tuesday, as gloomy Chinese data dragged on sentiment in a market already weighed down by persistently high production levels. The supply side continues to be dominated by producers' unwillingness to cut output and that has led to a surplus of hundreds of thousands of barrels of crude every day as well as a price drop by two-thirds since mid-2014.  

ANZ said the tensions between Saudi Arabia and Iran "will further aggravate the oversupply situation in 2016".

TECHNICAL REPORT:-   

    Fundamentally it is bearish. So, look on the technical analysis  the below chart shows the hourly chart of crude oil it shows yesterday the price is rise up to 2566 but it again turned back to 2460 levels and closed at 2465.

                                                                                

Now what we expect  the average price of the crude oil is 2488 and it has Support at 2430 and Resistance at 2490---2540

Two consecutive closes + 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

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

Any way Trade with levels only