EXPECTATIONS FOR 11TH MAY 2010

EXPECTATIONS  FOR  11TH  MAY  2010 ::

MCX Gold June:  Supports are near 17510 followed by 17335 levels now. Ideally, this support should hold for a rise towards 17730 or the next projected target near 17995 levels. Fall below 17383 to dent our bullish expectations
S1 17530 S2 17450 R1 17670 R2 17750

MCX Silver July:  Critical support is at 27930 now. Dips to 28160 followed by 27930 to hold for a test of trendline resistance at 28850-28880.
S1 28295 S2 28115 R1 28635 R2 28815

MCX Copper June: Dips to 316.40-317.40 to hold support for a rally towards 327.40-329.40 levels. This is our favored view. Fall below 314.40 to cause doubts Fall below 314.40 to cause doubts on our bullish view.
S1 318 S2 314 R1 325 R2 329

MCX Crude Oil May: While prices stay below 3525 levels look for a dip towards 3367 or even lower. Only a direct rise above 3524 to at bullish strength again.
S1 3415 S2 3375 R1 3485 R2 3525

MCX Zinc May: Resistances at 96-97 to cap for a decline towards 93 or even lower.
S1 94.60 S2 93.60 R1 96.40 R2 97.40

MCX Lead May: While 97-98 caps upside attempts look for a sharp decline towards 85 levels or even lower again
S1 92.80 S2 91.80 R1 94.60 R2 95.60

MCX Nickel May: Dips to 1024-25 could hold dips for a test of 1065-75 levels. This is our favored view. Direct fall below 1005 to dent our bullish expectations
S1 1022 S2 1010 R1 1042 R2:1054

MCX Natural Gas May: Supports at 184-85 to hold for test of crucial resistance at 193 followed by 201S1 186
S2 182 R1 192 R2 196

MCX SILVER TRADING STRATERGY :: 

The low registered yesterday was 28009 and closed at 28480. The corrective level range of 28372-27763 was tested and closed higher.
Traders who managed to buy had the trading opportunity to benefit.

Hold long position with a stop loss of 28000. Traders holding long positions can Book profits at 28717-29308 as the opportunity arises

MCX GOLD TRADING STRATERGY ::

The stop loss of 17716 to hold long was violated in the first 5 minutes as Gold had opened with gap down.

The RSI exits the overbought zone simultaneously.

Exit long and on sell on rise to 17715-17873 with a stop loss of 17995.

Expect sideways volatility with the band of 17995-17358 for some time before making decisive move out of the range 17995-17358 band.

  

SPOT GOLD :: 

Overall, use rise to 1210$-1232$ to exit long and by chance if traders wish to continue long then keep a stop loss of 1183$.

Sell on fall below 1183$.

 

SPOT SILVER ::

Hold long positions with a stop loss of 18.10$ and use rise to 18.77$-19.36$ to book profit.

On fall below 18.10$, a slide could be witnessed.

Overall expect volatility in the range of 18.84$-17$.

A breakout and close above 18.84$ can show a rally in Silver

  

NYMEX CRUDE ::

Cover short positions on dip to 77$-74.58$.

 Sell on fall below 74$ with high of the day stop loss.

Traders who are still holding short can keep a stop loss of 80.4$.

Sell on rise t 78.3$ with a stop loss of 80.4$.

 

USD/INR: (Last 45) ::

Pull back from the lows of 44.66 is likely to fizzle
out if unable to clear 45.3/45.34. Need to close above 45.3 to dilute
the bearish sentiments.

ALLUMINUM LME ::

A trend line violation can be seen on the chart. Attempt to pullback above the trend line is being witnessed in last couple of trading session.

Resistance will be at 2190$-2240$.

Sell on rise to the resistance of 2190$ or above with a stop loss of 2240$.

Expect the support of 1965$ to be tested. In case of further slide and close below 1965$, the slide can continue further.

A minor pullback is possible towards the resistance levels of 2190$-2240$.

LME LEAD ::

A breakdown was witnessed last week. It tested the support of 1915$ and pull back to test the broken trend line.

Resistance will be at 2130$-2180$-.

Exit long and sell on rise to the resistance with a stop loss of 1875$.

On fall and close below the support of 1915$ can bring about a further slide.

A near term sideways movement within the band of 2391$-1875$ is possible

 

LME NICKLE ::

Nickel exits the overbought zone and slide down to test back the earlier breakout point of 21150$.

The low registered last week was 20625$.

The fall was sharp therefore a minor bounce back is being witnessed from the earlier resistance which offered support.

Expect volatility within the band of 27590 and 20625$.

The objective can be to exit long and sell on rise to 25650 or above.

Further selling pressure can be witnessed on fall and close below 20625$

 

LME COPPER ::

A trend line breakdown was seen last week. A recovery attempt is being witnessed this week as it pulled back to the trend line.

Overall objective can be to sell and exit long on the rise from current price of 7105$ or above with a stop loss of 7400$.

Support will be at 6638$-6230$-5804$. The support levels are likely to be tested in due course of time.

 

LME ZINC ::

Support of 2188$ was violated last week and it tested the 52 week moving average. The last important higher bottom of 1935$ was also tested as the low made last week was 1995$.

Resistance will be at 2188$-2280$.

Support will be at 1995$-1935$. On slide below 1935$, the fall could see further acceleration.

Sell on rise to 2188$ or above with a stop loss of 2280$.

A rise and close above 2280$ can bring about a rise within the sideways band to test the upper range of 2545$.

 

ENJOY  TRADING !!!!!