Key Stock, Crude, Gold and Silver Markets Briefing

Key Stock, Crude, Gold and Silver Markets Briefing

Key Stock, Crude, Gold and Silver Markets Briefing


Commentary: The world’a equity markets continue weak. Immediate supports are vulnerable to break and the resistances are strong. PE

DJIA at 18098.94, -0.25% marked an intra-day low below 18000 for the 1st time since July 2016 but saw buying come in at lower levels. This could be indicative of a test of 17900-17800 near term. A break below 17800 would bring more focus towards 17600-17400 region, but that would need a sharp break below 17800. Keeping the Southside chances open.

DAX at 10414.07, -1.04% saw a Gap open down and almost fell to test 1st support above 10300. In case the 10300-10600 region fails to hold near term, the Southside possibility of 10100 comes into focus.

Nikkei at 16785.20, +0.07% has come down, and could continue to fall towards 16400 in the next 2-3 sessions. A break below 16400 look at a test at 16200.

Shanghai at 3053.51, -0.25% has tested interim resistance near 3075 which if holds could limit the Northside and prevent a rise towards 3100-3150 . But above 3050, the Northside potential remains open. Below 3075, we could expect a trade 3050-3075 near term.

Nifty at 8573.35, -1.56% extended its fall to 8500. The 8700-8450 channel holding for now, expect a bounce from 8450-8500 in the coming sessions.


Crude Oil, Gold, Silver & Copper Markets

Commentary: Crude Oil is in a shallow corrective mode while the precious metals consolidate at the lower levels with the major trend down.PE

Gold at 1256.22 continues its consolidation phase in the 1245-80 following the sharp moves seen last week. It  requires a break above 1275-80 to negate the immediate risk for more Southside towards 1200.

Silver at 17.40 is ranged at 17.00-18.00 with the chances of seeing 17.75-18.00  open but the major trend is South and Bears remain in control.

Brent Crude at 51.90 in a corrective mode and a failure to rise above 52.65-85 in 12 sessions may push it South to 50.00-49.70 soon.

WTI Crude Oil at 50.55 is finding support at 49.20-10 for the last 7 sessions, a clear break below 49.00 can push it down to 48.00 then comes 46.00.

Copper at 2.128 has seen a sharp decline after the poor Chinese export-import data. The major support at 2.10 may hold near term and keep it in the broader range of 2.10-20 for the next few sessions.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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