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Published on 8/05/2019 11:24:28 AM | Source: Hem Securities Ltd

Commodity Technical Outlook 08th May 2019 - Hem Sec

Posted in Commodities Reports| #Commodity Tips #Hem Securities Ltd

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GOLD MCX Future June CMP: Rs. 31768 (0.12%)

The US China worries continued to move the commodity in the towards weekly high and it is likely to move upward till the next resistance level. Investors are advised to go long but maintain a strict stop loss. Support can be seen at Rs. 31500 & 31450 whereas resistance at Rs. 31900 & 32100.

 

CRUDE OIL MCX Future May CMP: Rs. 434.30 (0.91%)​​​​​​​

With the heavy rains reducing the production levels of the mines, the commodity was likely to go on the higher side due to demand pressure getting a higher hand on the supply. Investors are advised to go long on intraday basis but maintain a strict stop loss due to market volatility. Support can be seen at Rs. 429 & 428 whereas resistance at Rs. 437 & 438.

 

Recommendations

Buy Silver @37575 Stop Loss 37400 Target 37700-37800

Buy Crude Oil @4300-4320 Stop Loss 4289 Target 4330-4390

 

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