VIEWS & TRADING STRATEGY FOR 26TH FEB. 2009

MCX Gold April: Supports are seen at 15004-15020 now. Failure to hold support here could result in a fall towards 14830/14860 levels.Resistances are at 15338/15370 now. S1: 15340 S2: 15145 R1: 15625 R2: 16000

MCX Silver Mar: Rallies to 22350/22365 to resist for a decline towards 21540 or even lower. This is our favored view. Unexpected rise above 22700 to cause doubts about this view. S1: 22650 S2: 22140 R1: 23000 R2: 23565

MCX Copper April: Initial resistance is at 181/182 levels. Beyond which it could target recent highs at 188/189 where it could find very strong resistance. S1: 167 S2: 163 R1: 172 R2: 176

MCX Crude Oil March : Dips to 2014 and 1983 to hold support for a bullish rise towards 2424. This is our favored view. Fall below 1980 to dent our bullish view.S1: 2059 S2: 2015 R1: 2135 R2: 2208

MCX Zinc March: - Dips to 56.35 could find support for a move higher towards 58.9/59.3, break below 55.6 would negate this bullish view. S1: 56.35 S2: 55.35 R1: 57.3 R2: 59.3

MCX Lead March: Prices closed above resistance level 51.55. Up rallies may take price to 54.0 level.Moves below 50.8 will negate our bullish view. S1: 51.40 S2: 50.53 R1: 52.65 R2: 54.0

MCX Nickel March: Dips to 510 to hold support for a bullish rise towards 538. This is our favored view. Fall below 507 to dent our bullish view. S1: 512 S2: 507 R1: 523 R2: 538

MCX Natural Gas March: - Prices may move below 200 level and find support around 196. Move beyond 204 can only negate this bearish view. S1: 200 S2: 196 R1: 204 R2: 210

TRADING STRATEGY ::

MCX GOLD APRIL ::

The trend has turned down.
Sell only on a fall below Rs 15210 with a stop loss at Rs 15660.
Intra-day traders can wait for a rise above Rs 15705 and when it falls below Rs 15705 then sell with the high above Rs 15705 as the stop loss.
MACD histogram is in the positive zone. The 14 day RSI is moving down and now below the 70 mark.
Open interest witnessed significant rise with the rise in price indicating fresh long positions build up.
Support is seen at Rs 15262 – Rs 15014.

MCX SILVER MARCH ::

The trend is up.
Buy only on a rise above Rs 23025 or sell below Rs 22080 whichever is earlier.
Intra-day traders can wait for a fall below Rs 22220 and when it rises above Rs 22220 then buy with the low below Rs 22220 as the stop loss.
MACD histogram is now in the positive zone. The 14 day RSI is moving down and now below the 70 mark.
Open interest witnessed significant rise with the rise in price indicating fresh long positions build up.
Resistance is seen at Rs 23163 – Rs 23565