WTI Crude likely to good buying opportunity at 4725/20
Commodity Online | June 02 2016
UPDATED 17:45:45 IST

MCX Natural Gas under long liquidation; Resistance seen at 191.1

MCX Crude Oil under short covering; Support seen at 2876

MCX Silver under long liquidation; Resistance seen at 61260

MCX Gold under fresh selling; Support seen at 50092

NCDEX Jeera under fresh selling; Resistance seen at 14140


By Jason Sen
WTI Crude same levels apply for today as they are working well so far this week. First support at 4880/4870 of course but below here re-targets 4805/00 & support at 4780/70. A bounce possible but longs are much more risky today & would need stops below 4750. If stops are triggered we want to try to get back in to shorts on a bounce to 4770/80 to target a good buying opportunity at 4725/20. A low for the week is possible here.

Holding first support at 4880/70 targets 4920/25 (we topped exactly here on the bounce yesterday). We should struggle here again today, but further gains target 4955/60 but 5010/15 is proving a major challenge. TO REPEAT: Although in a 5 month bull trend we are battling overbought conditions at the big $50 number. Gains are expected to be limited therefore but above 5025 today could target 5040/44, 5070/74, & perhaps as far as 5090 this week.

Courtesy: Daytradeideas.com
Commodity Arrivals Rate
Mustard Oil 1 10300.00
Coconut Oil 0.1 18100.00
Arecanut 4 36588.00
Sugar 30 3550.00

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