Weekly Commodity Takeoff : The prices are moving higher while taking support from the 18 days EMA which acted as a variable support for the prices - GEPL Capital
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News / Other data
* Mexican state oil company Premix's newest refinery will reach half of its crude processing capacity in July, the national president said on Friday, marking the latest shift in timing for the project's operations.
* Frigid cold and blowing winds on Friday knocked out power and cut energy production across the United States, driving up heating and electricity prices as people prepared for holiday celebrations.
* U.S. crude oil prices settled higher Friday, as Moscow said it may cut oil production to offset price caps on Russian crude imposed by the G7 nations and the European Union.
* Oil prices settled about $3 per barrel higher on Friday for a second straight week of gains after Moscow said it could cut crude output in response to the G7 price cap on Russian exports.
* European natural gas prices extended their recent slump on Friday, front-month futures falling to the lowest levels since June in response to warmer weather across Europe that has offered countries a rare chance to replenish reserves.
* Oil prices rose Friday, on course to post a weekly gain, on expectations that Russia will cut its supply in the new year while a winter storm hits large parts of the United States.
* A power dip resulted in flaring at Martinez refinery in California, a local media report stated, citing Martinez Refining Company representative. Operations were otherwise stable and that the cause of the electrical disruption was under investigation, the report said.
Chart for the Week
MCX COPPER FUTURES : 724.90
Observation
* On looking at the broader picture MCX COPPER FUTURES, we can spot that the prices have surpassed its crucial resistance of 720 level, indicating an impending attempt for another up move.
* Prices after retesting the neckline of Head and shoulder pattern, are now climbing to the upside while maintaining its Higher High, Higher Low formation. The breakout was scored on 4th November 2022.
* The prices are moving higher while taking support from the 18 days EMA which acted as a variable support for the prices.
* The momentum indicator RSI on the Daily timeframe is rising with the prices, confirming the presence of bullish momentum in the underlying uptrend.
Inference
* Price action with the indicator evidences suggest that the structure of the MCX COPPER FUTURES looks Bullish for the coming days.
* Buy MCX COPPER FUTURES above 728 for the Target of 775 where the Stoploss must be 700 strictly on the closing basis.
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