STOCKS AND FUTURES WATCH MONDAY 9TH NOV 2014 STOCKS Dow (17,652.79, +0.23%) made another new high in a rather volatile trade. The immediate supports exist at 17,625-17,600 band and followed by 17,525 levels. The narrow range trade over past few days is a sign of caution as it awaits new directions from fundamental data. Nikkei (17,330.39, -0.36%) for the third day has sustained above 17,000 levels, its psychological resistance. Nikkei is charting out a triangular formation which would target 18,200, which is inline with our targets of 17,850 and 18,250. 17,000 is also the immediate support below. Shanghai (2,466.45, -0.77%) has found it difficult to cross 2500 levels despite four attempts in short term. However, the sequence of higher-bottoms continues and we press for an upper breakout, probably in line with the better global economic data expected next week. Dax (9,248.51, +0.41%) is still charting out its short term topping formation but within the expected range 9200-9400. we expect it to trade within the range today. COMMODITIES Precious metals remain stubbornly flat amid consolidation in U.S. Dollar Index. Gold (1160.87) ranged in between 1140-80 for the 10th session in a row. In the absence of short term directional cues it may remain stuck in its current range. Keeping our broader bearish outlook intact, we continue with down side target of 1110. Silver (15.62) daily candle pattern suggests traders are indecisive. Levels of 15.80-90 are to be defended by the long term bears to continue the down fall towards our target area of 14.60. Despite intensified geopolitical tension in major oil producing countries, Brent (77.98) prices have declined to July”2006 high of 78.60 levels. Longterm Bears sitting on huge profits now, but fresh short sellers may get trapped. Also, we do not rule out the possibilities of short squeeze around these support levels of 78-79. Mean while Nymex WTI (74.40) has come down to our target area of 74. We prefer being watchful on the next development. Copper (3.0025) prices are not able to acknowledge global macro developments, so no structural change is seen in it. Consolidation with downward bias in the range of 2.95-3.05 will continue. ............................
Posted on: Fri, 14 Nov 2014 04:32:30 +0000
Trending Topics
Recently Viewed Topics
© 2015