Nahb housing market index and commodity trading tips
Mcx Crude commodity market Trading (WTI)is extending its fall today morning with the commodity sliding to its weakest in over 2 years http://www.profitkrishna.com.
Published on: Mar 3, 2016
Transcripts - Nahb housing market index and commodity trading tips
NAHB Housing Market Index and Commodity Trading Tips
Mcx Crude commodity market Trading (WTI)is extending its fall today morning with the commodity sliding to its weakest in over 2 years as expectations rise over likely disappointing inventory report from the US whereas global glut has already pushed major oil benchmarks into bear market. Oil futures were lower over 1percentage currently as news reports showed US crude stockpiles jumped 10.2 million barrels last week as per data from the American Petroleum Institute. They are expected to increase by 2.45 million barrels last week as per Bloomberg survey after last week’s increase of around 5.02 million barrel. Looking at the API data though, traders should be ready for disappointment wherein we feel refinery utilization too continuing to decline in the US amidst schedule maintenance period for refiners between September and October. Overall, looking at the equity performance, poor economic data while higher supply number coming in from API would continue to weigh on the commodity. We suggest selling from higher levels for the day.
Global Market View weakness in the Global financial markets in the last few days continued to affect the Asian bourses with all of them trading deep in the red in today’s session. S&P 500 closed at 1862.49 down by 0.80percentage yesterday after disappointing US retail sales, and wholesale pricing data added to growth concerns. SGX Nifty is trading on a negative note down by 75.00 points indicating a negative opening for today’s session. Dollar index has plummeted after the US data. US Dollar index has dropped from a level of 85.76, and is currently trading at 84.80. Euro and Pound jumped heavily, currently trading at 1.2832 and 1.5993 respectively. In terms of currency, Asian currencies are trading on a marginally positive note with respect to the dollar.
Economic data: Major data to be watched out for the day.CPI data from the European Union, where the month on month increase of 0.3percentage is expected by markets, and CPI YoY and CPI core are expected to remain unchanged at 0.3 and 0.7 percent respectively
Mcx Natural gas commodity for November expiry at NYMEX advanced around 1.5percentage on Tuesday tracking changes in weather forecast which suggested probability on some cooler weather in US East. However we maintained a ranged view as broader count on the commodity stayed bearish whereas we were cautious over frequent changes in weather. As of latest cues, temperatures are seen to be normal or higher across most of the country from Oct 25 to Oct 29, replacing below-average
temperatures along the East Coast, according to Commodity Weather Group LLC. Additionally, inventory data might show additions of around 91 BCF, lower than prior week though marking continuous increase for over 6 months cumulatively continuing with the bearish bias. We maintain sell in NG today Natural gas for November expiry at NYMEX fell 0.4percentageyesterday following updated climate forecast which showed largely warmer weather in most part of the US. NYG NYMEX prices fell 0.4percentage yesterday to $3.80 per MMBTU wherein we saw good drop in Tuesday as well.
Commodity Market Tips
Sell Crude Mcx Oct below 5020 SL 5080 Tgt 4900
Sell Natural gas Mcx Oct below 233.50 SL 236.50 Tgt 228.50