Moneymaker Research Commodity Report

1
2016

Daily MCX Newsletter 26th APRIL 2016
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Money Maker Research Pvt. Ltd. MARKET WRAP
PRECIOUS METALS MCX Gold futures tested
lows near Rs 29050 per 10 grams yesterday
as a drop from five week high continued.
However, good buying emerged at this level and
the counter ended in green, adding more than Rs
200 on the day. A sideways trend seems to be at
work after the contract tested lows near Rs 28900
mark on Friday - approaching its 50 day EMA.
Today, further gains are likely if the counter
breaks above yesterday's highs of Rs 29300 while
a break under Rs 29200 can cause some moderation.
ENERGY MCX Crude oil futures dropped heavily in
intraday moves yesterday on profit selling
pressure. The counter recorded strong gains in
last week after a break above EMA 50 on day
charts. However, repeated failure to hold around
Rs 2965/2970 per barrel mark eventually took a
toll on the contract and heavy losses emerged in
the commodity as Rs 2900 levels were broken. The
counter ended around Rs 2880 per barrel mark and
is expected to face selling pressure on rallies
today.
BASE METALS MCX Copper futures slipped from a
one month high yesterday after recording handsome
gains earlier. The counter soared above Rs 338
per kg on Friday as a break above 100 day
Exponential Moving Average (EMA) managed to hold.
However, the Monday blues saw an outright
correction after prices eased from one month
highs and the counter ended around Rs 332 per kg
levels. Further selling is expected in the
counter with a break under Rs 330 triggering
heavy intraday short selling.
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