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Price analysis for intraday traders of consumable metals


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Intraday price analysis for Consumable Metals for Monday Jan 7, 2019

1.Palladium [PA] Expiration Mar19.

The bullish story intraday: WE have initial resistance at 1252.43. If we continue the move higher today, the bulls need to make a concerted effort to push it above that level as profit taking from the prior move is possible. Above 1252.43, expect 1265.96 and if the value seekers wish to drive this higher, they will run into good resistance at 1289.70 for the day.

The bearish story intraday: So, while not holding initial resistance is not truly a bearish story, for the intraday we need to hold price at 1225.37 which is first support. If profit taking is the mood today and we push it lower, we will likely run into points of support at 1211.84 and after that an amazing wall of support at 1188.10.

2.Platinum [PL] Expiration April19.

The bullish story intraday: We have been calling it long for a bit and it is only now that analysts are crawling out of the wood work calling this long. But we are not here to take credit for calling tops or bottoms. We are here for intraday traders and to help you analyze price action for the intraday as opportunities exist in virtually every market and technically, there is never a missed trend. If we can scale over 834.6 expect 842.4 to pose some resistance, and above there is smooth sailing into 856.1.

The bearish story intraday: Not much of a story to tell here, however profit taking is always a wild-card and could push us to first support at 819. If we do not hold it here expect 811.2 to encounter some support and below there is 797.5 an amazing intraday wall of support.

3.Copper [HG] Expiration Mar19.

The bullish story intraday: Is hopelessly bearish and range bound today between 2.6273 and 2.6587. However, we have the makings of a wedge. If we take out the upper bound today (2.6587) expect 2.6744 and above there is a wall of resistance at 2.701.

The bearish story intraday: Is easier to paint. If we fail to hold the lower bound (2.6273), you may find sellers then wanting to seek value at 2.6117 at secondary support and below there is smooth sailing lower to 2.585.

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About the author


Murali Sarma, Vice President of Business Integrations Inc., is an internationally known commodities analyst, author, trader and business consultant who has demystified commodity trading and introduced numerous futures trading strategies and indicators to traders - professional, non-professional and the novice trader - throughout the world. Murali began his trading career in the pre-dot-com bubble in 1998, electing to seek instruments to trade which had lesser volatility and offered more predictable analysis. From about 1999 to 2002, Murali traded out of the UK and moving to the US after that and working mostly independently with individual traders while learning from some of the best analysts and traders. While not being formally certified as a commodities trader, Murali preferred to hone in on his analysis and trading skills versus adding academically to his credentials. Murali believes that is isn’t about being right or wrong on your calls, it is about making money!

Murali has helped several traders become successful over the last 10+ years of active futures trading and has a strong following of traders who like to seek out opportunities in the futures markets on a daily basis versus following the old “buy & hold” investing adage. While not being opposed to switching hats and becoming an “investor” every so often with swing trades in the equities markets, Murali prefers to trade what he can see on charts using multiple timeframes and handcrafted indicators suited for all types of markets. Murali excels in trading sideways and choppy markets with a scalping style of being in-out of intraday markets when there is no defined trend, and on most other days prefers trading to his own computed target levels during the intraday timeframe, while following the trend.

In recent months, Murali has started a Twitter based alert service for intraday futures traders who like to trade commodities and index futures, and elected to blog post his daily analysis in commodities like WTI Crude & Gold and index future instruments like YM, NQ, ES & RTY. You may contact him via his email at info@tradeguidance.com

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