WRAP - Bank Nifty Crude INR Soy Oil Rapseed

Published: Tue, 09/05/17

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Dear Members,

05 SEPTEMBER 2017

Commodity prices were lead by Base Metals this week with precious metals finally playing catch up. Crude lags the basket but the CRB index indicates that there is some upside pending here.

Bank nifty continues to subdivide in a complex pattern that maybe close to completion. A couple of Agro commodities are slowly making a come back after months of selling pressure both in India and abroad.

Crude Mcx

Crude is forming a long term triangle in wave B. Wave E down is the final leg of the triangle and in it prices can test the lower trendline near 2750 before completing the pattern.

crude 310817

USDINR

USDINR retraced 61.8% in minor wave ii down at 63.85 and is finding support there. Holding this wave iii=i points to 64.60 next on the way up in what should develop as an impulse.

usdinr 310817

CRB Index

The CRB index indicates more upside for commodities [the index has a high weight on energy], in wave D before it can go lower. Wave c of D would complete 5 waves up before it is complete and we are in wave iii of c right now.

crb-050917

Soy Oil Ncdex

Soy Oil found support on the long term trendline from the 2009 low. The 20 month average near 653 is the immediate support, with the weekly and daily average near 649. C=A longer term points to 805 in the year ahead if these levels hold.

soyoil 050917

Rapseed

Rapseed - found support near the reverse parallel channel of the 2012-2016 period so we are either in an X wave up or a new upward move. The lower line is at 3483 and the upper line is at 5520. 61.8% of the range is at 4520 as the mid level. The trend should be up for the months ahead either in an X wave to 4520 or a larger trend.

rapseed 050917

USDCNY

Sop much for the fear of the Chinese Yuan, it appears to have gone back into a bull market. Or is it simply a 3 wave move in a larger trading range. The rise of the USDCNY [meaning falling Yuan], ended in A-B-C, It has fallen too far to think wave 4 is still going on. So is the USDCNY falling in A-B-C or 1-2-3? Needs watching. A bull market in the CNY can be deflationary. The funny thing is, that it is such a big move and nobody is talking about it.

usdcny-050917

Bank Nifty

The hourly chart of the bank nifty futures this morning shows that mostly we will head to 24580 completing a triangle before we see lower prices.

bnifty050917

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Rohit Srivastava
www.indiacharts.com
For accurate market forecasting. Market forecasting is a study of past data to assess
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targets are based on Fibonacci maths and are only indicative of what the mathematical
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