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Thursday 23 January 2014

COMMODITY MARKET TREND - 24 JANUARY 2014

BASE METAL WRAP:

Industrial metals retreated as manufacturing data from China, the world’s biggest consumer, fell below economists’ expectations. Lead dropped for a second day as nickel declined from the highest level in three months.
CS CHANA (FEB.) OVERVIEW:
TREND CONSOLIDATE
SUP1:3015
SUP2:2950
RESIST1:3090
RESIST2:3164
TRADING STRATEGY: SELL ON RISE
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ENERGY WRAP:

West Texas Intermediate crude rose for a fifth day and headed for the biggest weekly advance since December after a government report showed U.S. distillate-fuel stockpiles declined. Natural gas rose for a fourth day in New York and headed for the biggest weekly gain since September 2012 as meteorologists predicted U.S. temperatures will remain below normal through the end of this month.
CS JEERA (MARCH) OVERVIEW:
TREND CONSOLIDATE
SUP1:12440
SUP2:12360
RESIST1:12950
RESIST2:13540
TRADING STRATEGY: SELL ON RISE
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PRECIOUS METAL WRAP:

Gold retreated from a six-week high, paring the longest weekly rally since September 2012, as investors assessed whether the U.S. Federal Reserve will keep reducing stimulus.
CS TURMERIC (APRIL) OVERVIEW:
TREND BULLISH
SUP1:6950
SUP2:6820
RESIST1:7150
RESIST2:7250
TRADING STRATEGY: BUY ON DIPS
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GLOBAL EVENTS TO WATCH:

WEF Annual Meetings, Core CPI m/m.
CS SOYABEAN (FEB.) OVERVIEW:
TREND CONSOLIDATE
SUP1:3800
SUP2:3715
RESIST1:3842
RESIST2:3915
TRADING STRATEGY: BUY ON DIPS
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