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Profit-Booking Can be Observed Post Rally in Indices & Commodities

By Research Team Monday, Nov 14, 2022
EUR/USD

    • 10.25amW1
    • High1.03501
    • Low1.03052
    • Close1.03076

EUR/USD is trading at 1.03298, 0.11% up since previous day close. The mixed trading can be seen in major currencies after appreciating in the last week as FOMC member Waller warned investors for getting carried away over better inflation figures. Last week, the U.S CPI rate eases down by 0.4% below expectation which aroused the chances of 50 bps rate hike in the next FOMC meeting in the month of December. The Euro-zone Sentix Retail Sales increased by 0.4% same as expectation while the t result of Industrial Production data will remain in focus today. As seen in the chart, the pair moved up from major support level & is trading near Fibo level 38.2. If breached the same, the next target of Fibo level 50.0 can be expected i.e. 1.05000 levels.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.06956
R2 1.04944
R1 1.04238
Turnaround 1.02932
S1 1.02226
S2 1.00920
S3 0.98908
By Research Team Monday, Nov 14, 2022
CHNIND

    • 10.42amW1
    • High5968
    • Low5676
    • Close5934

CHNIND is trading at 6076.8, 0.06% up since previous close. The Asian shares showed mixed momentum in early trade on Monday after one of FOMC members warned against the optimism aroused in the market post better U.C CPI data. However, on regional front, the changes in real estate sector policies by President Xi Jinping boosted the Chinese stocks. Also, easing down of Covid-19 restrictions in the country further led buying pressure in CHNIND. The result of China’s Fixed Asset Investment & Retail Sales data will remain in focus this week. As seen in the chart, the index seems to be reversing upside form lower trend-lien of channel pattern & hence, buying on corrective dips may be suggested for the day.

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Daily Outlook

CHNIND

Intra Day
Near Day

Technical Levels

R3 6443.33000
R2 6151.33000
R1 6042.67000
Turnaround 5859.33000
S1 5750.67000
S2 5567.33000
S3 5275.33000
By Research Team Monday, Nov 14, 2022
NATURAL GAS

    • 11.05amW1
    • High6.082
    • Low5.99800
    • Close6.02

Natural Gas is trading at $6.028, 0.02% down since previous close. The downward momentum can be seen in Natural gas prices as mixed Oil prices makes its substitutes to trade on lower side. The recent Energy Information Administration (EIA) report showed a rise in Natural gas inventory level by 79B against the expected rise of 92B. The rise in supplies against the demand led selling pressure in Natural Gas prices. Also, the change in climatic conditions in U.S & European regions further affected the consumption demand of Natural gas. As seen in the chart, the Natural Gas formed double bottom levels & hence, sideways momentum can be seen for the day.

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Daily Outlook

NATURAL GAS

Intra Day
Near Day

Technical Levels

R3 7.51900
R2 6.79200
R1 6.36100
Turnaround 6.06500
S1 5.63400
S2 5.33800
S3 4.61100
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