Buy Copper Above 1420 SL BELOW 1412 TGT 1431/1438 - Axis Securities Ltd
Macro
• Gold prices fell on Wednesday as a pullback in Treasury yields and improving Middle East oil supplies eased pressure on the Federal Reserve to raise interest rates, although a stronger dollar weighed on bullion. ]
• WTI crude oil prices rose early Wednesday after reports of increased attacks in the Strait of Hormuz fueled increased concerns over supply disruptions in the Middle East, while industry data pointed to a draw in U.S. inventories.
• Copper futures rose toward $6.6 per pound, hovering near a one-week high amid a rally in risk assets, highlighted by gains in technology and AI stocks.
Panel One
* 15-minute candlesticks for a rolling three-day period have been plotted.
* Blue horizontal line shows an open gap which could either be up or down (open-gap up: low of next candle does not overlap the high of the prior candle, and vice versa for an open-gap down). The horizontal line showing the gap will only appear if the price has not visited the gap area.
Panel Two
* Plots the Slow Stochastics study to identify overbought (90 and above) and oversold (20 and below) areas.
* Signals are generated when the fast line (black) crosses the slow line (blue).
Panel Three
* Plots the Fisher Transform study that helps identify extremes and makes turning points clearer.
* Red bands lie between +2 and +3 and can be thought of as an area where a peak could occur. Green bands lie between -2 and -3 and often mark bottoms.
Gold
SELL GOLD BELOW 149300 SL ABOVE 150400 TGT 147500/146800.
* Nearby Support: 1,49,300/ 1,47,500/ 1,45,500
* Nearby Resistance: 1,50,000/ 1,51,800/ 1,53,000
* Nearby Gaps: 1,50,000.
Silver
SELL SILVER BELOW 225000 SL ABOVE 229000 TGT 220000/216000.
* Nearby Support: 2,25,000/ 2,19,000/ 2,14,000
* Nearby Resistance: 2,27,000/ 2,33,000/ 2,38,000
* Nearby Gaps: 2,27,000.
Crude Oil
BUY CRUDEOIL ABOVE 8760 SL BELOW 8650 TGT 8920/9000.
* Nearby Support: 8,650/ 8,500/ 8,380
* Nearby Resistance: 8,760/ 8,900/ 9,030
* Nearby Gap(s): 8,636.
Copper
BUY COPPER ABOVE 1420 SL BELOW 1412 TGT 1431/1438.
* Nearby Support: 1,410/ 1,400/ 1,390
* Nearby Resistance: 1,420/ 1,429/ 1,440
* Open Gap(s): 1,1399.60.
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