MCX SILVER TRADING STRATERGY:-Traders can buy on rise above 24674 with low of the day stop loss or 24129 whichever is lower.
Sell on fall below 24129 with high of the day stop loss or 24674 whichever is higher
MCX GOLD TRADING STRATERGY:-
In our previous update for 11/02/10, we had indicated that if 16383 is crossed then long positions can be undertaken.
The high registered subsequently was 16515. Traders who managed to enter had the opportunity to benefit.
Corrective dip to 16421-16352 can be used for buying with a stop loss of 16285.
Expect higher range of 16589 to be tested.
The 14 day RSI is moving up now which suggest that minor pullback is in process.
Important resistance point is at 16815 which could be tested if momentum increases on the upside.
SPOT GOLD;-Hold long positions with a stop loss of 1077$ and look for rise to 1100$ or above to exit long.
Immediate resistance is at 1098$ and 1125$.
SPOT SILVER;-A sideways movement is being witnessed after a sharp slide. Resistance is at 15.7$-16.10$.
Support is at 15.15$-14.92$.
Failure to sustain at higher range will give a way down for fall.
NYMEX CRUDE:-Over all volatility in the range of 78.1$-69.5$ is likely to be witnessed.
Immediate resistance is at 75.7$.
Immediate support is at 72.5$.
MCX Gold April: Rise above 16617/16632 to go for 16723/16738 followed by 16770 levels. Ideally, resistance should be seen here. Supports are at 16466 followed by 16405.
S1: 16423 S2: 16343 R1: 16583 R2: 16663.
S1: 16423 S2: 16343 R1: 16583 R2: 16663.
MCX Silver March: Immediate resistance is at 24934/25093 followed by 25409 levels. Favored view expects resistance to cap for a decline towards 24063 or even lower. It has to rise above 25460 to suggest that it might not fall as per this expectation but could attempt to test 25884 or even 26280. S1: 25329 S2: 25200 R1: 25590 R2: 25720.
MCX Copper Feb: Supports are at 312.40/313.40 levels now. A consolidation between 312.40/321.60 expected before a break higher towards 325/326 levels. Fall below 310 to dent our bullish expectation. S1: 311 S2: 308 R1: 319 R2: 323.
MCX Crude Oil Feb: While above 3305 there could be a sideways consolidation. Resistance levels are near 3553/3576 and support is around 3390.Fall below 3390 would diminish the bullishness and could lead it to next supports at 3305 or the breakdown point at 3268.S1: 3395 S2: 3353 R1: 3473 R2: 3513.
MCX Zinc Feb: A consolidation is expected between 98/100.25. Favored view expects a break above 102 while above 98.00.S1: 98.40 S2: 96.40 R1: 102.60 R2: 104.60
MCX Lead Feb: Crucial support is at 96.00 now. Ideally, while below 98.50 we favour a break of 96.00 or even lower.S1: 96.40 S2: 94.40 R1: 100.40 R2: 102.40.
MCX Nickel Feb: Important resistance at 865/867 to cap now for a pullback towards 845\850 levels. Direct rise above 865 to target 880 levels now. S1: 854 S2: 847 R1: 870 R2: 879.
MCX Natural Gas Feb: Important resistance is at 261/263 levels now. Favored view expects resistance to be tested. Supports are at 254 followed by 252.S1: 247 S2: 240 R1: 261 R2: 269
