Commodity outlook by Tradebulls Securities: Sell Crude oil, Lead

Commodity outlook and trading ideas by Bhavik Patel - Sr. Technical Analyst (Commodities), Tradebulls.

The dollar index post US Fed FOMC meet has gained steadily and has breached 96 levels. Our currency is getting strong against dollar inspite of 25 basis rate cut but we don’t expect the currency to breach below 70.80 next week. On a daily scale, we have support emerging at 70.90 levels which 61.8 per cent retracement taken from high of 71.81 to 69.59. Buy on dips should be the strategy as long as 70.80 is not breached.

US securities and bonds are yielding so much more than the rest of the globe, so global investment is coming to the US.