Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: Nikkei looks strong in the near term while DJIA and DAX could remain stable just now, possibly trying to make a base before seeing another rally on the Northside. Nifty and Shanghai are trading below important resistance marks. PE
DJIA at 19881.76, +0.60% as not move below 19700, and has instead bounced from there. But, while still below resistance near 19900, near term looks slightly Bearish toward support at 19600.
DAX at 11584.24, -0.12% may come off from interim resistance near 11680, and head towards support at 11400 again, while 11680 holds, expect some movement in the 11680-11400 area for a few sessions. A break above 11680 will confirm further Bullishness medium term.
Nikkei at 19526.09, +2.15% bounced back sharply from the daily channel support near 19000 instead of testing to 18750. The 19000 support is clearly visible on the weekly which suggests a rise towards 20000.
Shanghai at 3139.14, +0.09% sees immediate resistance near 3150 and could come off from there towards 3100-3050 in the near term.
Nifty at 8192.25, +0.16% is trading near 8200, the immediate resistance, which may break to the Northside allowing it to test higher and Key resistance zone of 8265-8285 in the days ahead. A rejection at 8265-8285 seems likely and could keep prices low medium term. But, if 8200 holds in here, the index could come of towards 8100 Wednesday.
Crude Oil, Gold, Silver & Copper Markets
Commentary: Sharp movements in Crude Oil prices were visible Tuesday. A possible wedge like formation is visible just now which could lead to sharp movement on either side of the immediate support and resistance zones. PE
Brent Crude at 55.78 made an intra-day high of 58.35, breaking above 57.50, but note that important channel resistance is at play visible on the daily. The resistance on the Northside shifts to 58.50-59.00, and and as long as 56 and 54.50 hold, could see a sharp rise near term For now 59.00-54.50 region could be the near term trading range.
WTI Crude Oil 52.66 made an intra-day high of 55.22 day and is trading lower today. May soon expect a move back from 52.00-51.65 marks near term.
Gold at 1159.85, and Silver 16.38 have risen slightly and look Bullish near term towards 1170/80 and 16.50-17.00 marks respectively.
Copper at 2.4880 has come off a bit but has been trading along the support marks at 2.45. While the support holds, keep the chances of a move towards 2.60 intact.