EXPECTATION FOR 23RD MARCH 2010

EXPECTATION FOR 23RD MARCH 2010


MCX SILVER TRADING STRATERGY ::

 
Cover short positions on dip to 26438 or below as the opportunity arises.

Sell on fall below 26180 with high of the day stop loss.

Traders can take chances to buy on decline to 26438-26303 with asotp loss of 26180 and use rise to 26697 or above to exit long.


MCX GOLD TRADING STRATERGY ::

Sell on rise to 16474-16502 with a stop loss of 16511.

Expect lower range of 16332-16162 to be tested.

The 14 day RSI is moving down on further fall below 40 mark the slide can be more.

Buy on rise and close above 16511 with low of the day stop loss



SPOT GOLD ::



Keep a stop loss of 1110$ to hold short. Cover short positions on dip to 1101$-1093$ as the opportunity arises.

Sell on fall below 1088$ with high of the day stop loss.

A rise towards 1109$-1125$ is possible.

Broadly, a sideways movement between 1145$-1088$ is being witnessed.



SPOT SILVER ::



Cover short positions at 16.83 or below as the opportunity arises.

Expect higher range of 17.07$-17.46$ to be tested.

Corrective dip to 16.83-16.68$ can be used for buying with a stop loss of 16.58$ to exit at 17.07$-17.46$ range as the opportunity arises.

Sell on fall and close below16.58$ with high of the day stop loss.



NICKLE LME ::



A sideways movement in a band of 22990$-20525$ continues.

On the 14 Week RSI a negative divergence is being witnessed and a fall and close below 20500$ can bring about a slide.

Further upside momentum can be witnessed on rise and close above 23000$.

Exit long positions and use rise from current price to 23000$ to exit long and to sell with a stop loss of 23000$.

Buy only on breakout and close above 23000$



NYMEX CRUDE ::


Cover short positions on dip to 80.44$-79.38$ as the opportunity arises.

Corrective dip to 80.44$-79.38$ can be used for buying with a stop loss of 78.5$.

Expect higher range of 82.3-85.22$ to be tested and can be used to exit long positions as the opportunity arises.

Sell on fall below 78.5$ with high of the day stop loss.



ZINC LME ::



Resistance is at 2420$

Support is at 2112$.

Traders by chance who are already short can keep a stop loss of 2420$.

Sell on fall below 2230$ with high of the day stop loss or 2420$ whichever is higher.

Buy on rise above 2420$ with low of the day stop loss.

Not much change has happened in last one week therefore the view remains same.



LEAD LME ::


The price movement for last 4-5 weeks is between 2355$-2095$.

Expect lower range of 2135$-2095$ to be tested.

Further downside movement can be seen on fall and close below 2095$.

The 14 week RSI is moving down indicating that near term slide is possible.

A non tradable situation for directional trader and only a breakout and close above 2355$ can offer momentum or a fall and close below 2095



VIEWS ON MCX COMMODITIES ::



MCX Gold Apr: Support was seen at 16305, the bounce from there has been impressive. Resistance will be at 16545 followed by 16605 now. Ideally resistances to cap for a decline lower towards 16230 or even lower towards 16035.

S1: 16345 S2: 16265 R1: 16485 R2: 16565



MCX Silver May: Resistance are at 26795 followed by 27000 now. Favored view expects a decline from the resistance levels towards 25935. Unexpected rise above 27140 to dent our bearish view.

S1: 26370 S2: 26190 R1: 26710 R2: 26890



MCX Copper Apr: Break above trendline resistance at 343/344 could alter the short-term bearish picture and take prices higher again toward 347 level. Failure to cross resistance at 344 could dampen bullish expectations. Such a fall could take prices below 330. Favored view now expects a rise higher.

S1: 337 S2: 333 R1: 344 R2: 348



MCX Crude Oil Apr: Saw a very impressive pullback. Resiistance will be seen at 3785 followed by 3820 now. Daily close above 3780 could bring in bullish hopes for a rally higher towards 3910 or even higher now.

S1: 3675 S2: 3635 R1: 3745 R2: 3785



MCX Zinc Mar: After yesterdays fall below 104.5, picture looks bearish. However, a break and close above 104.50/104.75 could re-inforce bullish hopes for 107-108 again.

S1: 102 S2: 101 R1: 104 R2: 105



MCX Lead Mar: While below 101, it is likely to dip further towards 95-96 levels. Unexpected rise above 101.50 to dent our bearish expectations.

S1: 98 S2: 97 R1: 100 R2: 101



MCX Nickel Mar: While below 1028 look for the decline to continue towards 975 or even lower towards 950. Unexpected rise above 1028 will force us to abandon our bearish view.

S1: 1009 S2: 997 R1:1029 R2: 1041



MCX Natural Gas Mar: A consolidation is underway between 184-190 now. Extreme oversold indications favor a pullback towards 205 or even higher.

S1: 185 S2: 181 R1: 191 R2: 195




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