Buy Copper Above 1423 SL BELOW 1415 TGT 1433/1438 - Axis Securities Ltd
Macro
• Gold prices were mixed in the last session as a weaker U.S. dollar and subdued oil prices provided some support to bullion ahead of key U.S. inflation data. The Consumer Price Index (CPI) and Producer Price Index (PPI) reports, due on Wednesday and Thursday, respectively, will be closely watched for fresh clues on inflation trends and the Federal Reserve’s future monetary policy decisions.
• WTI crude oil prices rose as renewed clashes between Saudi Arabia and Yemen’s Houthis heightened concerns over potential supply disruptions in the Middle East.
• Copper futures climbed above $6.70 per pound, moving closer to record highs as labour strikes and adverse weather conditions disrupted mining operations in Chile, the world’s largest copper producer.
Reading the Charts
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 147500 SL ABOVE 148500 TGT 146000/145000. (Validity: 14th Oct)
? Nearby Support: 1,47,500/ 1,46,000/ 1,44,500
? Nearby Resistance: 1,49,000/ 1,50,500/ 1,52,500
? Nearby Gaps: NONE.
Silver
SELL SILVER BELOW 216800 SL ABOVE 221000 TGT 212000/208000. (Validity: 14th Oct)
? Nearby Support: 2,16,800/ 2,12,000/ 2,07,000
? Nearby Resistance: 2,20,000/ 2,25,000/ 2,31,000
? Nearby Gaps: NONE.
Crude Oil
BUY CRUDEOIL ABOVE 9050 SL BELOW 8950 TGT 9200/9300. (Validity: 14th Oct)
? Nearby Support: 8,900/ 8,760/ 8,610
? Nearby Resistance: 9,050/ 9,200/ 9,330
? Nearby Gap(s): NONE.
Copper
BUY COPPER ABOVE 1423 SL BELOW 1415 TGT 1433/1438. (Validity: 14th Oct)
? Nearby Support: 1,418/ 1,407/ 1,398
? Nearby Resistance: 1,423/ 1,433/ 1,445
? Open Gap(s): NONE.
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