VIEWS WITH TRADING STRATEGY FOR 13TH MARCH 2009

VIEWS ::
MCX Gold April: As expected we saw a move towards 15304 levels.We can expect a consolidation now in the 15188-15304 zone and then rise higher towards 15600-15635 levels. This is our favored view. Fall below 15159 to cause doubts on this view.S1: 15240 S2: 14990 R1: 15403 R2: 15600

MCX Silver May: Supports are at 21920/21936 presently. Favored view expects supports to hold and rise towards 22310/22396 levels or even higher.Fall below 21700 to dent our bullish view.S1: 21930 S2: 21530 R1: 22300 R2: 22650

MCX Copper April: Despite the fall , a good bounce is seen and a break above 193 to revive bullish hopes for a test of 210 or even higher.S1: 184 S2: 179 R1: 188 R2: 19

MCX Crude Oil April : Rise above 2375 a bullish sign as cautioned in the previous update. Supports are at 2372 followed by 2300 now.Favored view expects supports to hold for a rally towards 2525 or even higher. Fall below 2290 to dent our bullish expectations.S1: 2375 S2: 2325 R1: 2450 R2: 2500

MCX Zinc March: Prices may move down and find support at 62.35 or even lower at 61.0 .Close above 63.0 to negate our bearish view.S1: 62.35 S2: 61.0 R1: 63.5 R2: 64.5

MCX Lead March: Supports are at 63.4/62.4 levels now. While above these levels prices could stay firm and test resistance at 64.7.However a fall below 63.0 could see prices correct towards supports at 60.8.S1: 63.0 S2: 60.5 R1: 64.7 R2: 66.0

MCX Nickel March: Prices have broken out from the trading band of 500-515 downwards and closed at 494.5 levels.Prices may move down and find support at 481 levels. Close above 502 to negate our bearish view.S1: 492 S2: 481 R1: 501 R2: 510

TRADING STRATEGY ::

GOLD MCX APRIL ::

The trend is down but can reverse.
Ideally, cover all earlier short positions at market price and on dips to Rs. 15287 – Rs. 15125 as the opportunity arises.
As the trend is down, to minimize risk, intra-day traders can wait for a rise above Rs. 15463 and when it falls below Rs. 15463 then sell with whatever high registered above Rs. 15463 as a stop loss. Subsequently, book profits at Rs. 15287 – Rs. 15125 range or below.

Daily Clsoing Reversal : 15316

SILVER MCX MAY ::

The trend is down but a short covering is being witnessed.
Ideally, cover all earlier short positions at market price and on dips to Rs. 22024 – Rs. 21773 as the opportunity arises.
Sell on fall below Rs. 21456. with high of the day as a stop loss.
As the trend is down, to minimize risk, intra-day traders can wait for a rise above Rs. 22316 and when it falls below Rs. 22316 then sell with whatever high registered above Rs. 22316 as a stop loss. Subsequently, book profits at Rs. 22024 – Rs. 21773 range or below.

Daily Closing Reversal : 22171

INTERNATIONAL SPOT SILVER ::
Resistance will be at 13.02$-13.08$.
A further rise and close above 13.08$ can take the Silver price up towards 13.20$-13.30$.
Support will be at 12.78$-12.63$.
On the hourly chart, a trend line breakout will be witnessed on rise above 13.08$.

INTERNATIONAL SPOT GOLD ::

Resistance will be at 931$.
A further rise and close above 931$ can take the Gold price up towards 935$-945$. Sustainability at higher range can be an issue.
Support will be at 915$-903$
For intra-day hourly trader the range is 919$-931$.
Traders can trade long for intra-day with a stop loss or 919$.
Alternatively, sell below 919$ with a stop loss of 931$ or high of the day which ever is higher at the point of breakdown.

ENJOY TRADING !!!!
MUNNABHAI ANALYST, M. M. A. S.