Mcx Crude Commodity Market Trading broadly continues to be in a downward spiral however, both the benchmarks look oversold in the near-term as been http://www.profitkrishna.com

1. Crude View and Commodity Intraday Trading Tips
Mcx Crude Commodity Market Trading broadly continues to be in a downward spiral however, both the benchmarks look oversold in the near-term as been specified yesterday as well. In other cues, the early morning data over China GDP may act some additional support to industrial commodities including oil. Chinese government data showed GDP rise by 7.3 percentage YoY against markets forecasts of an increase in the range of 7.2 percentages. Note that broader risk over the commodity remains due to continuously falling Brent as issues related to supply increasing from the OPEC stays higher, however positive equities and better Chinese gauge is seen providing some support to the WTI. In we look at that inventory data variable from the US, initial forecast call for moderate decline in product stocks whereas crude stocks might see extended decline. On a cumulative front, we feel it is better to look for only momentary trades in the commodity with bias seen marginally positive as per the WTI is concerned. Hence, we look for small dips to buy the commodity with strict stoploss.Crude oil internationally had a decently volatile session last day as the commodity, especially the US WTI recorded moderate gains during the larger part of Asian and European session, fell in the US trading hours before bouncing back from lows to close tad lower around the $81.90 per barrel mark for December expiry.
Global Market View: In today’s morning trade most of the Asian equity markets are trading on a mixed to positive note tracking the positive close of the US share markets and buoy by the GDP information from China that has been released this morning. Euro and Pound have appreciated marginally with respect to the dollar, and are currently trading at 1.2801 and 1.6161 respectively.
Major economic data for today; China GDP that came in positive, and in the evening we have the home sales data from the US markets, which could continue to support the market momentum.
Natural gas Commodity Trading weather is exp forecasting cool air will sweep through Midwest and Northeast in the coming week driving moderate heating demand however rest of the US will be relatively comfortable with limited demand for heating or cooling for most part of the week. if we look into updates from US CPC, most part of the country might see largely higher than normal temperature cutting down the demand for cooling and thus further pushing prices lower. However, technically as prices move to oversold territory, we advice selling only on pullbacks today. Natural gas for November expiry at NYMEX recorded good slump last day with the commodity taking cues over extended normalization in temperatures in most part of the US.

2. Commodity Intraday Trading Tips
Sell Copper Nov Mcx below 408.50 SL 411.50 Tgt 404.50
Buy Nickel Oct Mcx above 920 SL 908 Tgt 945