Commodity Intraday Technical Outlook 16 May 2023 - Geojit Financial Services
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Gold LBMA Spot
Prices remains volatile initially. A direct break below $1980 may extend weakness in the counter.
Silver LBMA Spot
If the support of $23.50 remains hold downside expect recovery upticks. A direct drop of which would trigger further liquidation pressure.
Crude Oil NYMEX
While prices stay above $68 may see extension of recovery upticks. However, stiff resistance is placed at $72.
Gold KG Jun
Further rallies are seen only a break above Rs 61500. Inability to break the same may see choppy with mild corrective selling pressure.
Silver KG Jul
A direct dip below Rs 72000 may extend selling pressure. Else, intraday recovery upticks expected.
Crude Oil May
If unable to move past Rs 5800 may extend recovery rallies. Else, choppy with mild negative bias trading is likely for the day.
Natural Gas May
Upticks likely to extend while the support of Rs 178 remains undisturbed. A direct dip of the same would trigger weakness.
Copper May
Expect a range bound trade inside Rs 736-724 levels and breaking any of the sides would suggest fresh directional moves.
Nickel May
Expect choppy with thin volume trading in the near future.
Zinc May
Consistent trades below Rs 228 may extend liquidation pressure. Else, recovery upticks are on the cards.
Lead May
Choppy with recovery upticks may continue as long as the support of Rs 184 hold the downside.
Aluminium May
Recovery upticks are on the cards as long as the support of Rs 205 remains undisturbed.
To Read Complete Report & Disclaimer Click Here
For More Geojit Financial Services Ltd Disclaimer https://www.geojit.com/disclaimer
SEBI Registration Number: INH200000345
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
