Key Stock, Crude, Gold and Silver Markets Briefing

Key Stock, Crude, Gold and Silver Markets Briefing

Key Stock, Crude, Gold and Silver Markets Briefing

$DIA, $DAX, $GLD, $SLV, $OIL, $USO, $CU

Commentary: The Big Q: Are the markets going to move sideways or…? Lack of directional clarity means looking for more cues, but for now the Bearish sentiment for stocks near term remains. PE

DJIA at 18086.40, -0.29% has been trading in the 18400-18000 region for some time now and there is no clear direction. The 18055-17992 region is an important near term support which could keep prices high for a while or not. Seeing a test to 17800 ahead. But, as support near 18055-17992  holds, see some more sideways movement during this week.

DAX at 10503.57, -0.73%) could see inside the 10300-10600 range for another 2-3 sessions before a sharp break North or South. The chances of breaking below 10300 look high which may take the index down towards 10195-10100 medium term. If the support near 10300 holds, the chances of breaking above 10600 increases.

Nikkei at 16919.12, +0.11% is stable, and while resistance near 17000 holds, there is a possibility that it sees 16750-16700 near term. A break above 17000, if seen could take it higher to levels near 17250-17440 from where sharp rejection could be expected. For now the 17000 resistance is holding well keeping the immediate target near 16700 for the coming sessions.

Shanghai  and 3048.13, +0.23% has come off from 3075 as expected. The 3025-3075 region could be the range near term.

Nifty at 8520.40, -0.73% has been moving down sharply and is testing Key support at 8500. If it holds see movement in the 8700-8500 near term but chances of a break below 8500 looks likely now. In case a break below 8500 is seen, then turn Bearish for the coming weeks and expect a test of 8300 near term.

 

Crude Oil, Gold, Silver & Copper Markets

Commentary: Almost all the commodity markets have entered a sideways phase which may continue for the next couple of sessions. PE

Gold at 1258.50 seeing a fall in volatility as it continues to trade in the range of 1245-65, as long as it trades below the Key resistance of 1275-80, the chances of further decline towards 1200 cannot be ignored.

Silver at 17.5870 is close to the 5-day high of 17.67,  but may bounce higher to 17.80-18.00 in the next few sessions if Gold manages to test at 1275-80. Major support is unchanged at 17.25 and 17.00.

Brent Crude at 51.80 is in a sideways consolidation ranged at 50.90-52.50. Direction unclear, Neutral, no bias in here.

WTI Crude Oil 50.22 continues its contraction in the range of 49.00-51.00 this trendless phase may continue for another couple of sessions. Neutral, no bias.

Copper at 2.113 has not moved much though it trades above the major support at 2.10. the chances of seeing 2.15 in the next few sessions is open.

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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