MCX & COMEX OUTLOOK FOR 18TH NOVEMBER 2010

Mcx Gold Dec: Rallies to 20170/20270 to hold for a decline towards 19600 now. Break of 20400 will negate this bearish view.
S1 19750 S2 19450 R1 20370 R2 20500

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Mcx Silver Dec: Rallies to 39900/40400 to hold for a decline towards 38100/ 37000 now. Unexpected break of 41300 to dent this bearish view.
S1 38160 S2 37200 R1 40000 R2 40600

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Mcx Copper Nov: Rallies to 382/384 to hold for a move lower towards 365 now. Prices to break above 387 to cause doubt on this view.
S1 363.80 S2 356.30 R1 387 R2 396

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Mcx Crude Nov: Prices to stay above 3675 to hold the bearish moves, break below 3675 supports seen at 3600/3560.
However, an opening move above 3700 could help the prices to become stable & to reach near 3800 levels.
S1 3610 S2 3560 R1 3740 R2 3827

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MCX Nickel Nov: Rallies to 1004/1012 to hold for a decline towards 942/890 now.
S1 938 S2 880 R1 1012 R2 1031

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MCX Lead Nov: Rallies to 104/106 to hold for a decline towards 97/91 now.
S1 97 S2 90.60 R1 104 R2 108

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MCX Zinc Nov: Rallies to 100.60/102 to hold for a decline towards 91 now.
S1 93.60 S2 90 R1 101 R2 103

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MCX Nat gas Nov: Dips to 178/174 to hold for 190/205. Unexpected break below 163 to cause doubt on this view.
S1 168 S2 163 R1 192 R2 209

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NCDEX Steel Long Dec: Dips to 24500/24400 to hold for a move higher towards 24760/25100 now. Unexpected break below 24200 to dent this bullish view.
S1: 24260 S2: 24000 R1: 24766 R2: 24980

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TRADING STRATERGY FOR THE DAY ::

 

MCX SILVER DECEMBER :: Following was the hourly chart view mentioned yesterday “The hourly chart is retraced the last rise in the chart by 61.8% and RSI is in oversold zone. MACD need to trigger a buy followed by a breakout above the price trigger of 39140 can pull back a rise towards 39640-39970. A fall and hourly close below 38338 will confirm the slide towards 78.6% retracement which is at 37475.” Silver did cross the trigger of 39140 and moved up to 39588 to fall down to 39150 at closing. The next resistance now is at 39588. If the resistance is crossed then expect a pull back of the fall from 43174 to 38338. The 23.6% pull back has already been done when it attained high of 39588 yesterday. On the immediate front from hourly chart perspective, the low of 38338 must not be violated and surely should cross 39588. If that happens then on intra-day, we could see some up towards the retracement levels of the fall which are placed at 40184 and 40774 As per the daily chart, we had mentioned that the Objective will be to sell on rise to 38891-39443 with a stop loss of 39970. Intra-day traders can wait for a rise above 38891 or 39443 and when it falls below 38891 or 39443 then sell with high above 38891 or 39443 as the stop loss. The high registered yesterday was 39588 and closed at 39150.  In a way the second level of 39443 was attained and close at 39150. Traders who managed to sell at 39443 had the opportunity to benefit. Expect higher range of 39605-40533 as per daily chart levels for intra-day to be tested. Traders short need to maintain a stop loss of 39588 to hold short as we  the high of 39588 can extend the rise towards 39605-40533. Support will be at 38660-38338. Sell on fall and close below 38338 with high of the day stop loss or 39558 whichever is higher. MCX GOLD DECEMBER :: On rise above 19928, expect 20021-20185 range to be tested.  On the hourly chart, the RSI was in oversold zone and yesterday moved above it. Resistance now is at 20044-20069. The price trigger for minor rise is 20069. If price move above 20069 then we could find level of 20155-20185 to be tested. Violation of support of 19819 will lead to a further slide. SPOT GOLD :: Cover short positions at current price to 1330-1316$ as the opportunity arises. Expect a rise towards 1344$-1358$ NYMEX CRUDE :: Support is at 79$. If the same gets violated then expect slide towards 78-77$ at least and to an outer extent to 75-74$. Traders by chance short can keep a stop loss of 83$. NYMEX GAS :: Hold long position with a  stop loss of 3.70$. Corrective dip to 3.95-3.87$ can be used for buying. ENJOY  TRADING  !!!!!

MCX & COMEX OUTLOOK FOR 16TH NOVEMBER 2010

Mcx Gold Dec: Pullbacks to 20270/20370 to be sold for a decline towards 19800 / 19600 now. Break of 20500 will negate this bearish view.
S1 19750 S2 19450 R1 20490 R2 20700

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Mcx Silver Dec: Rallies to 39900/40400 to hold for a decline towards 38100/ 37000 now. Unexpected break of 41300 to dent this bearish view.
S1 38160 S2 37200 R1 41300 R2 42000

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Mcx Copper Nov: Dips to 386/384 to hold for a move higher towards 396/408 now. Prices to fall below 378 to cause doubt on this view.
S1 382 S2 367 R1 402 R2 408

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Mcx Crude Nov: Dips to 3800/3780 to take prices higher towards 3900/4000 now. unexpected fall below 3730 to dent this bullish view.
S1 3777 S2 3733 R1 3940 R2 4100

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MCX Nickel Nov: Rallies to 1025/1035 to hold for a decline towards 970/900 now.
S1 995 S2 965 R1 1040 R2 1058

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MCX Lead Nov: Rallies to 112/114 to hold for a decline towards 104/99 now.
S1 103.60 S2 97 R1 112 R2 114

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MCX Zinc Nov: Rallies to 106/107 to hold for a decline towards 98/92 now.
S1 97.60 S2 90 R1 105.80 R2 108

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MCX Nat gas Nov: Dips to 172/170 to hold for 180/196. Unexpected break below 163 to cause doubt on this view.
S1 168 S2 163 R1 182 R2 195

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TRADING  STRATEGY ::

SILVER  MCX  DECEMBER ::

The hourly chart show that a momentum will come back again after couple of days to correction mode which reduced the large volatility range.

Volume bar seen at 9.55 pm hourly bar yesterday and tested the resistance as shown in the chart. The range of the volume bar was 39970-39468. Either side move can shown trading movement  and momentum.

As per the daily chart the trend is down and sideways at this point. Support is at 39000. Sell on fall below 39000 with high of the day stop loss or 39970 whichever is higher.

On the basis of hourly chart for the day, traders can buy above 39970 with low of the day stop loss or 39468. Alternatively, sell below 39468 with high of the day stop loss or 39970 whichever is higher.

GOLD  MCX  DECEMBER ::

The hourly chart shows the resistance gap at 20320-20367 with red color horizontal lines and the falling trend line in orange color.

Volatility is a narrow band of 20485-20005 is likely to be tested. The resistance gap of 20320-20367 could attract profit booking and selling.

Support of 20028 still held. The earlier breakout point was 20028 and the low in last 3 trading days was 20005. The price since then has moved up a bit on Saturday and yesterday to 20233 thereby validating the support of 20028.

Expect higher range of 20321-20537 to be tested and can be used for profit booking.

INTERNATIONAL  SPOT  GOLD ::

On rise above 1377, expect a pullback towards 1393.

Use rise from current level of 1358-1372 to exit long.

On fall below 1354 expect lower range of 1340-1328 to be tested.

INTERNATIONAL  SPOT  SILVER ::

Hold short with a stop loss of 26.5$.

Sell on rise to 25.79$-26.16$ with a stop loss of 26.5$.

Expect lower range of 25.11$-24.06$

NYMEX  NATURAL  GAS ::

Traders long as can keep a stop loss of 3.70$.

Expect higher range of 3.91-4.08$ can be used to exit long.

NYMEX  LIGHT  CRUDE  OIL ::

Buy above 85.8$ with low of the day stop loss.

Buy at 84.3-83$ with a stop loss of 79$.

Buy is suggested based on perspective and on trend in this case.

Earlier breakout point was at 84$ the same is likely to offer support.

ENJOY  TRADING  !!!!!

MCX & COMEX OUTLOOK FOR 15TH NOVEMBER 2010

Mcx Gold Dec: Rallies to 20200/20270 to hold for a decline towards 19800 / 19600 now. Break of 20400 will negate this bearish view.
S1 19750 S2 19450 R1 20426 R2 20700

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Mcx Silver Dec: Rallies to 39900/40400 to hold for a decline towards 38100/ 37000 now. Unexpected break of 41300 to dent this bearish view.
S1 38160 S2 37200 R1 41300 R2 42000

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Mcx Copper Nov: Rallies to 393.60/396 to hold for a decline towards 380/372 now. Prices to rise past 402 to cause doubt on this view.
S1 382 S2 367 R1 402 R2 408

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Mcx Crude Nov: Dips to 3800/3780 to take prices higher towards 3960/4100 now. unexpected fall below 3733 to dent this bullish view.
S1 3777 S2 3733 R1 3970 R2 4100

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MCX Nickel Nov: Rallies to 1037/1044 to hold for a decline towards 970/900 now.
S1 995 S2 965 R1 1040 R2 1058

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MCX Lead Nov: Rallies to 112/114 to hold for a decline towards 106/104 now.
S1 106 S2 104 R1 112 R2 114

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MCX Zinc Nov: Rallies to 106/107 to hold for a decline towards 101/98 now.
S1 100.50 S2 97.60 R1 105.80 R2 108

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MCX Nat gas Nov: Dips to 168 to hold for 180/196. Unexpected break below 163 to cause doubt on this view.
S1 163 S2 155 R1 182 R2 195

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MCX SILVER TRADING STRATERGY :: 

Exit long and sell on rise to 39563-40125 with a stop loss of 41110.

Expect lower range of 38575-37025 to be tested.

MCX GOLD TRADING STRATERGY;-Exit long on rise to 20133-20260-20475 as the opportunity arises. On sustained fall below 19996 downward movements could further accelerate.

COPPER LME :: 

The first peak was made in 2006 at 8790$.

The second multiple peak was made just above 8790$ but failed to show the weekly close above 8790$. The peaks made in 2008 were 8810$, 8880$ and 8930$. All these occasion when the peak was made in 2008 the close was lower below 8790$. This means that strong resistance and selling pressure do get witnessed at 8790$ or above.

Last week,  we saw Copper peak the peak again above 8790$ by making a high of 8920$ and closed lower at 8670$.

Resistance zone of 8790$-8930$ continues at higher range. Profit booking at 8717$-8900$ is broadly suggested or keep  a stop loss of  8025$.

Corrective dip to 8513$-8153$ can be used for buying. Further long positions can be added on close above 8930$.

Hold long positions if any with a stop loss of 8025$.

ZINC LME ::

Hold long positions if any with a stop loss of 2363$.

Traders can Exit long positions on rise to 2460$-25554-2765$ as the opportunity arises.

 A breakout and close above 2730 can bring about a near term rise to 2900$ to 3227$.

Violation of stop loss and weekly closing below the same can bring about correction before making any other attempt to move higher.

TIN LME ::  

Hold long  positions if any with a  stop loss of 25500$.

Fresh trading long positions can be undertaken above 27325$ with low of the day stop loss.

NICKLE LME :: 

Exit long on rise to 23248-2472 to exit long position and re-enter long on rise and close above 25125

LEAD LME ::

Hold long positions if any with a  stop loss of 2380$.

Expect higher range of 2548$-2553$ to be tested.

SPOT GOLD ::

Exit long on rise to 1379-1399 and sell with a stop loss of 1424.10$. Expect lower range of 1348$-1298$ to be tested.

SPOT SILVER ::

Exit long and sell on rise to 26.51$-27.23$-29.16$ as the opportunity arises.

Expect lower range of 25.3$-23.37$ to be tested.

NYMEX CRUDE ::

Exit long and sell on rise to 85.75$-86.98$ with a stop loss of 89$. Buy above 89$ with low of the day stop loss.

Buy at 83.65-80.3 with a stop loss 79$.