-- Published: Monday, 19 November 2018 | Print | Disqus
Thanksgiving week has been marked by abrupt moves and long-term trend changing moves in metals and energies. This has happened most of the time (not all of the time) over the past fifteen years. I will prefer to be cautious in metals, natural gas and the US dollar Index this week. Technicals are fine but one should see signs of a trend changing technically.
Global stocks could sink once again if trade reconciliation between the USA and China shows signs of failing. Industrial metals will also crash if there is no patch up between the USA and China. This is the only risk for industrial metals. Nickel is oversold. Zinc has had a technical breakout.
Traders and investors will start taking positions for Christmas and the New Year. I expect more gains for emerging market currencies as long as crude oil does not rise the way it has fallen. Intraday volatility and short term volatility will rise. Invest for the medium term and long term to prevent trading losses and even capital erosion.
COMEX SILVER DECEMBER 2018 – current price $1437.50
Bullish over $1424.50 with $1448.00 and $1472.50 as price target
Bearish below $1416.50 with $1406.50 and $1388.50 as price target
· Quick rise will be there over $1441.50.
· Quick sell off will be there below $1424.50.
· A daily close over $1444.50 today should be bullish for tomorrow.
MCX Natural gas November 18 (previous day close/CMP Rs.297.90):
Support: 232.60-254.90-265.10-277.60-290.30
Resistance: 303.90-318.10-330.70-340.40-363.10-383.80
· Momentum is very bullish. Technically oversold.
· NG will be very volatile till future close on 27th November.
· There can be a fall first and then a rise.
· If NG falls then chances of 254.90 and 232.60 will be very high.
· NG needs to trade over 318.10 this week to zoom to 340.80 and 383.80.
· I am against going long in NG unless it breaks and trades over previous week high of 358.70.
(prices are in Indian rupees above. The above view is a weekly view)
HAPPY PROFITABLE TRADING
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, crypto currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. Prepared by Chintan Karnani
Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.
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NOTES TO THE ABOVE REPORT
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-- Published: Monday, 19 November 2018 | E-Mail | Print | Source: GoldSeek.com
