VIEWS FOR 25TH MAY 2009

VIEW FOR THE WEEK ::
MCX Gold June: Immediate support is at 14485 followed by 14409/14424 levels . A possibility of a decline to 14256 also looks likely.Favored view expects support in the 14409 zone to hold for a test of 14745 or even higher.S1: 14450 S2: 14350 R1: 14650 R2: 14765

MCX Silver July : Supports are at 22576 followed by 22359/22390 now.Favored view expects a test of 23712 or even higher as long as 22265/22298 supports attempts to decline.S1: 22535 S2: 22340 R1: 22775 R2: 23000

MCX Copper June: Strong resistance will be seen at 226.40/227.45 levels now. Big picture confirms a possible test of 247.35 or even higher towards 256.70 levels as long as 212.0/213.0 levels hold support. Fall below 210.65 to dent our bullish view.S1: 215 S2: 213 R1: 223 R2: 227

MCX Crude Oil June : A push above 2951 could lead it to 3019. Supports near 2826 or 2776 could hold dips during the week for a push above 2949.This is the favored view. Fall below 2741 would be a sign of weakness. Next supports are at 2713 2675.S1: 2875 S2: 2825 R1: 2935 R2: 3000

MCX Lead May : Down moves are likely to find support at 66.3 levels. Moves below this can take it further lower towards 64.3 levels.Direct rise above 68.4 to negate our bearish view. S1: 66.8 S2: 65.3 R1: 68.4 R2: 70.2

MCX Zinc May : Strong support is seen in the range of 67.6 67.9. Down move are likely to find support at these levels.Direct rise above 70.8 to strengthen bullishness. S1: 67.9 S2: 66.6 R1: 70.85 R2: 71.7

MCX Nickel May : Favored view expects prices to move further down towards 580 support levels before rising higher towards 615 levels.S1:580 S2:565 R1: 610 R2: 621

MCX Natural Gas June : Strong support seen at 168 165 levels to hold dips for a move above 175 levels.Fall below it can take prices towards 160 levels. S1: 168 S2: 166 R1: 174 R2: 179

TRADING STRATIGIES FOR THE DAY::

GOLD MCX JUNE ::

Resistance of 14577 will be tested. Further need to be seen if it can sustain.
Trend line resistance are lying overhead.
First trend line resistance is from the broken trend line and next is of the falling lower tops as shown in the chart.
The trend is down has the price is below the average and daily reversal value. The rise is termed as a pull back.
Intra-day traders can wait for a rise above 14577 and when it falls below 14577 then sell to cover at 14517-14463 range as the opportunity arises.
Sell on fall and close below 14456 with high of the day stop loss or 14577 whichever is higher at the point of breakdown.

SILVER MCX JULY ::

Overall sideways movement within the band of 23181 to 21632 is being witnessed.
Immediate support is at 22648-22407-22376.
Resistance will be at 22919-23160
Corrective dip to 22648-22407 can be used for buying with a stop loss of 22375 and look for rise to 22919-23160 above to take profit.
Recent high of 23181 is the near term target. On close above 23181, the rally could get extended.


INTERNATIONAL SPOT GOLD ::

Support will be at 949$.
Resistance will be at 961$-969$.
Traders can hold long positions with a stop loss of 949$.
Fresh trading long position can be undertaken above 962$


INTERNATIONAL SPOT SILVER ::

Support will be at 14.54$-14.4$.
Resistance will be at 14.84$.
Hold long positions with a stop loss of 14.4$.
Fresh trading buy can be undertaken above 14.54$. Subsequently, expect 14.9$ to be tested.

ENJOY TRADING !!!!
MUNNABHAI ANALYST
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