Key Stock Indexes, Crude, Gold and Silver Markets Briefing

Key Stock Indexes, Crude, Gold and Silver Markets Briefing

Key Stock Indexes, Crude, Gold and Silver Markets Briefing

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

Commentary: Equities are all mixed. Only the DJIA and DAX looks to be holding their upward rally and looks potentially Bullish while some weakness is seen in the other indices. Shanghai crashed, and Nikkei and Nifty may have some room on the Southside for the up and coming sessions. PE

DJIA at 19796.43, +0.20% moved up Monday on volume. A near term pause is possible near 20000. The double bottom formation seen on the weekly line charts are holding well for now giving a good upside momentum. A pause at 20000ish could just be a pause within the larger Bull Market rally.

DAX at 11190.21, -0.12% looks Bullish for the coming sessions. A slight pause is seen near current levels as expected. In case this holds, could see a dip towards 11000, or it could move up towards 11400-11500 near term.

Nikkei at 19127.06, -0.15% paused near term. There is some chance of testing 19500 on the Northside. Consolidation in the 19500-19000 range is possible near term.

Shanghai at 3134.15, -0.60% crashed Monday. News says that the Chinese regulators issued an edict, banning Evergrande Life from buying more stocks as they may have been conducting short-term speculation. But the crash in the index would lead to a test of support near 3100 in the next couple of sessions from there a bounce could be expected.

Nifty at 8170.80, -1.10% closed on a weaker note Monday, falling from marks near 8250 as expected. The current fall may continue towards 8100-8000 near term before seeing a bounce or rise back Tuesday.

 

Crude Oil, Gold, Silver & Copper Markets

Commentary: Commodities are mixed. Gold and Copper looks Bearish, Silver may remain stable and Crude Oil may see a short dip before rising back to higher marks. PE

Gold at 1163.31 tested near 1150 Monday but has moved up a bit in here. Still look for a Southside move to 1150-1130 near term. The larger trend is South and may continue in the coming sessions. The forment support near 1170 might act as resistance in here.

Silver at 17.10 has strengthened and may remain stable in the 17.50-16.50 zone near term. Note: important resistance and support is seen near 17.50 and 16.00 respectively.

Brent Crude at 55.58 saw a gap up opening Monday trading near 56.50, but has come off to below 56. While support near 54 holds, expect a bounce to higher marks at 56-60 medium term. Do not see a sharp fall below 54 in here.

WTI Crude Oil at 52.63 has fallen from near 54.50, but while it holds above 52, there is a chance of seeing another up move towards 54.50 and higher. The current dip may continue for a few more sessions before seeing a rally to higher marks.

Copper at 2.6180 is holding below resistance at 2.75, so we may see some consolidation within 2.75-2.60 region near term. A fall towards 2.50-2.45 could be possible if price breaks below 2.60.

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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