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Home » Egypt’s Suez Canal blockage helped Crude oil in recovery. Major MCX Commodity update.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Egypt’s Suez Canal blockage helped Crude oil in recovery. Major MCX Commodity update.

Crude Oil

 

Crude oil recovered from a lower level sharply amid supply concern due to Egypt’s Suez Canal blockade, although gain capped by lockdown in Europe. On the other hand, Precious metals traded range-bound with a slight gap up due to correction in the US Treasury Yields and worries over lockdowns across the eurozone.

Today, traders should concentrate on Core Durable Goods Orders m/m along with Durable Goods Orders m/m, Flash Manufacturing PMI, Flash Services PMI, and Crude Oil Inventories from the house of the US which will impact Base metals and Bullions. If the forecast figure match with the actual data then the possible impact as follows:

USD 6:00 PM Core Durable Goods Orders m/m [{Previous (1.3%)} {Expected (0.6%)]. Forecast figure is negative for base metals while positive for Bullions.

USD 6:00 PM Durable Goods Orders m/m [{Previous (3.4%)} {Expected (0.7%)]. Forecast figure is negative for base metals while positive for Bullions.

USD 7:15 PM Flash Manufacturing PMI [{Previous (58.6)} {Expected (59.6)]. Forecast figure is positive for base metals while negative for Bullions.

USD 7:15 PM Flash Services PMI [{Previous (58.9)} {Expected (60.1)]. Forecast figure is positive for base metals while negative for Bullions.

USD 8:00 PM Crude Oil Inventories [{Previous (2.4M)} {Expected (1.4M)]. Forecast figure is positive for Crude oil prices.

 

 

Technical Levels of Crude Oil and Other Major Commodities

 

Gold (April)

Gold has its support at 44500 and resistance at 44900.

Break and sustain below 44500 will take it to 44100—43800 or else it could test its resistance again.

Fresh buying will do on a close above 44900.

Trade with the levels only.

 

Silver (May)

Silver has its support at 64800 and resistance at 65800.

Wherever it breaks and closes will decide the further direction of Silver.

Till then trade within the range and wait for the confirmation.

 

Crude oil (March)

Yesterday, clearly told to sell Crude around 4320 with a stop loss above 4400. It made a low of 4209, crashed more than 100 points.

Crude oil has its support at 4260 and resistance at 4380.

Break and sustain above 4380 will take it to 4500—4550 or else it could test its support again.

Fresh selling will do on a close below 4260.

Trade with the levels only.

 

Natural Gas (March)

Natural gas has its support at 179–176 and resistance at 187.

Trade within the range and wait for the confirmation as the trend is not clear.

 

Copper (April)

Copper has its support at 672 and resistance at 679.

Break and sustain above 679 will take it to 686—690 or else it could test its support again.

Fresh selling will do on a close below 672.

Trade with the levels only.

 

 

Commodity Update on WhatsApp

 

 

 

We are a SEBI registered investment advisor. The above free information is for education/knowledge purposes. Read disclaimer on our website before investing.

 

 

 

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