Tag Archives: mcx crude tips

MCX Crude Oil bearish; support 5600 and 5580

22 Jun

For intra-day, support for the commodity is seen at 5600 while resistance is seen at 5630. If prices break the level of 5600 then prices are expected to move towards 5580. MCX crude oil futures for July delivery was seen trading down by 0.04% at Rs. 5612 per barrel as of 11.56 PM IST on Saturday.

MUMBAI: The trend in crude oil futures for July delivery on India’s Multi Commodity Exchange (MCX) looks bearish for the day and traders are advised stay at sell side.

“For intra-day, support for the commodity is seen at 5600 while resistance is seen at 5630. If prices break the level of 5600 then prices are expected to move towards 5580,” said Amrita Mashar, Research Analyst at Commodity Online.

“Traders may take buy position near 5610 with the stop loss of 5630 for the target near 5580,” she added.

MCX crude oil futures for July delivery was seen trading down by 0.04% at Rs. 5612 per barrel as of 11.56 PM IST on Saturday.

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Last week, in the global market, crude oil prices fell to the lowest since September on higher than expected rise in US crude oil inventories, concerns over economic recovery in China and the United States and US Federal Reserve Chairman Ben Bernanke stated that the Central Bank may end its monetary stimulus partially this year and potentially withdrew it by the middle of next year on the assumption that US economy is improving.

WTI crude oil futures for August delivery on NYMEX closed down by 1.32% at $ 93.89 per barrel on Friday.

Brent crude oil futures for August delivery on NYMEX closed down by 1.19% at $100.94 per barrel on Friday.

Brent hovers near 10-week high, Fed meeting in focus

18 Jun

Brent crude futures were barely changed around USD 105, holding not far off their strongest level in 10 weeks, as investors remained cautious ahead of a US Federal Reserve meeting.

The Fed, whose two-day policy meeting starts on Tuesday, is under pressure to roll back some of the USD 85 billion in monthly bond purchases after advances in the US economy. Its three quantitative-easing schemes have buoyed prices of commodities.

At 0446 GMT, Brent was up 5 cents at USD 105.52 a barrel. It rose to 106.67 on Monday, the highest since April 4, on mounting tensions in the Middle East. US oil added 5 cents to USD 97.82 after hitting a nine-month high near USD 99 a barrel in the previous session.

“What I’m expecting is some indication of a slow, measured tapering of the bond-purchase programme by the Fed. It will cause some impact to markets at the start but I’m looking for minimal slippage at least for oil prices,” said Carl Larry, president of Houston-based Oil Outlooks and Opinions.

“In general any decision to taper would signal confidence in the ongoing recovery of the US economy, that is potentially an upside for markets depending on how investors take it.”

Global financial markets have been on edge since Fed Chairman Ben Bernanke suggested the central bank would be looking to taper its stimulus if the economy showed signs of improvement.

The oil market is also keeping an eye on a standoff over the civil war in Syria as world leaders lined up to pressure Russian President Vladimir Putin into toning down his support for Syrian President Bashar al-Assad on the second day of a G8 summit.

Although Syria is not key to global oil supply, investors are worried the civil war there could affect other countries in the Middle East and plunge the whole region into conflict

Any run-up on geopolitical risk would soon bump into a fundamental situation of ample supply and uncertain demand.

Stung by recent victories for Assad’s forces and their support from Hezbollah guerrillas, the United States said last week it would step up military aid to the rebels, including automatic weapons, light mortars and rocket-propelled grenades.

“The market has certainly built in a risk premium into prices, and this should keep it supported despite fundamentals suggesting that there is more than enough oil out there to buffer a disruption to any kind of supply from the region,” said Larry of Oil Outlooks and Opinions.

“But until we see some clear consensus between the likes of Russia and the US we shouldn’t expect to see an end in sight in Syria and that keeps the risk of the conflict spilling over and drawing in other regional entities much higher.”

US commercial crude oil stocks are expected to fall due to lower imports, according to a preliminary Reuters poll done on Monday.

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Crude shoots up on weaker dollar, North Sea supply snags

4 Jun

Oil prices shot up on Monday after U.S. data sent the dollar plunging, while reports of supply snags in the North Sea pushed up prices even further.

A weaker greenback tends to make oil a nicely priced asset in dollar-denominated exchanges, especially in the eyes of investors holding other currencies.

On the New York Mercantile Exchange, light sweet crude futures for delivery in July traded up 1.58% at USD93.43 a barrel on Monday, off from a session high of USD93.68 and up from an earlier session low of USD91.29.

A falling dollar made oil a nice buy on Monday.

The Institute for Supply Management said earlier its manufacturing purchasing managers’ index for the U.S. fell to 49.0 in May from 50.7 in April.

Analysts were expecting an unchanged reading.

On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.

The numbers sent oil gaining on sentiments that the Federal Reserve will keep stimulus tools in place that keep the greenback weaker to spur recovery.

Meanwhile in Europe, better-than-expected PMI data further weakened the dollar and sent oil gaining.

The eurozone’s manufacturing PMI improved to 48.3 from 47.8 in April indicating that the slump in the manufacturing sector is easing, according to London-based Markit Economics.

Germany’s manufacturing PMI was revised up to 49.4 in May, beating market calls for a 49.0 reading.

Reports of supply snags in the North Sea sent Brent futures soaring.

Platform operator Nexen reported earlier equipment failure will cut output in the Buzzard oilfield until later this week.

On the ICE Futures Exchange, Brent oil futures for July delivery were up 1.73% at USD102.13 a barrel, up USD8.70 from its U.S. counterpart.

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Here are trading tips for crude, nickel, copper & zinc

22 Apr

Renisha Chainani of Edelweiss recommends selling nickel on MCX at Rs 830 per kilogram. “Maintain a stop loss for this trade at Rs 845 per kilogram for a target of Rs 810-800 per kilogram”, Chainani adds.

Ram Pitre of Anand Rathi Commodities advises selling MCX crude at Rs 4,800-4,820 per barrel for a target of Rs 4,760-4,730 per barrel with a stop loss at Rs 4,850 per barrel.

Sumeet Bagadia of Destimoney Commodities advocates buying MCX zinc at Rs 99.50-100 per kilogram levels. Bagadia says, “Keep a stop loss for this trade at Rs 98 per kilogram for an initial target is of Rs 102.50 per kilogram followed by Rs 104 per kilogram”.

Dharmesh Bhatia of Kotak Commodities suggests selling MCX copper on rise up to Rs 379 per kilogram. Place a stop loss for this trade at Rs 383 per kilogram for a target of Rs 371-368 per kilogram.

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Source: http://www.moneycontrol.com/news/commodities/heretrading-tips-for-crude-nickel-copperzinc_856523.html

Commodity Tips for 4th April, 2013

4 Apr

Commodity-trading

Gold is in slightly bearish trend. Gold support is at 29050 and 28880; Resistance is at 29270 and 29400. Gold prices are expected to further ahead down till 29000. Sell on rise should be the strategy.

Silver is in slightly bearish trend. Silver support is at 50400 and 49800. Resistance is at 51700 and 52100. Silver prices are expected to trade weak till 50000, one can sell on rise.

Copper is in sideways trend. Copper support is at 400 & 396. Resistance is at 405 & 408. Copper prices are expected to test lower till 400-398, one could sell on rise.

Nickel is in sideways trend. Nickel support is at 875 & 863. Resistance is at 882 & 891. Nickel prices are expected to witness a sideways to down move. One can sell on rise around 885-890 with a stop loss above 900.

Crude is in sideways trend. Crude support is at 5170 & 5130. Resistance is at 5200 & 5240. Crude prices are expected to test 5100 on down side one can sell around 5200.

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