MCX Gold Oct: Fall below 15650 has caused some doubts on the bullishness. However, big picture still remains bullish for 16190. Supports at 15530/15515 to hold for 15675 followed by 16115. Direct fall below 15485 to dent our bullish expectations. S1: 15622 S2: 15565 R1:15692 R2: 15755
MCX Silver December: Though 26250 was broken; the structure looks to consolidate once again. Only a fall below 26105 to dent our bullish expectations. Favored view expects a test of 28125 as long as supports hold. S1: 26215 S2: 25853 R1: 26660 R2: 27020
MCX Copper Nov: Critical support at 308. Fall below here could drag prices lower again. As long as this support holds, look for 326. S1: 309.50 S2: 304.25 R1: 315 R2: 319.20
MCX Crude Oil Sept: Important support at 3431 now. Fall below here to take prices lower again. Direct rise above 3524 to take it to 3545/3575 levels. S1:3430 S2:3382 R1:3512 R2:3564
MCX Zinc sept: Support is at 94.50/94.25. Failure to hold support here could drag prices lower towards 93.50/92.80. Resistance is at 95.75/96.50 levels now. S1: 94.35 S2: 93.45 R1: 96.00 R2: 97.10
MCX Lead Sept: Supports are at 115.25 and 114.25. Fall below 114 could see a move lower towards 112 or even 110. Immediate resistance is at 118 levels now. S1:115.20 S2: 114.25 R1:117.75 R2:119.20
MCX Nickel Sept: Support is at 865/855 levels now. A fall below 855 could see support at 830 levels now. As long as supports hold there is a chance for a rally towards 910/922 levels. S1:862 S2:845 R1:892 R2:910
MCX Natural Gas Sept: Immediate support is at 134 followed by 129. As long as support at 130/129 levels hold we could expect a rally towards resistance at 151/153 levels. S1:134 S2:129 R1:144.40 R2:148.50
TRADING STRATEGY ::
SILVER MCX DECEMBER ::
Indecisive spinning top candle formation is being witnessed.
The 14 day RSI is still above the 70 level. As it has been above the 70 level the rally has been witnessed. Now, the RSI has to move below the 70 level for the correction or sideways movement.
Fresh long positions can be undertaken on rise and close above 27018 with low of the day stop loss.
[[[ LONG TERM OUTLOOK ON GOLD :: (VIEW GIVEN ON 28TH OF AUG WHEN GOLD TRADING AT 943):-GOLD AS FORMED A PENANT FLAG, SUGGESTING AN UPSIDE BREAKOUT IS CLOSE AT HAND. THE DIRECTION OF THIS PRICE GOING IN TO THIS PATTERN SHOULD BE THE SAME DIRECTION AS PRICE LEAVES THIS PATTERN WITH AN UPSIDE TARGET EQUAL TO THE LENGTH OF THE FLAG POLL. THAT GIVES AN UPSIDE PRICE TARGET OF 1325, WHICH IS PRECISELY THE SAME UPSIDE TARGET OF AN INDEPENDENT PATTERN WHICH WE HAVE BEEN SHOWING FOR THE WEEKS THE BULLISH AND SHOULDER BOTTOM. GOLD HAS ALSO NEARLY COMPLETED A VERY HEAD AND SHOULDER BOTTOM THE UPSIDE TARGET IS 1325 AND THE PROBABILITY OF REACHING THAT LEVEL RISES DRAMATICALLY WITH AN UPSIDE BREAKOUT ABOVE 1050. NOW STRONG SUPPORT FOR THIS VIEW AT 905 AND 880 AS LONG GOLD HOLDS THIS SUPPORT MARKET WILL BE IN BULLISH ZONE BUYING IN CORRECTIVE DIPS IS ONLY GOOD MARKET EDITOR NITESH JAIN, MUNNABHAI ANALYST GROUP ]]]
Thursday, September 10, 2009
Tuesday, September 8, 2009
VIEWS FOR 8TH SEPTEMBER 2009
MCX Gold Oct: Immediate support is at 15610/15570. A breach of the same could see a drift lower to supports at 15495 followed by 15360/15340. These levels could hold for a test of 16015 or even higher. Immediate resistance is at 15872 levels now. S1: 15688 S2: 15606 R1:15795 R2: 15872
MCX Silver December: Immediate support is at 25992. While above this level we can expect a move towards 27280.A breach of 25990 could see a test of firm supports at 25510 / 25270. S1: 26110 S2: 25720 R1: 26540 R2: 26972
MCX Copper Nov: The big picture trend is up for levels above 323 or 329 but the momentum is bearish in weekly & daily charts hinting at a drift to 304 or ideally towards 290. Next rally might start after this corrective decline. It has to fall below 286 to give up the bullish expectation.S1: 307 S2: 301 R1: 313 R2: 318
MCX Crude Oil Sept: Resistance is at 3400. Favoured view expects a decline towards 3197 or 3151. It has to rise above 3487 to suggest that price might find it difficult to decline as per this view. S1:3290 S2:3247 R1:3354 R2:3400
MCX Zinc sept: While below 94.50 / 95.00 we could see a drift lower towards supports at 91.40 or 90.50. Direct rise above 95.00 to see prices rising again. S1: 92.90 S2: 91.80 R1: 94.30 R2: 95.10
MCX Lead Sept: A fall below 112.70 could see a drift lower to next supports at 110 or even 108. Resistance is at 116 levels and a direct rise above the same could see prices edge higher without the initial dip. S1:113.20 S2: 112.15 R1:115.30 R2:116.50
MCX Nickel Sept: Prices have found support at 857/855 levels. A fall below 855 could see support at 830 levels now. As long as 855 holds we could expect a corrective rally towards 893/903 levels. S1:860 S2:844 R1:885 R2:906
MCX Natural Gas Sept: A break above 137 would be required to spark a corrective rally towards resistance at 155 levels. Supports are at 124/120 levels now. S1:127.60 S2:124 R1:137.00 R2:143.00
MCX Mentha Oil Sept : - Resistance is at 520/ 525 levels. A breach of 525 would be required to see prices rally towards 535. On the other hand a direct fall below 513 could see a move lower towards 508. S1:- 512.90 S2:- 508 R1:- 520 R2:- 525
TRADING STRATEGY ::
GOLD MCX OCTOBER ::
Traders holding long positions can hold long with a stop loss of 15630.
Fresh trading long positions can be undertaken on rise and close above 15806.
SILVER MCX DECEMBER ::
Hold long positions with a stop loss of 25656.
Book profit on rise towards 26506-26869 range as the opportunity arises.
Fresh trading long positions can be undertaken on rise above 26444 with low of the day stop loss.
INT. SPOT GOLD ::
Hold long positions with a stop loss 985$ and look for rise to 1005$ or above to take profit.
Traders can buy on rise above 998$ with low of the day stop loss at the point of breakout or 985$ whichever is lower.
INT. SPOT SILVER ::
Resistance will be at 16.40$.
Support will be at 16.10$-15.8$.
Traders can Hold long positions with a stop loss of 15.80$ or book profits.
Fresh trading long positions can be undertaken on rise above 16.50$.
[[[ LONG TERM OUTLOOK ON GOLD :: (VIEW GIVEN ON 28TH OF AUG WHEN GOLD TRADING AT 943):-GOLD AS FORMED A PENANT FLAG, SUGGESTING AN UPSIDE BREAKOUT IS CLOSE AT HAND. THE DIRECTION OF THIS PRICE GOING IN TO THIS PATTERN SHOULD BE THE SAME DIRECTION AS PRICE LEAVES THIS PATTERN WITH AN UPSIDE TARGET EQUAL TO THE LENGTH OF THE FLAG POLL. THAT GIVES AN UPSIDE PRICE TARGET OF 1325, WHICH IS PRECISELY THE SAME UPSIDE TARGET OF AN INDEPENDENT PATTERN WHICH WE HAVE BEEN SHOWING FOR THE WEEKS THE BULLISH AND SHOULDER BOTTOM. GOLD HAS ALSO NEARLY COMPLETED A VERY HEAD AND SHOULDER BOTTOM THE UPSIDE TARGET IS 1325 AND THE PROBABILITY OF REACHING THAT LEVEL RISES DRAMATICALLY WITH AN UPSIDE BREAKOUT ABOVE 1050. NOW STRONG SUPPORT FOR THIS VIEW AT 905 AND 880 AS LONG GOLD HOLDS THIS SUPPORT MARKET WILL BE IN BULLISH ZONE BUYING IN CORRECTIVE DIPS IS ONLY GOOD MARKET EDITOR NITESH JAIN, MUNNABHAI ANALYST GROUP ]]]
ENJOY !!!!
MCX Silver December: Immediate support is at 25992. While above this level we can expect a move towards 27280.A breach of 25990 could see a test of firm supports at 25510 / 25270. S1: 26110 S2: 25720 R1: 26540 R2: 26972
MCX Copper Nov: The big picture trend is up for levels above 323 or 329 but the momentum is bearish in weekly & daily charts hinting at a drift to 304 or ideally towards 290. Next rally might start after this corrective decline. It has to fall below 286 to give up the bullish expectation.S1: 307 S2: 301 R1: 313 R2: 318
MCX Crude Oil Sept: Resistance is at 3400. Favoured view expects a decline towards 3197 or 3151. It has to rise above 3487 to suggest that price might find it difficult to decline as per this view. S1:3290 S2:3247 R1:3354 R2:3400
MCX Zinc sept: While below 94.50 / 95.00 we could see a drift lower towards supports at 91.40 or 90.50. Direct rise above 95.00 to see prices rising again. S1: 92.90 S2: 91.80 R1: 94.30 R2: 95.10
MCX Lead Sept: A fall below 112.70 could see a drift lower to next supports at 110 or even 108. Resistance is at 116 levels and a direct rise above the same could see prices edge higher without the initial dip. S1:113.20 S2: 112.15 R1:115.30 R2:116.50
MCX Nickel Sept: Prices have found support at 857/855 levels. A fall below 855 could see support at 830 levels now. As long as 855 holds we could expect a corrective rally towards 893/903 levels. S1:860 S2:844 R1:885 R2:906
MCX Natural Gas Sept: A break above 137 would be required to spark a corrective rally towards resistance at 155 levels. Supports are at 124/120 levels now. S1:127.60 S2:124 R1:137.00 R2:143.00
MCX Mentha Oil Sept : - Resistance is at 520/ 525 levels. A breach of 525 would be required to see prices rally towards 535. On the other hand a direct fall below 513 could see a move lower towards 508. S1:- 512.90 S2:- 508 R1:- 520 R2:- 525
TRADING STRATEGY ::
GOLD MCX OCTOBER ::
Traders holding long positions can hold long with a stop loss of 15630.
Fresh trading long positions can be undertaken on rise and close above 15806.
SILVER MCX DECEMBER ::
Hold long positions with a stop loss of 25656.
Book profit on rise towards 26506-26869 range as the opportunity arises.
Fresh trading long positions can be undertaken on rise above 26444 with low of the day stop loss.
INT. SPOT GOLD ::
Hold long positions with a stop loss 985$ and look for rise to 1005$ or above to take profit.
Traders can buy on rise above 998$ with low of the day stop loss at the point of breakout or 985$ whichever is lower.
INT. SPOT SILVER ::
Resistance will be at 16.40$.
Support will be at 16.10$-15.8$.
Traders can Hold long positions with a stop loss of 15.80$ or book profits.
Fresh trading long positions can be undertaken on rise above 16.50$.
[[[ LONG TERM OUTLOOK ON GOLD :: (VIEW GIVEN ON 28TH OF AUG WHEN GOLD TRADING AT 943):-GOLD AS FORMED A PENANT FLAG, SUGGESTING AN UPSIDE BREAKOUT IS CLOSE AT HAND. THE DIRECTION OF THIS PRICE GOING IN TO THIS PATTERN SHOULD BE THE SAME DIRECTION AS PRICE LEAVES THIS PATTERN WITH AN UPSIDE TARGET EQUAL TO THE LENGTH OF THE FLAG POLL. THAT GIVES AN UPSIDE PRICE TARGET OF 1325, WHICH IS PRECISELY THE SAME UPSIDE TARGET OF AN INDEPENDENT PATTERN WHICH WE HAVE BEEN SHOWING FOR THE WEEKS THE BULLISH AND SHOULDER BOTTOM. GOLD HAS ALSO NEARLY COMPLETED A VERY HEAD AND SHOULDER BOTTOM THE UPSIDE TARGET IS 1325 AND THE PROBABILITY OF REACHING THAT LEVEL RISES DRAMATICALLY WITH AN UPSIDE BREAKOUT ABOVE 1050. NOW STRONG SUPPORT FOR THIS VIEW AT 905 AND 880 AS LONG GOLD HOLDS THIS SUPPORT MARKET WILL BE IN BULLISH ZONE BUYING IN CORRECTIVE DIPS IS ONLY GOOD MARKET EDITOR NITESH JAIN, MUNNABHAI ANALYST GROUP ]]]
ENJOY !!!!
Monday, September 7, 2009
VIEWS FOR THE WEEK STARTING FROM 7TH SEPTEMBER 2009
MCX Gold Oct: Immediate support is at 15630. A breach of the same could see a drift lower to supports at 15550 followed by 15425/15393.These levels could hold for a test of 16010 or even higher. Fall below 15390 to see prices correct further towards supports at 15265. S1: 15668 S2: 15566 R1:15795 R2: 15892
MCX Silver December: We could see the price drifting to supports near 25567 or even 24922 before next rise towards 26615 or 27342. It has to fall below 24760 to give up this bullish expectation as price might find it difficult to rise as expected. S1: 25720 S2: 25430 R1: 26320 R2: 26740
MCX Copper Nov: The big picture trend is up for levels above 323 or 329 but the momentum is bearish in weekly & daily charts hinting at a drift to 304 or ideally towards 290. Next rally might start after this corrective decline. It has to fall below 286 to give up the bullish expectation.S1: 307 S2: 301 R1: 313 R2: 318
MCX Crude Oil Sept: Resistance is at 3400. Favoured view expects a decline towards 197 or 3151. It has to rise above 3487 to suggest that price .might find it difficult to decline as per this view. S1:3290 S2:3249 R1:3348 R2:3400
MCX Zinc sept: While above 92.00 prices could stay firm and test resistance at 95.00. Fall below 92.00 could see a move lower towards next supports at 91.00 / 90.50. S1: 92.90 S2: 92.00 R1: 94.30 R2: 95.10
MCX Lead Sept: As long as support at 111/110.10 hold prices could stay firm and edge higher towards 116.50 again. Fall below 110.00 could see a drift lower to next supports at 106.40. S1:113.00 S2: 112.15 R1:115.30 R2:116.50
MCX Nickel Sept: Prices have found support at 860/857 levels. We can expect a corrective rally towards 901/910 levels as long as supports hold. S1:860 S2:844 R1:888 R2:906
MCX Natural Gas Sept: A break above 140 could spark a corrective rally towards resistance at 155 levels. Supports are at 128/124 levels now. S1:130.00 S2:124 R1:140.00 R2:145.90
MCX Mentha Oil Sept : - Resistance is at 525/ 529 levels. A breach of 529 would be required to see prices rally towards 535. On the other hand a direct fall below 513 could see a move lower towards 508. S1:- 513 S2:- 508 R1:- 524 R2:- 530
TRADING STRATEGY ::
SILVER MCX DECEMBER :: Hold long positions with a stop loss of 25656.
Book profit on rise towards 26506-26869 range as the opportunity arises.
Fresh trading long positions can be undertaken on rise above 26444 with low of the day stop loss.
GOLD MCX OCTOBER :: Traders holding long positions can hold long with a stop loss of 15630.
Resistance will be at 15806-15900-15929.
Traders holding long positions can take profit on rise to 15900 or above as the opportunity arises.
Corrective dip to 15646 can be used for buying with a stop loss of 15600.
INT. SPOT SILVER :: Last week, Silver exhibited a trend line breakout as shown in the chart.
It has tested 61.8% retracement level of the fall from peak of 21.24$ to 8.42$.
Resistance is likely to be witnessed at current levels.
Traders holding long positions can keep a stop loss of 15.8$ and Book on rise from current price to 16.50$ as the opportunity arises.
INT. SPOT GOLD :: A breakout and close above the trend line and the lower top of 971$ was witnessed last week.
The historical peak was at 1030$ formed in March 2008.
Further lower top was formed in Feb’09 at 1005$.
Last week a breakout and close above 971$ has generated a potential to test 1005$.
The high registered on breakout above 971$ last week was 997.2$.
On Friday the movement was narrow within the Thursday’s movement and before its high of 997.2$.
Traders who are holding long positions need to maintain a stop loss of 985$.
Traders can Book profits at 1005$ and 1030$ as and when the opportunity arise during the week.
NYMEX NATURAL GAS :: On the monthly chart, the current month candle is in progress and will change as the price move till the month is not complete.
The high of the Sept’09 month till now is placed at 3.017$.
A recovery was seen on Friday from the low of 2.409$ to closed at 2.728$ was seen.
Traders who are holding short positions for the time being can cover short at current price and on dip towards 2.409$ as the opportunity arises.
A minor pullback towards 2.81$-2.91$ could be witnessed.
Sell on rise to 2.81-$2.91$ with a stop loss of 3.017$.
Sell further on fall below 2.40$. On further fall below 2.40$ expect a slide towards 1.982$.
NYMEX LIGHT CRUDE OIL :: Support will be at 67.05$-66$.
Traders holding short positions can maintain a stop loss of 70$.
Sell on fall below 66$ with high of the day stop loss.
ENJOY TRADING !!!!!
LOOK FORWARD TO JOIN OUR PAID SERVICE !!!
MCX Silver December: We could see the price drifting to supports near 25567 or even 24922 before next rise towards 26615 or 27342. It has to fall below 24760 to give up this bullish expectation as price might find it difficult to rise as expected. S1: 25720 S2: 25430 R1: 26320 R2: 26740
MCX Copper Nov: The big picture trend is up for levels above 323 or 329 but the momentum is bearish in weekly & daily charts hinting at a drift to 304 or ideally towards 290. Next rally might start after this corrective decline. It has to fall below 286 to give up the bullish expectation.S1: 307 S2: 301 R1: 313 R2: 318
MCX Crude Oil Sept: Resistance is at 3400. Favoured view expects a decline towards 197 or 3151. It has to rise above 3487 to suggest that price .might find it difficult to decline as per this view. S1:3290 S2:3249 R1:3348 R2:3400
MCX Zinc sept: While above 92.00 prices could stay firm and test resistance at 95.00. Fall below 92.00 could see a move lower towards next supports at 91.00 / 90.50. S1: 92.90 S2: 92.00 R1: 94.30 R2: 95.10
MCX Lead Sept: As long as support at 111/110.10 hold prices could stay firm and edge higher towards 116.50 again. Fall below 110.00 could see a drift lower to next supports at 106.40. S1:113.00 S2: 112.15 R1:115.30 R2:116.50
MCX Nickel Sept: Prices have found support at 860/857 levels. We can expect a corrective rally towards 901/910 levels as long as supports hold. S1:860 S2:844 R1:888 R2:906
MCX Natural Gas Sept: A break above 140 could spark a corrective rally towards resistance at 155 levels. Supports are at 128/124 levels now. S1:130.00 S2:124 R1:140.00 R2:145.90
MCX Mentha Oil Sept : - Resistance is at 525/ 529 levels. A breach of 529 would be required to see prices rally towards 535. On the other hand a direct fall below 513 could see a move lower towards 508. S1:- 513 S2:- 508 R1:- 524 R2:- 530
TRADING STRATEGY ::
SILVER MCX DECEMBER :: Hold long positions with a stop loss of 25656.
Book profit on rise towards 26506-26869 range as the opportunity arises.
Fresh trading long positions can be undertaken on rise above 26444 with low of the day stop loss.
GOLD MCX OCTOBER :: Traders holding long positions can hold long with a stop loss of 15630.
Resistance will be at 15806-15900-15929.
Traders holding long positions can take profit on rise to 15900 or above as the opportunity arises.
Corrective dip to 15646 can be used for buying with a stop loss of 15600.
INT. SPOT SILVER :: Last week, Silver exhibited a trend line breakout as shown in the chart.
It has tested 61.8% retracement level of the fall from peak of 21.24$ to 8.42$.
Resistance is likely to be witnessed at current levels.
Traders holding long positions can keep a stop loss of 15.8$ and Book on rise from current price to 16.50$ as the opportunity arises.
INT. SPOT GOLD :: A breakout and close above the trend line and the lower top of 971$ was witnessed last week.
The historical peak was at 1030$ formed in March 2008.
Further lower top was formed in Feb’09 at 1005$.
Last week a breakout and close above 971$ has generated a potential to test 1005$.
The high registered on breakout above 971$ last week was 997.2$.
On Friday the movement was narrow within the Thursday’s movement and before its high of 997.2$.
Traders who are holding long positions need to maintain a stop loss of 985$.
Traders can Book profits at 1005$ and 1030$ as and when the opportunity arise during the week.
NYMEX NATURAL GAS :: On the monthly chart, the current month candle is in progress and will change as the price move till the month is not complete.
The high of the Sept’09 month till now is placed at 3.017$.
A recovery was seen on Friday from the low of 2.409$ to closed at 2.728$ was seen.
Traders who are holding short positions for the time being can cover short at current price and on dip towards 2.409$ as the opportunity arises.
A minor pullback towards 2.81$-2.91$ could be witnessed.
Sell on rise to 2.81-$2.91$ with a stop loss of 3.017$.
Sell further on fall below 2.40$. On further fall below 2.40$ expect a slide towards 1.982$.
NYMEX LIGHT CRUDE OIL :: Support will be at 67.05$-66$.
Traders holding short positions can maintain a stop loss of 70$.
Sell on fall below 66$ with high of the day stop loss.
ENJOY TRADING !!!!!
LOOK FORWARD TO JOIN OUR PAID SERVICE !!!
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