Sell Copper Below 1335 SL ABOVE 1343 TGT 1325/1318 - Axis Securities Ltd
Macro
• Gold prices dropped below $4,100 an ounce on Thursday, erasing gains from the previous session as renewed tensions in the Middle East pushed oil prices higher and fueled inflation concerns.
• Brent crude rose toward $112 a barrel, approaching the four-year high of $114.4 reached on 4th May, as concerns grew over a potential escalation of the Middle East conflict and renewed US strikes against Iran.
• Copper futures fell toward $6.40 per pound, reaching their lowest level in five weeks as a global selloff in AI stocks dampened sentiment toward the metal.
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 143900 SL ABOVE 145000 TGT 142200/141800.
* Nearby Support: 1,43,900/ 1,42,000/ 1,40,500
* Nearby Resistance: 1,45,500/ 1,47,000/ 1,49,000
* Nearby Gaps: 1,46,000.
Silver
SELL SILVER BELOW 202400 SL ABOVE 206000 TGT 196000/193000.
* Nearby Support: 2,02,400/ 1,96,000/ 1,91,000
* Nearby Resistance: 2,06,000/ 2,11,000/ 2,16,000
* Nearby Gaps: 2,09,000.
Crude Oil
BUY CRUDEOIL ABOVE 9550 SL BELOW 9450 TGT 9700/9800.
* Nearby Support: 9,310/ 9,160/ 9,000
* Nearby Resistance: 9,550/ 9,700/ 9,880
* Nearby Gap(s): 9,208.
Copper
SELL COPPER BELOW 1335 SL ABOVE 1343 TGT 1325/1318.
* Nearby Support: 1,335/ 1,324/ 1,312
* Nearby Resistance: 1,386/ 1,395/ 1,406
* Open Gap(s): 1,390.40.
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