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Weekly Commodity Takeoff

News / Other data

* Malaysia's state oil firm Petronas said on Saturday an anti-corruption probe into the firm's dealings involving a $90 million project had not found any wrongdoing by the company. Malaysia's Anti-Corruption Commission (MACC) said on Friday it was investigating allegations of corruption involving Petronas and an international oil and gas company in a project worth 399 million ringgit in the state of Sarawak. It did not identify the company.

* Oil prices ticked up on Friday as U.S. officials appeared close to striking a debt-ceiling deal, and as the market weighed conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting. Brent crude settled 69 cents, or 0.9%, higher at $76.95 a barrel. U.S. West Texas Intermediate closed up 84 cents, or 1.2%, at $72.67 a barrel.

* Ukraine's defence ministry on Friday said Russia was planning to simulate a major accident at a nuclear power station controlled by pro-Moscow forces to try to thwart a long-planned Ukrainian counteroffensive to retake territory occupied by Russia. The Zaporizhzhia plant, which lies in an area of Russian-occupied southern Ukraine, is Europe's biggest nuclear power station and the area has been repeatedly hit by shelling that both sides blame each other for.

* Gold bulls are still counting on another record high if the Chicken Little metaphor of saving the world — or more precisely, the U.S. economy, from a government debt default or recession — doesn’t come true. Yet, the path of least resistance for the yellow metal over the past three weeks has been lower.

Chart for the Week

MCX METALDEX FUTURES (Weekly) : 15772

Observation

* The prices of MCX METALDEX FUTURES have breached the key support of 16000 which the prices respected since September 2021. This illustrates the negative undertone of the prices.

* The recent breakdown from the Rectangle pattern indicates beginning of the trend to the downside.

* Prices have sustained well below the 18 Weeks EMA, which confirms the reversal to the downside.

* The momentum indicator RSI is falling and have sustained well below the 50 mark reflecting the lack of positive momentum.

Inference

* These factors indicate that the trend for MCX METALDEX FUTURES is expected to move lower in the short term.

* Sell MCX METALDEX FUTURES below 15772 for the target of 14900 where the stop loss must be 16060 on the closing basis.

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