COMMODITY VIEWS WITH TRADING STRATEGY FOR 6TH MARCH 2009

COMMODITY VIEWS ::

MCX Gold April: Supports are at 15337 followed by 15287.Ideally, supports to hold for a move towards 15652/15685 or even higher towards 15835 levels as long as 15304 holds. S1: 15287 S2: 15020 R1: 15560 R2: 15800

MCX Silver May: Immediate resistance is at 22842/22859 now The pullback could extend towards 23184 now. Supports are at 22500 followed by 22312 now. S1: 22190 S2: 21850 R1: 22670 R2: 23210

MCX Crude Oil March : While above 2116 we still believe a corrective pullback towards 2475 looks likely. We can expect a consolidation and a rally higher subsequently. S1: 2255 S2: 2150 R1: 2340 R2: 2450

MCX Copper April: Supports are at 186 levels and a break below to result in a bearish reaction. Favored view expects a consolidation and breakout higher. Fall below 181 to cause doubts on this view.S1: 187 S2: 183 R1: 191 R2: 195

MCX Zinc March: Prices may stall for some time and find support at 62.1/61.0 levels for a move higher towards 63.5 – 64.0 levels. Unexpected fall below 60.5 to cause doubts on bullish view.S1: 62.1 S2: 61.0 R1: 63.10 R2: 64.5

MCX Lead March: Prices may move down and find support at 59.0/58.45 levels for a move higher towards 61.0 levels. Unable to hold this level can take price to 56.5 level. S1: 60.3 S2: 59.2 R1: 61.0 R2: 62.6

MCX Nickel March: Moves below 501 will take prices to 493 level. However a break above 510 to negate this view. S1: 501 S2: 493 R1: 509 R2: 515

TRADING STRATEGY ::

MCX GOLD APRIL ::
MCX GOLD APRIL ::Munnabhai Analyst: The trend is down but a trend line support has been taken. Ideally, cover all earlier short positions at market price and on dips to Rs. 15278 – Rs. 15127 as the opportunity arises.
Sell only on fall below Rs. 15000

MCX SILVER MAY ::

The trend is down but a reversal can not be ruled out. Ideally, cover all earlier short positions at
market price and on dips to Rs. 22314 – Rs. 22160 as the opportunity arises.
Sell only on fall below Rs. 21580.
A pullback towards Rs. 22577 – Rs. 22731 could be witnessed.

International Spot Gold ::

A bounce back from the 50% retracement has been witnessed. A pullback rise is possible of the fall from the peak of 1006$ to 899$ before making any further attempts to breakdown again.
Immediate resistance will be at 937$-940$
On further rise and close above 941$, expect a rise towards 952$-965$.
Traders holding short positions need to cover it at current price on dip during the day to 922$-904$ range as the opportunity arises.
The hourly chart shows the pullback retracement levels. From the hourly chart angle. Immediate support is at 930$-928$.
Traders undertaken trading positions probably need to maintain a tight trading long positions stop loss at 928$. A fall below 928$ could see an intra-day correction before making attempts to move up for a pullback rise.

International Spot Silver ::

A rise towards the pullback level of the fall from 14.6$-12.41$ is in process. Expect higher range of 13.50$-13.76$ to be tested.
Support is at 13.20$-13.15$ and 12.86$.

Copper LME ::

Ascending trend line breakout was witnessed couple of days back. On the immediate front, Copper is likely to exhibit a sideways movement in the band of 3790$-3515$.
A fall and close below 3515$ will end all hopes of a further rise.
If that happens then expect all the lower levels to be revisited again..

ENJOY TRADING !!!!