VIEWS ::
MCX Gold April: As expected we saw a move towards 15304 levels.We can expect a consolidation now in the 15188-15304 zone and then rise higher towards 15600-15635 levels. This is our favored view. Fall below 15159 to cause doubts on this view.S1: 15240 S2: 14990 R1: 15403 R2: 15600
MCX Silver May: Supports are at 21920/21936 presently. Favored view expects supports to hold and rise towards 22310/22396 levels or even higher.Fall below 21700 to dent our bullish view.S1: 21930 S2: 21530 R1: 22300 R2: 22650
MCX Copper April: Despite the fall , a good bounce is seen and a break above 193 to revive bullish hopes for a test of 210 or even higher.S1: 184 S2: 179 R1: 188 R2: 19
MCX Crude Oil April : Rise above 2375 a bullish sign as cautioned in the previous update. Supports are at 2372 followed by 2300 now.Favored view expects supports to hold for a rally towards 2525 or even higher. Fall below 2290 to dent our bullish expectations.S1: 2375 S2: 2325 R1: 2450 R2: 2500
MCX Zinc March: Prices may move down and find support at 62.35 or even lower at 61.0 .Close above 63.0 to negate our bearish view.S1: 62.35 S2: 61.0 R1: 63.5 R2: 64.5
MCX Lead March: Supports are at 63.4/62.4 levels now. While above these levels prices could stay firm and test resistance at 64.7.However a fall below 63.0 could see prices correct towards supports at 60.8.S1: 63.0 S2: 60.5 R1: 64.7 R2: 66.0
MCX Nickel March: Prices have broken out from the trading band of 500-515 downwards and closed at 494.5 levels.Prices may move down and find support at 481 levels. Close above 502 to negate our bearish view.S1: 492 S2: 481 R1: 501 R2: 510
TRADING STRATEGY ::
GOLD MCX APRIL ::
The trend is down but can reverse.
Ideally, cover all earlier short positions at market price and on dips to Rs. 15287 – Rs. 15125 as the opportunity arises.
As the trend is down, to minimize risk, intra-day traders can wait for a rise above Rs. 15463 and when it falls below Rs. 15463 then sell with whatever high registered above Rs. 15463 as a stop loss. Subsequently, book profits at Rs. 15287 – Rs. 15125 range or below.
Daily Clsoing Reversal : 15316
SILVER MCX MAY ::
The trend is down but a short covering is being witnessed.
Ideally, cover all earlier short positions at market price and on dips to Rs. 22024 – Rs. 21773 as the opportunity arises.
Sell on fall below Rs. 21456. with high of the day as a stop loss.
As the trend is down, to minimize risk, intra-day traders can wait for a rise above Rs. 22316 and when it falls below Rs. 22316 then sell with whatever high registered above Rs. 22316 as a stop loss. Subsequently, book profits at Rs. 22024 – Rs. 21773 range or below.
Daily Closing Reversal : 22171
INTERNATIONAL SPOT SILVER ::
Resistance will be at 13.02$-13.08$.
A further rise and close above 13.08$ can take the Silver price up towards 13.20$-13.30$.
Support will be at 12.78$-12.63$.
On the hourly chart, a trend line breakout will be witnessed on rise above 13.08$.
INTERNATIONAL SPOT GOLD ::
Resistance will be at 931$.
A further rise and close above 931$ can take the Gold price up towards 935$-945$. Sustainability at higher range can be an issue.
Support will be at 915$-903$
For intra-day hourly trader the range is 919$-931$.
Traders can trade long for intra-day with a stop loss or 919$.
Alternatively, sell below 919$ with a stop loss of 931$ or high of the day which ever is higher at the point of breakdown.
ENJOY TRADING !!!!
MUNNABHAI ANALYST, M. M. A. S.
Friday, March 13, 2009
Wednesday, March 11, 2009
OUTLOOK FOR 11TH MARCH 2009
INTERNATIONAL SPOT GOLD VIEW FOR THE DAY AND NEAR TERM:Support at lower levels will be witnessed first of the channel and then of the retracement level of 882$.
Support Cluster will be in the range of 890$-873$ which could be tested during the day.
Some bounce back could be witnessed from the support range.
Resistance will be at 903$-915$-935$.
Spurt on intra-day towards 903$-915$ is possible as yesterday was the day of large wide movement on the downside. A relief rise to resistance is possible.
In case of fall and close below 873$ then expect the slide to move down towards 844$ to 806$.
Overall traders holding short positions can maintain a stop loss at 923$ to maintain short positions. Alternatively, cover short positions at support range and re-enter short on fall below 873$.
INTERNATIONAL SPOT SILVER VIEW;-Support will be at 12.46$-12.40$.
Sell further on fall and close below 12.40$ with high of the day stop loss or 13.02$ whichever is higher at the point of breakdown.
If that happens then expect a slide towards 11.98$ at least.
Sell on rise to 12.75$ or above with a stop loss of 13.02$
NYMEX LIGHT SWEET CRUDE OIL:Traders can exit long positions on rise from current price to 50.50$ as the opportunity arises to re-enter long on close above 50.50$.
Intra-day traders can take chance to buy only above 48.9$.
A fall and close below 44.9$ can bring about a fall in price and Crude can go below the trend line which will mean a false breakout situation was witnessed.
Sunday, March 8, 2009
VIEWS OF COMEX GOLD SILVER AND CRUDE 8/3/09
OUTLOOK ON COMEX GOLD FUTURES:Comex Gold (GC) :-
Gold's correction from 1007.7 was contained at 900.40, above 892 support as expected and rebounded strongly. An intraday low should be in place and initial outlook will remain neutral for this week. Break of 936.10 resistance will indicate that such correction has already completed and will flip intraday bias back to the upside for retesting 1007.7 resistance first. Break will confirm up trend resumption for 1033.9 high next. On the downside, while another fall cannot be ruled out for the moment, we'd still expect downside to be contained by mentioned 892 support and bring rally resumption.
In the bigger picture, as discussed before, consolidation from 1033.9 has already completed at 681, in form of an expanding triangle pattern. Long term up trend is tentatively treated as resumed at this point and further rise should be seen to retest 1033.9 high. Break will confirm the bullish case and target 161.8% projection of 681 to 892 from 801.5 at 1142.9 next. On the downside, break of 892 support is needed to be the first signal that rise fro 681 has topped out. Otherwise, outlook remains bullish even in case of pull back.
In the long term picture, as mentioned before, Gold's long term up trend from 260 is still in progress. Break of 1033.9 will confirm that such up trend has resumed and should target 61.8% projection of 260 to 1033.9 from 681 at 1159 next.
OUTLOOK ON COMEX SILVER FUTURES :-Comex Silver (SI)
Silver recovered strongly after correction from 14.6 extended to 12.45 last week. Break of 13.33 minor resistance suggests that such correction has completed and intraday bias is flipped back to the upside for retesting 14.6 high. Break of confirm rally resumption towards next target of 16.00 medium term support turned resistance. On the downside, below 12.45 will indicate that mentioned correction is still in progress. But after all, we'd still expected downside to be contained by 11.77 support and bring rally resumption.
In the bigger picture, whole down trend from 21.44 has completed at 8.4 already. Focus now turns to next resistance at 16, with medium term falling trend line at 15.88 and 61.8% retracement of 21.44 to 8.4 at 16.45. Sustained break will confirm this case and argue that long term up trend is resuming and should target 21.44 high next. On the downside, break of 11.77 support is needed to be the first signal that rise from 8.4 has completed. Otherwise, outlook will remain bullish.
In the longer term picture, Silver's fall from 21.44 is treated as part of consolidation to the long term five wave rally from 4.315 and should have completed at 8.4 after being supported slightly above 76.4% retracement of 4.315 to 21.44 at 8.36. On resumption, the long term up trend should target 100% projection of 4.315 to 21.44 from 8.4 at 25.52 next.
NYMEX CRUDE OIL TECHNICAL OTLOOK:-Nymex Crude Oil (CL)
Crude oil's choppy recovery from 33.55 extended further to as high as 46.30 last week but overall outlook remains unchanged. Such rise from 33.55 is treated as part of sideway consolidation that started at 34.98 only. Hence, while further rise cannot be ruled out, upside should be limited by 50.47 and bring medium term down trend resumption. On the downside, below 39.44 minor support will suggest that rise from 33.55 has finally completed and will flip intraday bias back to the downside for retesting this low first.
In the bigger picture, while downside momentum is clearly diminishing with bullish convergence condition in daily MACD, there is no indication of a bottom yet. Price actions from 34.98 is still treated as sideway consolidation in the medium term down trend only. Break of 33.55 will suggest decline resumption towards long term trend line support (monthly semi-log chart) at 27 level or lower. . However, note that we'll continue to look for reversal signal as crude oil enter into 17.12/33.5 key long term support zone.
In the longer term picture, steep decline from 147.27 is treated as a correction in the larger up trend only and should be contained by 17.12/33.5 support zone and bring strong rebound towards 90.51 resistance level. Focus will remain on reversal signal for the moment.
NATURAL GAS NEAR TERM TECHNICAL OUTLOOK:-Nymex Natural Gas (NG)
Natural Ga's recovery from 3.916 was limited at 4.380 last week and weakened sharply afterwards and is now back pressing 3.916 low. Such development argues that recent decline might be ready to resume this week. Initial bias will be on the downside and break of 3.916 will confirm fall resumption to next target of 61.8% projection of 6.24 to 4.28 from 4.88 at 3.67.
On the upside, however, above 4.145 will turn intraday outlook neutral again and argue that consolidation from 3.916 is going to extend further before completion. In such case, another recovery could be seen to 4.38 resistance or above. Nevertheless, note that short term outlook will remain bearish as long as 4.88 resistance holds.
In the bigger picture, staying well below 55 days EMA at 4.845, Natural Gas' down trend from 13.69 is still in progress. Sustained trading below 4.0 will pave the way to next key psychological support at 3.0. Also, such decline is treated as part of the sideway pattern from 15.56 and could be heading to 100% projection of 15.65 to 4.3 from 13.69 at 2.34.
On the upside, break of 4.88 resistance will be the first signal that such down trend is bottoming, possibly with bullish convergence condition in daily MACD. Stronger rebound should then be seen to 6.24 resistance for confirming completion of medium term down trend.
Gold's correction from 1007.7 was contained at 900.40, above 892 support as expected and rebounded strongly. An intraday low should be in place and initial outlook will remain neutral for this week. Break of 936.10 resistance will indicate that such correction has already completed and will flip intraday bias back to the upside for retesting 1007.7 resistance first. Break will confirm up trend resumption for 1033.9 high next. On the downside, while another fall cannot be ruled out for the moment, we'd still expect downside to be contained by mentioned 892 support and bring rally resumption.
In the bigger picture, as discussed before, consolidation from 1033.9 has already completed at 681, in form of an expanding triangle pattern. Long term up trend is tentatively treated as resumed at this point and further rise should be seen to retest 1033.9 high. Break will confirm the bullish case and target 161.8% projection of 681 to 892 from 801.5 at 1142.9 next. On the downside, break of 892 support is needed to be the first signal that rise fro 681 has topped out. Otherwise, outlook remains bullish even in case of pull back.
In the long term picture, as mentioned before, Gold's long term up trend from 260 is still in progress. Break of 1033.9 will confirm that such up trend has resumed and should target 61.8% projection of 260 to 1033.9 from 681 at 1159 next.
OUTLOOK ON COMEX SILVER FUTURES :-Comex Silver (SI)
Silver recovered strongly after correction from 14.6 extended to 12.45 last week. Break of 13.33 minor resistance suggests that such correction has completed and intraday bias is flipped back to the upside for retesting 14.6 high. Break of confirm rally resumption towards next target of 16.00 medium term support turned resistance. On the downside, below 12.45 will indicate that mentioned correction is still in progress. But after all, we'd still expected downside to be contained by 11.77 support and bring rally resumption.
In the bigger picture, whole down trend from 21.44 has completed at 8.4 already. Focus now turns to next resistance at 16, with medium term falling trend line at 15.88 and 61.8% retracement of 21.44 to 8.4 at 16.45. Sustained break will confirm this case and argue that long term up trend is resuming and should target 21.44 high next. On the downside, break of 11.77 support is needed to be the first signal that rise from 8.4 has completed. Otherwise, outlook will remain bullish.
In the longer term picture, Silver's fall from 21.44 is treated as part of consolidation to the long term five wave rally from 4.315 and should have completed at 8.4 after being supported slightly above 76.4% retracement of 4.315 to 21.44 at 8.36. On resumption, the long term up trend should target 100% projection of 4.315 to 21.44 from 8.4 at 25.52 next.
NYMEX CRUDE OIL TECHNICAL OTLOOK:-Nymex Crude Oil (CL)
Crude oil's choppy recovery from 33.55 extended further to as high as 46.30 last week but overall outlook remains unchanged. Such rise from 33.55 is treated as part of sideway consolidation that started at 34.98 only. Hence, while further rise cannot be ruled out, upside should be limited by 50.47 and bring medium term down trend resumption. On the downside, below 39.44 minor support will suggest that rise from 33.55 has finally completed and will flip intraday bias back to the downside for retesting this low first.
In the bigger picture, while downside momentum is clearly diminishing with bullish convergence condition in daily MACD, there is no indication of a bottom yet. Price actions from 34.98 is still treated as sideway consolidation in the medium term down trend only. Break of 33.55 will suggest decline resumption towards long term trend line support (monthly semi-log chart) at 27 level or lower. . However, note that we'll continue to look for reversal signal as crude oil enter into 17.12/33.5 key long term support zone.
In the longer term picture, steep decline from 147.27 is treated as a correction in the larger up trend only and should be contained by 17.12/33.5 support zone and bring strong rebound towards 90.51 resistance level. Focus will remain on reversal signal for the moment.
NATURAL GAS NEAR TERM TECHNICAL OUTLOOK:-Nymex Natural Gas (NG)
Natural Ga's recovery from 3.916 was limited at 4.380 last week and weakened sharply afterwards and is now back pressing 3.916 low. Such development argues that recent decline might be ready to resume this week. Initial bias will be on the downside and break of 3.916 will confirm fall resumption to next target of 61.8% projection of 6.24 to 4.28 from 4.88 at 3.67.
On the upside, however, above 4.145 will turn intraday outlook neutral again and argue that consolidation from 3.916 is going to extend further before completion. In such case, another recovery could be seen to 4.38 resistance or above. Nevertheless, note that short term outlook will remain bearish as long as 4.88 resistance holds.
In the bigger picture, staying well below 55 days EMA at 4.845, Natural Gas' down trend from 13.69 is still in progress. Sustained trading below 4.0 will pave the way to next key psychological support at 3.0. Also, such decline is treated as part of the sideway pattern from 15.56 and could be heading to 100% projection of 15.65 to 4.3 from 13.69 at 2.34.
On the upside, break of 4.88 resistance will be the first signal that such down trend is bottoming, possibly with bullish convergence condition in daily MACD. Stronger rebound should then be seen to 6.24 resistance for confirming completion of medium term down trend.
Friday, March 6, 2009
COMMODITY VIEWS WITH TRADING STRATEGY FOR 6TH MARCH 2009
COMMODITY VIEWS ::
MCX Gold April: Supports are at 15337 followed by 15287.Ideally, supports to hold for a move towards 15652/15685 or even higher towards 15835 levels as long as 15304 holds. S1: 15287 S2: 15020 R1: 15560 R2: 15800
MCX Silver May: Immediate resistance is at 22842/22859 now The pullback could extend towards 23184 now. Supports are at 22500 followed by 22312 now. S1: 22190 S2: 21850 R1: 22670 R2: 23210
MCX Crude Oil March : While above 2116 we still believe a corrective pullback towards 2475 looks likely. We can expect a consolidation and a rally higher subsequently. S1: 2255 S2: 2150 R1: 2340 R2: 2450
MCX Copper April: Supports are at 186 levels and a break below to result in a bearish reaction. Favored view expects a consolidation and breakout higher. Fall below 181 to cause doubts on this view.S1: 187 S2: 183 R1: 191 R2: 195
MCX Zinc March: Prices may stall for some time and find support at 62.1/61.0 levels for a move higher towards 63.5 – 64.0 levels. Unexpected fall below 60.5 to cause doubts on bullish view.S1: 62.1 S2: 61.0 R1: 63.10 R2: 64.5
MCX Lead March: Prices may move down and find support at 59.0/58.45 levels for a move higher towards 61.0 levels. Unable to hold this level can take price to 56.5 level. S1: 60.3 S2: 59.2 R1: 61.0 R2: 62.6
MCX Nickel March: Moves below 501 will take prices to 493 level. However a break above 510 to negate this view. S1: 501 S2: 493 R1: 509 R2: 515
TRADING STRATEGY ::
MCX GOLD APRIL ::
MCX GOLD APRIL ::Munnabhai Analyst: The trend is down but a trend line support has been taken. Ideally, cover all earlier short positions at market price and on dips to Rs. 15278 – Rs. 15127 as the opportunity arises.
Sell only on fall below Rs. 15000
MCX SILVER MAY ::
The trend is down but a reversal can not be ruled out. Ideally, cover all earlier short positions at
market price and on dips to Rs. 22314 – Rs. 22160 as the opportunity arises.
Sell only on fall below Rs. 21580.
A pullback towards Rs. 22577 – Rs. 22731 could be witnessed.
International Spot Gold ::
A bounce back from the 50% retracement has been witnessed. A pullback rise is possible of the fall from the peak of 1006$ to 899$ before making any further attempts to breakdown again.
Immediate resistance will be at 937$-940$
On further rise and close above 941$, expect a rise towards 952$-965$.
Traders holding short positions need to cover it at current price on dip during the day to 922$-904$ range as the opportunity arises.
The hourly chart shows the pullback retracement levels. From the hourly chart angle. Immediate support is at 930$-928$.
Traders undertaken trading positions probably need to maintain a tight trading long positions stop loss at 928$. A fall below 928$ could see an intra-day correction before making attempts to move up for a pullback rise.
International Spot Silver ::
A rise towards the pullback level of the fall from 14.6$-12.41$ is in process. Expect higher range of 13.50$-13.76$ to be tested.
Support is at 13.20$-13.15$ and 12.86$.
Copper LME ::
Ascending trend line breakout was witnessed couple of days back. On the immediate front, Copper is likely to exhibit a sideways movement in the band of 3790$-3515$.
A fall and close below 3515$ will end all hopes of a further rise.
If that happens then expect all the lower levels to be revisited again..
ENJOY TRADING !!!!
MCX Gold April: Supports are at 15337 followed by 15287.Ideally, supports to hold for a move towards 15652/15685 or even higher towards 15835 levels as long as 15304 holds. S1: 15287 S2: 15020 R1: 15560 R2: 15800
MCX Silver May: Immediate resistance is at 22842/22859 now The pullback could extend towards 23184 now. Supports are at 22500 followed by 22312 now. S1: 22190 S2: 21850 R1: 22670 R2: 23210
MCX Crude Oil March : While above 2116 we still believe a corrective pullback towards 2475 looks likely. We can expect a consolidation and a rally higher subsequently. S1: 2255 S2: 2150 R1: 2340 R2: 2450
MCX Copper April: Supports are at 186 levels and a break below to result in a bearish reaction. Favored view expects a consolidation and breakout higher. Fall below 181 to cause doubts on this view.S1: 187 S2: 183 R1: 191 R2: 195
MCX Zinc March: Prices may stall for some time and find support at 62.1/61.0 levels for a move higher towards 63.5 – 64.0 levels. Unexpected fall below 60.5 to cause doubts on bullish view.S1: 62.1 S2: 61.0 R1: 63.10 R2: 64.5
MCX Lead March: Prices may move down and find support at 59.0/58.45 levels for a move higher towards 61.0 levels. Unable to hold this level can take price to 56.5 level. S1: 60.3 S2: 59.2 R1: 61.0 R2: 62.6
MCX Nickel March: Moves below 501 will take prices to 493 level. However a break above 510 to negate this view. S1: 501 S2: 493 R1: 509 R2: 515
TRADING STRATEGY ::
MCX GOLD APRIL ::
MCX GOLD APRIL ::Munnabhai Analyst: The trend is down but a trend line support has been taken. Ideally, cover all earlier short positions at market price and on dips to Rs. 15278 – Rs. 15127 as the opportunity arises.
Sell only on fall below Rs. 15000
MCX SILVER MAY ::
The trend is down but a reversal can not be ruled out. Ideally, cover all earlier short positions at
market price and on dips to Rs. 22314 – Rs. 22160 as the opportunity arises.
Sell only on fall below Rs. 21580.
A pullback towards Rs. 22577 – Rs. 22731 could be witnessed.
International Spot Gold ::
A bounce back from the 50% retracement has been witnessed. A pullback rise is possible of the fall from the peak of 1006$ to 899$ before making any further attempts to breakdown again.
Immediate resistance will be at 937$-940$
On further rise and close above 941$, expect a rise towards 952$-965$.
Traders holding short positions need to cover it at current price on dip during the day to 922$-904$ range as the opportunity arises.
The hourly chart shows the pullback retracement levels. From the hourly chart angle. Immediate support is at 930$-928$.
Traders undertaken trading positions probably need to maintain a tight trading long positions stop loss at 928$. A fall below 928$ could see an intra-day correction before making attempts to move up for a pullback rise.
International Spot Silver ::
A rise towards the pullback level of the fall from 14.6$-12.41$ is in process. Expect higher range of 13.50$-13.76$ to be tested.
Support is at 13.20$-13.15$ and 12.86$.
Copper LME ::
Ascending trend line breakout was witnessed couple of days back. On the immediate front, Copper is likely to exhibit a sideways movement in the band of 3790$-3515$.
A fall and close below 3515$ will end all hopes of a further rise.
If that happens then expect all the lower levels to be revisited again..
ENJOY TRADING !!!!
Friday, February 27, 2009
VIEWS & TRADING STRATEGY FOR 27TH FEB. 2009
MCX Gold April: Supports are at 15130/15146 levels now. Ideally, we expect supports to hold for a rally towards 15453 or 15598. Fall below supports could test 14952 or even lower.S1: 15100 S2: 14800 R1: 15490 R2: 15670
MCX Silver Mar: Rise above 21887/21920 to test 22220 or even higher towards 22403. Supports are at 21704 followed by 21554. Fall below 21488 to dent our bullish expectations. S1: 21290 S2: 20600 R1: 22060 R2: 22500
MCX Copper April: Fall below 170 could signal weakness and a close below 1 68 could take prices lower again towards recent lows or even lower.However, for now while above 170/171 there are good chances of a test of 185/186 levels. S1: 175 S2: 170 R1: 178 R2: 183
MCX Crude Oil March : Important support is at 2206/2207 now. Failure to hold support here could lead it to 2177 and 2124. Favored view expects 2184 levels to hold for a rally towards 2360 levels. Fall below 2184 to cause doubts on our bullish view.S1: 2205 S2: 2130 R1: 2280 R2: 2374
MCX Zinc March: - Rise above 57.30 to test 58.15 or even higher towards 58.8. Supports are at 56.7 followed by 55.35. Fall below 55.3 to dent our bullish expectations.S1: 56.70 S2: 55.35 R1: 57.3 R2: 59.3
MCX Lead March: Dips to 51.9 and 51.1 to hold support for a bullish rise towards 54.0. This is our favored view. Fall below 51.0 to dent our bullish view.S1: 51.90 S2: 51.10 R1: 52.75 R2: 54.0
MCX Nickel March: Supports are at 509/510 levels now. Ideally, we expect supports to hold for a rally towards 523 or 538. Fall below supports could test 505 or even lower.S1: 505 S2: 496 R1: 517 R2: 538
MCX Natural Gas March: - Strong support is seen at 200 levels. Moves beyond 208 may take prices to 213 or even higher. Fall below 200 to dent our bullish expectations. S1: 204 S2: 200 R1: 209 R2: 213
TRADING STRATEGY ::
MCX GOLD APRIL ::
MCX Silver Mar: Rise above 21887/21920 to test 22220 or even higher towards 22403. Supports are at 21704 followed by 21554. Fall below 21488 to dent our bullish expectations. S1: 21290 S2: 20600 R1: 22060 R2: 22500
MCX Copper April: Fall below 170 could signal weakness and a close below 1 68 could take prices lower again towards recent lows or even lower.However, for now while above 170/171 there are good chances of a test of 185/186 levels. S1: 175 S2: 170 R1: 178 R2: 183
MCX Crude Oil March : Important support is at 2206/2207 now. Failure to hold support here could lead it to 2177 and 2124. Favored view expects 2184 levels to hold for a rally towards 2360 levels. Fall below 2184 to cause doubts on our bullish view.S1: 2205 S2: 2130 R1: 2280 R2: 2374
MCX Zinc March: - Rise above 57.30 to test 58.15 or even higher towards 58.8. Supports are at 56.7 followed by 55.35. Fall below 55.3 to dent our bullish expectations.S1: 56.70 S2: 55.35 R1: 57.3 R2: 59.3
MCX Lead March: Dips to 51.9 and 51.1 to hold support for a bullish rise towards 54.0. This is our favored view. Fall below 51.0 to dent our bullish view.S1: 51.90 S2: 51.10 R1: 52.75 R2: 54.0
MCX Nickel March: Supports are at 509/510 levels now. Ideally, we expect supports to hold for a rally towards 523 or 538. Fall below supports could test 505 or even lower.S1: 505 S2: 496 R1: 517 R2: 538
MCX Natural Gas March: - Strong support is seen at 200 levels. Moves beyond 208 may take prices to 213 or even higher. Fall below 200 to dent our bullish expectations. S1: 204 S2: 200 R1: 209 R2: 213
TRADING STRATEGY ::
MCX GOLD APRIL ::
Thursday, February 26, 2009
VIEWS & TRADING STRATEGY FOR 26TH FEB. 2009
MCX Gold April: Supports are seen at 15004-15020 now. Failure to hold support here could result in a fall towards 14830/14860 levels.Resistances are at 15338/15370 now. S1: 15340 S2: 15145 R1: 15625 R2: 16000
MCX Silver Mar: Rallies to 22350/22365 to resist for a decline towards 21540 or even lower. This is our favored view. Unexpected rise above 22700 to cause doubts about this view. S1: 22650 S2: 22140 R1: 23000 R2: 23565
MCX Copper April: Initial resistance is at 181/182 levels. Beyond which it could target recent highs at 188/189 where it could find very strong resistance. S1: 167 S2: 163 R1: 172 R2: 176
MCX Crude Oil March : Dips to 2014 and 1983 to hold support for a bullish rise towards 2424. This is our favored view. Fall below 1980 to dent our bullish view.S1: 2059 S2: 2015 R1: 2135 R2: 2208
MCX Zinc March: - Dips to 56.35 could find support for a move higher towards 58.9/59.3, break below 55.6 would negate this bullish view. S1: 56.35 S2: 55.35 R1: 57.3 R2: 59.3
MCX Lead March: Prices closed above resistance level 51.55. Up rallies may take price to 54.0 level.Moves below 50.8 will negate our bullish view. S1: 51.40 S2: 50.53 R1: 52.65 R2: 54.0
MCX Nickel March: Dips to 510 to hold support for a bullish rise towards 538. This is our favored view. Fall below 507 to dent our bullish view. S1: 512 S2: 507 R1: 523 R2: 538
MCX Natural Gas March: - Prices may move below 200 level and find support around 196. Move beyond 204 can only negate this bearish view. S1: 200 S2: 196 R1: 204 R2: 210
MCX Silver Mar: Rallies to 22350/22365 to resist for a decline towards 21540 or even lower. This is our favored view. Unexpected rise above 22700 to cause doubts about this view. S1: 22650 S2: 22140 R1: 23000 R2: 23565
MCX Copper April: Initial resistance is at 181/182 levels. Beyond which it could target recent highs at 188/189 where it could find very strong resistance. S1: 167 S2: 163 R1: 172 R2: 176
MCX Crude Oil March : Dips to 2014 and 1983 to hold support for a bullish rise towards 2424. This is our favored view. Fall below 1980 to dent our bullish view.S1: 2059 S2: 2015 R1: 2135 R2: 2208
MCX Zinc March: - Dips to 56.35 could find support for a move higher towards 58.9/59.3, break below 55.6 would negate this bullish view. S1: 56.35 S2: 55.35 R1: 57.3 R2: 59.3
MCX Lead March: Prices closed above resistance level 51.55. Up rallies may take price to 54.0 level.Moves below 50.8 will negate our bullish view. S1: 51.40 S2: 50.53 R1: 52.65 R2: 54.0
MCX Nickel March: Dips to 510 to hold support for a bullish rise towards 538. This is our favored view. Fall below 507 to dent our bullish view. S1: 512 S2: 507 R1: 523 R2: 538
MCX Natural Gas March: - Prices may move below 200 level and find support around 196. Move beyond 204 can only negate this bearish view. S1: 200 S2: 196 R1: 204 R2: 210
TRADING STRATEGY ::
MCX GOLD APRIL ::
The trend has turned down.
Sell only on a fall below Rs 15210 with a stop loss at Rs 15660.
Intra-day traders can wait for a rise above Rs 15705 and when it falls below Rs 15705 then sell with the high above Rs 15705 as the stop loss.
MACD histogram is in the positive zone. The 14 day RSI is moving down and now below the 70 mark.
Open interest witnessed significant rise with the rise in price indicating fresh long positions build up.
Support is seen at Rs 15262 – Rs 15014.
MCX SILVER MARCH ::
The trend is up.
Buy only on a rise above Rs 23025 or sell below Rs 22080 whichever is earlier.
Intra-day traders can wait for a fall below Rs 22220 and when it rises above Rs 22220 then buy with the low below Rs 22220 as the stop loss.
MACD histogram is now in the positive zone. The 14 day RSI is moving down and now below the 70 mark.
Open interest witnessed significant rise with the rise in price indicating fresh long positions build up.
Resistance is seen at Rs 23163 – Rs 23565
Wednesday, February 25, 2009
VIEWS FOR 25TH FEB. 2009
MCX Gold April: Corrective rallies to 15570/15600 could find resistance for a fall lower towards 15235 followed by 15075, break above 15873 would negate this bearish view. S1: 15357 S2: 14885 R1: 15625 R2: 16000
MCX Silver Mar: Corrective rallies to 22779/22902 could find resistance for a fall lower towards 21771/21852, break above 23314 would negate this bearish view.S1: 22507 S2: 21753 R1: 23000 R2: 23565
MCX Crude Oil March : Dips to 1955 followed by 1913 could find support for a move higher towards 2112/2137,break below 1868 would negate this bullish view.S1: 1920 S2: 1861 R1: 1958 R2: 2010
MCX Zinc Feb: - Dips to 54.15/53.95 could find support for a move higher towards 55/55.25, break below 53.95 would negate this bullish view.S1: 54.15 S2: 53.65 R1: 54.6 R2: 55.0
MCX Lead Feb: Prices closed at strong support level 49.75. As long as this level holds prices may move up and find resistance at 50.7/51.7 levels.S1: 49.57 S2: 48.6 R1: 50.45 R2: 51.70
MCX Nickel Feb: Up rally beyond 492 may take prices to 505 level.However a break of supports at 472 may take prices to 468 level and negate our bullish view.S1: 482 S2: 468 R1: 491 R2: 505
MCX Natural Gas Feb: - Prices may move below 196 level and find support around 190. Move beyond 204 can only negate this bearish view.S1: 196 S2: 190 R1: 204 R2: 210
MCX Mentha Oil Feb: - Break above 517 could see prices edging higher towards 521/523, move below 510 would negate this bullish view.S1:513 S2:509 R1:518 R2:523
MCX Silver Mar: Corrective rallies to 22779/22902 could find resistance for a fall lower towards 21771/21852, break above 23314 would negate this bearish view.S1: 22507 S2: 21753 R1: 23000 R2: 23565
MCX Crude Oil March : Dips to 1955 followed by 1913 could find support for a move higher towards 2112/2137,break below 1868 would negate this bullish view.S1: 1920 S2: 1861 R1: 1958 R2: 2010
MCX Zinc Feb: - Dips to 54.15/53.95 could find support for a move higher towards 55/55.25, break below 53.95 would negate this bullish view.S1: 54.15 S2: 53.65 R1: 54.6 R2: 55.0
MCX Lead Feb: Prices closed at strong support level 49.75. As long as this level holds prices may move up and find resistance at 50.7/51.7 levels.S1: 49.57 S2: 48.6 R1: 50.45 R2: 51.70
MCX Nickel Feb: Up rally beyond 492 may take prices to 505 level.However a break of supports at 472 may take prices to 468 level and negate our bullish view.S1: 482 S2: 468 R1: 491 R2: 505
MCX Natural Gas Feb: - Prices may move below 196 level and find support around 190. Move beyond 204 can only negate this bearish view.S1: 196 S2: 190 R1: 204 R2: 210
MCX Mentha Oil Feb: - Break above 517 could see prices edging higher towards 521/523, move below 510 would negate this bullish view.S1:513 S2:509 R1:518 R2:523
Comex Gold April: - Corrective rallies to 976/978 could find resistance for a fall lower towards 955 followed by 945, break above 995 would negate this bearish view.
Comex Silver March: - Corrective rallies to 14.02/14.10 could find resistance for a fall lower towards 13.40/13.45, break above 14.35 would negate this bearish view.
NYMEX Crude April: - Dips to 39.35 followed by 38.50 could find support for a move higher towards 42.5/43, break below 37.60 would negate this bullish view.
VIEWS FOR 25TH FEB. 2009
MCX Gold April: Corrective rallies to 15570/15600 could find resistance for a fall lower towards 15235 followed by 15075, break above 15873 would negate this bearish view. S1: 15357 S2: 14885 R1: 15625 R2: 16000
MCX Silver Mar: Corrective rallies to 22779/22902 could find resistance for a fall lower towards 21771/21852, break above 23314 would negate this bearish view.S1: 22507 S2: 21753 R1: 23000 R2: 23565
MCX Crude Oil March : Dips to 1955 followed by 1913 could find support for a move higher towards 2112/2137,break below 1868 would negate this bullish view.S1: 1920 S2: 1861 R1: 1958 R2: 2010
MCX Zinc Feb: - Dips to 54.15/53.95 could find support for a move higher towards 55/55.25, break below 53.95 would negate this bullish view.S1: 54.15 S2: 53.65 R1: 54.6 R2: 55.0
MCX Lead Feb: Prices closed at strong support level 49.75. As long as this level holds prices may move up and find resistance at 50.7/51.7 levels.S1: 49.57 S2: 48.6 R1: 50.45 R2: 51.70
MCX Nickel Feb: Up rally beyond 492 may take prices to 505 level.However a break of supports at 472 may take prices to 468 level and negate our bullish view.S1: 482 S2: 468 R1: 491 R2: 505
MCX Natural Gas Feb: - Prices may move below 196 level and find support around 190. Move beyond 204 can only negate this bearish view.S1: 196 S2: 190 R1: 204 R2: 210
MCX Mentha Oil Feb: - Break above 517 could see prices edging higher towards 521/523, move below 510 would negate this bullish view.S1:513 S2:509 R1:518 R2:523
MCX Silver Mar: Corrective rallies to 22779/22902 could find resistance for a fall lower towards 21771/21852, break above 23314 would negate this bearish view.S1: 22507 S2: 21753 R1: 23000 R2: 23565
MCX Crude Oil March : Dips to 1955 followed by 1913 could find support for a move higher towards 2112/2137,break below 1868 would negate this bullish view.S1: 1920 S2: 1861 R1: 1958 R2: 2010
MCX Zinc Feb: - Dips to 54.15/53.95 could find support for a move higher towards 55/55.25, break below 53.95 would negate this bullish view.S1: 54.15 S2: 53.65 R1: 54.6 R2: 55.0
MCX Lead Feb: Prices closed at strong support level 49.75. As long as this level holds prices may move up and find resistance at 50.7/51.7 levels.S1: 49.57 S2: 48.6 R1: 50.45 R2: 51.70
MCX Nickel Feb: Up rally beyond 492 may take prices to 505 level.However a break of supports at 472 may take prices to 468 level and negate our bullish view.S1: 482 S2: 468 R1: 491 R2: 505
MCX Natural Gas Feb: - Prices may move below 196 level and find support around 190. Move beyond 204 can only negate this bearish view.S1: 196 S2: 190 R1: 204 R2: 210
MCX Mentha Oil Feb: - Break above 517 could see prices edging higher towards 521/523, move below 510 would negate this bullish view.S1:513 S2:509 R1:518 R2:523
Tuesday, February 24, 2009
VIEWS & TRADING STRATEGY FOR 24th FEB. 2009
VIEWS ::
MCX Gold April: A consolidation is in progress now. Immediate support is at 15570/15586 levels and a break below should target 15250. Favored view expects 15586/15602 to hold for a break above 15937/15953 and go for 16496.S1: 15845 S2: 15625 R1: 15930 R2: 16040
MCX Silver Mar: A hugely volatile day with support at 22932. Fall below 22915 and a subsequent fall below 22750 to open the way for a correction towards 21450 at least. However, as long as 22932 holds prices could aim for 22992.S1: 23402 S2: 22788 R1: 23847 R2: 24410
MCX Copper February: The big picture price structure looks clearly weak. Fall below 155.3 to drag prices lower towards 150 initially or even lower towards 137.6 levels. S1: 157 S2: 153 R1: 160 R2: 166
MCX Crude Oil March : A bear flag indicates weakness. Break below 1885 to take prices lower towards 1788 or even lower. Any rallies to 1974 or even higher towards 2009 to resist for a down move. S1: 1946 S2: 1898 R1: 1983 R2: 2010
MCX Zinc Feb: - Strong support at 53.90 is seen. Breaching of 53.90 level can take price to 53.05 level.Rallies if any will find resistance at 54.6 and further at 55.0 level. S1: 53.95 S2: 53.35 R1: 54.6 R2: 55.0
MCX Lead Feb: Strong support is seen at 49.80 level. As long as this level holds prices may move up and find resistance at 50.7/51.7 levels.S1: 50.0 S2: 49.3 R1: 50.7 R2: 51.70
MCX Nickel Feb: Up rally beyond 485 may take prices to 497 level.However a break of supports at 468 may take prices to 457 level and negate our bullish view.S1: 468 S2: 457 R1: 486 R2: 497
MCX Natural Gas Feb: - Prices may move below 196 level and find support around 190. Move beyond 204 can only negate this bearish view.S1: 196 S2: 190 R1: 204 R2: 210
TRADING STRATEGY ::
MCX SILVER ::
The trend is up.
Hold your long positions with a stop loss at Rs 22530.
Further buy only on a rise above Rs 23685.
Intra-day traders can wait for a fall below Rs 23383 and when it rises above Rs 23383 then buy with the low below Rs 23383 as the stop loss.
MACD histogram is now in the positive zone. The 14 day RSI is moving up and now above the 70 mark.
Open interest witnessed significant rise with the rise in price indicating fresh long positions build up.
Resistance is seen at Rs 23700 – Rs 24198.
MCX GOLD ::
The trend is up.
Hold your long positions with a stop loss at Rs 15550.
Further buy only on a rise above Rs 15930.
Intra-day traders can wait for a fall below Rs 15796 and when it rises above Rs 15796 then buy with the low below Rs 15796 as the stop loss.
MACD histogram is in the positive zone. The 14 day RSI is moving up and now above the 70 mark.
Open interest witnessed significant rise with the rise in price indicating fresh long positions build up.
Resistance is seen at Rs 16021 – Rs 16155.
COMEX SILVER ::
The channeled rise continues.
Support will be at 14.09$-13.85$.
A fall and close below 13.85$ can bring about a slide down for a correction.
Use rise to take profit at current price or on rise to resistance 14.67$-14.92$ as the opportunity arises.
COMEX GOLD ::
Gold likely to face resistance now at higher range therefore, it can move sideways or exhibit a minor correction.
Support range will be at 975$-970$.
Resistance range will be at 992$-1006$.
Use rise to take profit as the opportunity arises
MCX Gold April: A consolidation is in progress now. Immediate support is at 15570/15586 levels and a break below should target 15250. Favored view expects 15586/15602 to hold for a break above 15937/15953 and go for 16496.S1: 15845 S2: 15625 R1: 15930 R2: 16040
MCX Silver Mar: A hugely volatile day with support at 22932. Fall below 22915 and a subsequent fall below 22750 to open the way for a correction towards 21450 at least. However, as long as 22932 holds prices could aim for 22992.S1: 23402 S2: 22788 R1: 23847 R2: 24410
MCX Copper February: The big picture price structure looks clearly weak. Fall below 155.3 to drag prices lower towards 150 initially or even lower towards 137.6 levels. S1: 157 S2: 153 R1: 160 R2: 166
MCX Crude Oil March : A bear flag indicates weakness. Break below 1885 to take prices lower towards 1788 or even lower. Any rallies to 1974 or even higher towards 2009 to resist for a down move. S1: 1946 S2: 1898 R1: 1983 R2: 2010
MCX Zinc Feb: - Strong support at 53.90 is seen. Breaching of 53.90 level can take price to 53.05 level.Rallies if any will find resistance at 54.6 and further at 55.0 level. S1: 53.95 S2: 53.35 R1: 54.6 R2: 55.0
MCX Lead Feb: Strong support is seen at 49.80 level. As long as this level holds prices may move up and find resistance at 50.7/51.7 levels.S1: 50.0 S2: 49.3 R1: 50.7 R2: 51.70
MCX Nickel Feb: Up rally beyond 485 may take prices to 497 level.However a break of supports at 468 may take prices to 457 level and negate our bullish view.S1: 468 S2: 457 R1: 486 R2: 497
MCX Natural Gas Feb: - Prices may move below 196 level and find support around 190. Move beyond 204 can only negate this bearish view.S1: 196 S2: 190 R1: 204 R2: 210
TRADING STRATEGY ::
MCX SILVER ::
The trend is up.
Hold your long positions with a stop loss at Rs 22530.
Further buy only on a rise above Rs 23685.
Intra-day traders can wait for a fall below Rs 23383 and when it rises above Rs 23383 then buy with the low below Rs 23383 as the stop loss.
MACD histogram is now in the positive zone. The 14 day RSI is moving up and now above the 70 mark.
Open interest witnessed significant rise with the rise in price indicating fresh long positions build up.
Resistance is seen at Rs 23700 – Rs 24198.
MCX GOLD ::
The trend is up.
Hold your long positions with a stop loss at Rs 15550.
Further buy only on a rise above Rs 15930.
Intra-day traders can wait for a fall below Rs 15796 and when it rises above Rs 15796 then buy with the low below Rs 15796 as the stop loss.
MACD histogram is in the positive zone. The 14 day RSI is moving up and now above the 70 mark.
Open interest witnessed significant rise with the rise in price indicating fresh long positions build up.
Resistance is seen at Rs 16021 – Rs 16155.
COMEX SILVER ::
The channeled rise continues.
Support will be at 14.09$-13.85$.
A fall and close below 13.85$ can bring about a slide down for a correction.
Use rise to take profit at current price or on rise to resistance 14.67$-14.92$ as the opportunity arises.
COMEX GOLD ::
Gold likely to face resistance now at higher range therefore, it can move sideways or exhibit a minor correction.
Support range will be at 975$-970$.
Resistance range will be at 992$-1006$.
Use rise to take profit as the opportunity arises
Sunday, February 22, 2009
weekly views of gold silver as on 23 rd feb
GOLD WEEKLY TECHNICALS:-
Comex Gold (GC)
Gold's rally extended further to as high as 1007.7 last week and remains firm. From a short term angle, further rise is still expected as long as 969.5 support holds, targeting 1033.9 high. On the downside, below 969.5 will suggest that a short term top is formed and bring consolidation. But pullback should be contained by 892 resistance turned support and bring rally resumption.
In the bigger picture, as discussed before, consolidation from 1033.9 has already completed at 681, in form of an expanding triangle pattern. Long term up trend is tentatively treated as resumed at this point and further rise should be seen to retest 1033.9 high. Break will confirm the bullish case and target 161.8% projection of 681 to 892 from 801.5 at 1142.9 next. On the downside, break of 892 support is needed to be the first signal that rise fro 681 has topped out. Otherwise, outlook remains bullish even in case of pull back.
In the long term picture, as mentioned before, Gold's long term up trend from 260 is still in progress. Break of 1033.9 will confirm that such up trend has resumed and should target 61.8% projection of 260 to 1033.9 from 681 at 1159 next.
SILVER WEEKLY TECHNICALS:-
Comex Silver (SI)
Silver's rally extended further to as high as 14.58 last week. From a short term angle, further rise is still expected as long as 13.85 support holds. Further rise should be seen to next target of 16.00 medium term support turned resistance. On the downside, break of 13.85 will indicate that a short term top is formed and bring consolidation. Nevertheless, downside should be contained by 11.77 resistance turned support and bring rally resumption.
In the bigger picture, sustained trading above 13.88 cluster resistance (50% retracement of 19.55 to 8.4 at 13.975) indicates that whole down trend from 21.44 has completed at 8.4. Focus now turns to next resistance at 16, with medium term falling trend line at 16.12 and 61.8% retracement of 21.44 to 8.4 at 16.45. Sustained break will argue that long term up trend is resuming and should target 21.44 high next. On the downside, break of 11.77 support is needed to be the first signal that rise from 8.4 has completed. Otherwise, outlook will remain bullish.
In the longer term picture, Silver's fall from 21.44 is treated as part of consolidation to the long term five wave rally from 4.315 and should have completed at 8.4 after being supported slightly above 76.4% retracement of 4.315 to 21.44 at 8.36. On resumption, the long term up trend should target 100% projection of 4.315 to 21.44 from 8.4 at 25.52 next.
CRUDE WEEKLY TECHNICAL OUTLOOK:-
Nymex Crude Oil (CL)
Crude oil's recovery from 33.55 is still in progress and extended to as high as 40.13 last week. Such recovery should still be in progress as long as 34.16 minor support holds and further rally could be seen towards upper end of recent range near to 50.47 resistance. But after all, short term outlook will remain bearish as long as this resistance holds. Below 34.16 will argue that recent down trend is resuming for 30 psychological support next.
In the bigger picture, note that downside momentum is clearly diminishing as seen in bullish convergence in daily MACD. Weekly MACD has also crossed above signal line already. Also, crude oil has just drawn some support from another key long term support zone of 17.12/33.5. Hence we'll continue to look for reversal signal. Nevertheless, whole fall from 147.27 is still treated as in progress as long as 50.47 resistance holds. The current fall might still extend further to long term trend line support (monthly semi-log chart) at 27 level or lower.
In the longer term picture, the depth of the fall from 147.27 and touching of 33.5 resistance turned support suggest that whole up trend from 14.21 has completed. While such decline might extend further, it's still being treated as a correction in the larger up trend only and should be contained by 17.12/33.5 support zone and bring strong rebound towards 90.51 resistance level. Focus will remain on reversal signal.
NATURAL GAS WEEKLY OUTLOOK:-Nymex Natural Gas (NG)
Natural gas dived through 4.0 psychological support last week and reached as low as 3.921 before recovering mildly. Such decline should still be in progress as long as 4.28 minor resistance holds, towards 61.8% projection of 6.24 to 4.28 from 4.88 at 3.67. On the upside, above 4.28 will turn intraday outlook neutral first. But short term outlook will remain bearish as long as 4.88 resistance holds.
In the bigger picture, Natural Gas' down trend from 13.69 is still in progress. Sustained trading below 4.0 will pave the way to next key psychological support at 3.0. Also, such decline is treated as part of the sideway pattern from 15.56 and could be heading to 100% projection of 15.65 to 4.3 from 13.69 at 2.34. On the upside, 4.88 resistance will be the first signal that such down trend is bottoming and bring stronger rebound to retest 6.24 resistance
Comex Gold (GC)
Gold's rally extended further to as high as 1007.7 last week and remains firm. From a short term angle, further rise is still expected as long as 969.5 support holds, targeting 1033.9 high. On the downside, below 969.5 will suggest that a short term top is formed and bring consolidation. But pullback should be contained by 892 resistance turned support and bring rally resumption.
In the bigger picture, as discussed before, consolidation from 1033.9 has already completed at 681, in form of an expanding triangle pattern. Long term up trend is tentatively treated as resumed at this point and further rise should be seen to retest 1033.9 high. Break will confirm the bullish case and target 161.8% projection of 681 to 892 from 801.5 at 1142.9 next. On the downside, break of 892 support is needed to be the first signal that rise fro 681 has topped out. Otherwise, outlook remains bullish even in case of pull back.
In the long term picture, as mentioned before, Gold's long term up trend from 260 is still in progress. Break of 1033.9 will confirm that such up trend has resumed and should target 61.8% projection of 260 to 1033.9 from 681 at 1159 next.
SILVER WEEKLY TECHNICALS:-
Comex Silver (SI)
Silver's rally extended further to as high as 14.58 last week. From a short term angle, further rise is still expected as long as 13.85 support holds. Further rise should be seen to next target of 16.00 medium term support turned resistance. On the downside, break of 13.85 will indicate that a short term top is formed and bring consolidation. Nevertheless, downside should be contained by 11.77 resistance turned support and bring rally resumption.
In the bigger picture, sustained trading above 13.88 cluster resistance (50% retracement of 19.55 to 8.4 at 13.975) indicates that whole down trend from 21.44 has completed at 8.4. Focus now turns to next resistance at 16, with medium term falling trend line at 16.12 and 61.8% retracement of 21.44 to 8.4 at 16.45. Sustained break will argue that long term up trend is resuming and should target 21.44 high next. On the downside, break of 11.77 support is needed to be the first signal that rise from 8.4 has completed. Otherwise, outlook will remain bullish.
In the longer term picture, Silver's fall from 21.44 is treated as part of consolidation to the long term five wave rally from 4.315 and should have completed at 8.4 after being supported slightly above 76.4% retracement of 4.315 to 21.44 at 8.36. On resumption, the long term up trend should target 100% projection of 4.315 to 21.44 from 8.4 at 25.52 next.
CRUDE WEEKLY TECHNICAL OUTLOOK:-
Nymex Crude Oil (CL)
Crude oil's recovery from 33.55 is still in progress and extended to as high as 40.13 last week. Such recovery should still be in progress as long as 34.16 minor support holds and further rally could be seen towards upper end of recent range near to 50.47 resistance. But after all, short term outlook will remain bearish as long as this resistance holds. Below 34.16 will argue that recent down trend is resuming for 30 psychological support next.
In the bigger picture, note that downside momentum is clearly diminishing as seen in bullish convergence in daily MACD. Weekly MACD has also crossed above signal line already. Also, crude oil has just drawn some support from another key long term support zone of 17.12/33.5. Hence we'll continue to look for reversal signal. Nevertheless, whole fall from 147.27 is still treated as in progress as long as 50.47 resistance holds. The current fall might still extend further to long term trend line support (monthly semi-log chart) at 27 level or lower.
In the longer term picture, the depth of the fall from 147.27 and touching of 33.5 resistance turned support suggest that whole up trend from 14.21 has completed. While such decline might extend further, it's still being treated as a correction in the larger up trend only and should be contained by 17.12/33.5 support zone and bring strong rebound towards 90.51 resistance level. Focus will remain on reversal signal.
NATURAL GAS WEEKLY OUTLOOK:-Nymex Natural Gas (NG)
Natural gas dived through 4.0 psychological support last week and reached as low as 3.921 before recovering mildly. Such decline should still be in progress as long as 4.28 minor resistance holds, towards 61.8% projection of 6.24 to 4.28 from 4.88 at 3.67. On the upside, above 4.28 will turn intraday outlook neutral first. But short term outlook will remain bearish as long as 4.88 resistance holds.
In the bigger picture, Natural Gas' down trend from 13.69 is still in progress. Sustained trading below 4.0 will pave the way to next key psychological support at 3.0. Also, such decline is treated as part of the sideway pattern from 15.56 and could be heading to 100% projection of 15.65 to 4.3 from 13.69 at 2.34. On the upside, 4.88 resistance will be the first signal that such down trend is bottoming and bring stronger rebound to retest 6.24 resistance
Friday, February 20, 2009
VIEWS FOR 20 TH FEB
MCX Gold April: Immediate support is at 15347/15378 followed by 15236. Favored view expects these supports to hold for a rally towards 15695 or even higher. However, unexpected fall below 15236 to drag prices lower towards 14935 or even lower.S1: 15370 S2: 15173 R1: 15630 R2: 15832
MCX Silver Mar: fall below 22672 has opened the way for a corrective declines towards 21535 or even lower. Resistances are at 23000/23030 followed by 23078/23110. This is our favored view. Direct rise above 23322 to detour bearish expectation.S1: 22568 S2: 22180 R1: 23015 R2: 23402
MCX Copper February: Possible to see a corrective pullback towards 165.6 levels for the day or even higher towards 167.8. But the trend still remains weak. Only a direct rise above 173 to restore bullish hopes. S1: 157 S2: 153 R1: 160 R2: 166
MCX Crude Oil March : Moved as per expectations. Supports are at 1970 followed by 1920.We can expect a rally towards 2202/2225 as long as the supports hold.S1: 1957 S2: 1898 R1: 2010 R2: 2085
MCX Zinc Feb: - Up rally beyond 55.25 may take prices to 56.00 level. Move below 54.9 will negate this bullish view.S1: 55.0 S2: 54.55 R1: 55.45 R2: 56.00
MCX Lead Feb: Strong support is seen at 53 level. Breakdown from this level will continue price fall to at least 52.25 level. Moves beyond 54.0 can raise doubts about this bearish view. S1: 53.0 S2: 51.95 R1: 54.0 R2: 55.0
MCX Nickel Feb: Up rally beyond 495 may take prices to 505 level . However a break of supports at 490 may take prices to 484 level and negate our bullish view.S1: 490 S2: 484 R1: 495 R2: 505
MCX Mentha Oil Feb: - While below 510/511 prices could stay under pressure and move lower to test support at 502.A break of 502 could see further weakness towards 494 levels. However a rise above 511 could see prices correct towards resistance at 520 levels. S1:502 S2:497 R1:507.5 R2:511
(In $): Comex Gold April: - Immediate support is at 968/70 followed by 961. Favored view expects these supports to hold for a rally towards 990 or even higher. However, unexpected fall below 961 to drag prices lower towards 942 or even lower
(In $):NYMEX Crude April: - Moved as per expectations. Supports are at 38.95 followed by 37.93. We can expect a rally towards 43.50/95 as long as the supports hold.
(In $):Comex Silver March: - fall below 13.98 has opened the way for a corrective declines towards 13.25 or even lower. Resistances are at 14.15/17 followed by 14.20/22. This is our favored view. Direct rise above 14.35 to detour bearish expectation.
MCX Silver Mar: fall below 22672 has opened the way for a corrective declines towards 21535 or even lower. Resistances are at 23000/23030 followed by 23078/23110. This is our favored view. Direct rise above 23322 to detour bearish expectation.S1: 22568 S2: 22180 R1: 23015 R2: 23402
MCX Copper February: Possible to see a corrective pullback towards 165.6 levels for the day or even higher towards 167.8. But the trend still remains weak. Only a direct rise above 173 to restore bullish hopes. S1: 157 S2: 153 R1: 160 R2: 166
MCX Crude Oil March : Moved as per expectations. Supports are at 1970 followed by 1920.We can expect a rally towards 2202/2225 as long as the supports hold.S1: 1957 S2: 1898 R1: 2010 R2: 2085
MCX Zinc Feb: - Up rally beyond 55.25 may take prices to 56.00 level. Move below 54.9 will negate this bullish view.S1: 55.0 S2: 54.55 R1: 55.45 R2: 56.00
MCX Lead Feb: Strong support is seen at 53 level. Breakdown from this level will continue price fall to at least 52.25 level. Moves beyond 54.0 can raise doubts about this bearish view. S1: 53.0 S2: 51.95 R1: 54.0 R2: 55.0
MCX Nickel Feb: Up rally beyond 495 may take prices to 505 level . However a break of supports at 490 may take prices to 484 level and negate our bullish view.S1: 490 S2: 484 R1: 495 R2: 505
MCX Mentha Oil Feb: - While below 510/511 prices could stay under pressure and move lower to test support at 502.A break of 502 could see further weakness towards 494 levels. However a rise above 511 could see prices correct towards resistance at 520 levels. S1:502 S2:497 R1:507.5 R2:511
(In $): Comex Gold April: - Immediate support is at 968/70 followed by 961. Favored view expects these supports to hold for a rally towards 990 or even higher. However, unexpected fall below 961 to drag prices lower towards 942 or even lower
(In $):NYMEX Crude April: - Moved as per expectations. Supports are at 38.95 followed by 37.93. We can expect a rally towards 43.50/95 as long as the supports hold.
(In $):Comex Silver March: - fall below 13.98 has opened the way for a corrective declines towards 13.25 or even lower. Resistances are at 14.15/17 followed by 14.20/22. This is our favored view. Direct rise above 14.35 to detour bearish expectation.
Wednesday, February 18, 2009
VIEWS WITH TRADING STRATEGY FOR 18th FEBRUARY 2009
MCX Gold April: Moving in line with our expectations. It has tested the important resistance at 15578. Supports are at 15340 followed by 15227 now.Ideally, a test of 15818 or even higher towards 16265 can be seen as long as supports hold. S1: 15362 S2: 15158 R1: 15563 R2: 15832
MCX Silver Mar: Supports are at 22460 followed by 22233 now. A test of 23660/23740 looks likely as long as supports hold. Fall below 21860 to dent our bullish view. S1: 22500 S2: 22182 R1: 23000 R2: 23450
MCX Copper February: Resistance is at 161.8/163. However, as long as 164/166.3 resists any upside attempts, we favor a fall towards 151 or even lower. S1: 157 S2: 153 R1: 162 R2: 166
MCX Crude Oil March : A bullish correction can be seen on a rise above 1940 for a possible test of 1995/1997 initially. There is a possibility for an extension towards 2055 too. Fall below 1903 to neutralize our bullish expectations.S1: 1945 S2: 1880 R1: 2029 R2: 2085
MCX Zinc Feb: - Prices may move down and test support at 54.25 level which if breached can take prices to 53.75 level. Rallies if any are suppose to get resistance at 55.25 .S1: 54.25 S2: 53.7 R1: 55.25 R2: 55.7
MCX Nickel Feb: Free fall of Nickel may get support at 490-500 levels. Rallies if any likely to capped below 515 for move towards 470 level.S1: 492 S2: 481 R1: 515 R2: 530
MCX Natural Gas Feb: - Reversal in price may be seen if prices cross 215 level finding resistance at 221. S1: 209 S2: 204 R1: 215 R2: 221
MCX Mentha Oil Feb: - Supports are at 502 levels now. Rallies could find resistance at 510/512 levels for a move lower to test the supports.However a rise above 512 could see prices correct further towards resistance at 519 levels. S1:502 S2:497 R1:511 R2:516
TRADING STRATEGY ::
SILVER MCX MARCH ::
The trend is up.
Hold your long positions with a stop loss at Rs 21495.
Further buy only on a rise above Rs 22990.
Intra-day traders can wait for a fall below Rs 22423 and when it rises above Rs 22423 then buy with the low below Rs 22423 as the stop loss.
MACD histogram is now in the positive zone. The 14 day RSI is moving down and now above the 70 mark.
Open interest witnessed significant fall with the rise in price indicating short positions unwinding.
Resistance is seen at Rs 23351 – Rs 23817.
GOLD MCX APRIL ::
The trend is up.
Hold your long positions with a stop loss at Rs 14735.
Further buy only on a rise above Rs 15565.
Intra-day traders can wait for a fall below Rs 15264 and when it rises above Rs 15264 then buy with the low below Rs 15264 as the stop loss.
MACD histogram is in the positive zone. The 14 day RSI is moving up and now above the 70 mark.
Open interest witnessed significant rise with the rise in price indicating fresh long positions build up.
Resistance is seen at Rs 15790 – Rs 16089
INTERNATIONAL SPOT GOLD ::
A trend line taken from the high was plotted yesterday and shown on the chart as well. A breakout of the same was witnessed yesterday.
The rise yesterday was a large one therefore we could find dip during the day towards the intra-day support levels before making any further attempts to cross the yesterday high of 974.2$.
Support will be at 961$-948$-926$. Resistance will be at 975$. On rise above 975$, expect a further rise towards 982$ and 995$.
In spite of the rise yesterday, corrective dip should be used for buying.
On the hourly chart, we had shown a breakout yesterday and the target of 969$ was attained. On the chart, we have shown the retracement level of the last corresponding rise from 939$ to 974$. The retracement levels are placed at 961$-956$-952$.
Traders can trade long again on rise above 975$ and take profit at current price to 975$ as the opportunity arises.
INTERNATIONAL SPOT SILVER ::
A Channeled rise continues. Corrective dip to support of 13.95$-13.68$ can be used for buying with a stop loss of 13.53$. Book profits on rise towards 14.37$-14.64$ as the opportunity arises on older buy positions.
The hourly chart suggest that we could see some profit booking which could bring the price to test the support level before making any further attempts to move higher.
Traders can trade long again on rise above 14.23$.
MCX Silver Mar: Supports are at 22460 followed by 22233 now. A test of 23660/23740 looks likely as long as supports hold. Fall below 21860 to dent our bullish view. S1: 22500 S2: 22182 R1: 23000 R2: 23450
MCX Copper February: Resistance is at 161.8/163. However, as long as 164/166.3 resists any upside attempts, we favor a fall towards 151 or even lower. S1: 157 S2: 153 R1: 162 R2: 166
MCX Crude Oil March : A bullish correction can be seen on a rise above 1940 for a possible test of 1995/1997 initially. There is a possibility for an extension towards 2055 too. Fall below 1903 to neutralize our bullish expectations.S1: 1945 S2: 1880 R1: 2029 R2: 2085
MCX Zinc Feb: - Prices may move down and test support at 54.25 level which if breached can take prices to 53.75 level. Rallies if any are suppose to get resistance at 55.25 .S1: 54.25 S2: 53.7 R1: 55.25 R2: 55.7
MCX Nickel Feb: Free fall of Nickel may get support at 490-500 levels. Rallies if any likely to capped below 515 for move towards 470 level.S1: 492 S2: 481 R1: 515 R2: 530
MCX Natural Gas Feb: - Reversal in price may be seen if prices cross 215 level finding resistance at 221. S1: 209 S2: 204 R1: 215 R2: 221
MCX Mentha Oil Feb: - Supports are at 502 levels now. Rallies could find resistance at 510/512 levels for a move lower to test the supports.However a rise above 512 could see prices correct further towards resistance at 519 levels. S1:502 S2:497 R1:511 R2:516
TRADING STRATEGY ::
SILVER MCX MARCH ::
The trend is up.
Hold your long positions with a stop loss at Rs 21495.
Further buy only on a rise above Rs 22990.
Intra-day traders can wait for a fall below Rs 22423 and when it rises above Rs 22423 then buy with the low below Rs 22423 as the stop loss.
MACD histogram is now in the positive zone. The 14 day RSI is moving down and now above the 70 mark.
Open interest witnessed significant fall with the rise in price indicating short positions unwinding.
Resistance is seen at Rs 23351 – Rs 23817.
GOLD MCX APRIL ::
The trend is up.
Hold your long positions with a stop loss at Rs 14735.
Further buy only on a rise above Rs 15565.
Intra-day traders can wait for a fall below Rs 15264 and when it rises above Rs 15264 then buy with the low below Rs 15264 as the stop loss.
MACD histogram is in the positive zone. The 14 day RSI is moving up and now above the 70 mark.
Open interest witnessed significant rise with the rise in price indicating fresh long positions build up.
Resistance is seen at Rs 15790 – Rs 16089
INTERNATIONAL SPOT GOLD ::
A trend line taken from the high was plotted yesterday and shown on the chart as well. A breakout of the same was witnessed yesterday.
The rise yesterday was a large one therefore we could find dip during the day towards the intra-day support levels before making any further attempts to cross the yesterday high of 974.2$.
Support will be at 961$-948$-926$. Resistance will be at 975$. On rise above 975$, expect a further rise towards 982$ and 995$.
In spite of the rise yesterday, corrective dip should be used for buying.
On the hourly chart, we had shown a breakout yesterday and the target of 969$ was attained. On the chart, we have shown the retracement level of the last corresponding rise from 939$ to 974$. The retracement levels are placed at 961$-956$-952$.
Traders can trade long again on rise above 975$ and take profit at current price to 975$ as the opportunity arises.
INTERNATIONAL SPOT SILVER ::
A Channeled rise continues. Corrective dip to support of 13.95$-13.68$ can be used for buying with a stop loss of 13.53$. Book profits on rise towards 14.37$-14.64$ as the opportunity arises on older buy positions.
The hourly chart suggest that we could see some profit booking which could bring the price to test the support level before making any further attempts to move higher.
Traders can trade long again on rise above 14.23$.
Tuesday, February 17, 2009
VIEWS FOR 17th FEBRUARY 2009
MCX Gold April: As expected the 14497-14543 zone seems to have held well. A rally to 15088 or 15182 looks likely. Supports are at 14636 followed by 14574. S1: 14580 S2: 14450 R1: 14797 R2: 15100
MCX Silver Mar: Supports are at 21317 followed by 21238. Ideally supports to hold for a rally towards 22060. Fall below 21000/21032 to cause doubts on our bullish view. S1: 21300 S2: 21176 R1: 21480 R2: 21630
MCX Copper February: As expected break below 160.2 is a bearish sign. Prices could edge lower towards 147/148 levels now. Rallies to 163.4/164.5 to cap for a decline towards above-mentioned levels. S1: 160 S2: 157 R1: 165 R2: 169
MCX Crude Oil March(corrected) : Favoured view expects that resistance at 2110/2154 could cap for a fall towards 1962. Rise above 2165 is needed to think about a stronger recovery.S1: 2017 S2: 1841 R1: 2082 R2: 2133
MCX Zinc Feb: - Rallies to level 55.1 is expected where it may find resistance. Support is seen at 54.3 level which breached can take prices to 53.9. S1: 54.3 S2: 53.7 R1: 55.25 R2: 55.7
MCX Lead Feb: Price likely to stay weak for the session and test supports at 56.15-55.65 on the downside. However a break above 56.71 could once again take price towards strong resistance at 57.40 levels. S1: 55.34 S2: 54.50 R1: 56.71 R2: 57.40
MCX Nickel Feb: Free fall of Nickel may get support at 490-500 level. Rallies if any likely to capped below 515 for move towards 470 level..S1: 492 S2: 481 R1: 515 R2: 530
MCX Natural Gas Feb: - Prices are likely to stay weak and find strong support at 209 levels.Rally beyond 216 may negate this bearish view. S1: 209 S2: 204 R1: 212 R2: 219
MCX Mentha Oil Feb: - Price have found strong support at 515. However a rise above 523 could see a move higher towards next resistance at 528 .S1:512 S2:507.50 R1:521 R2:528
TRADING STRATERGY ::
MCX GOLD APRIL ::
The trend is up.
Hold your long positions with a stop loss at Rs 14235.
Further buy only on a rise above Rs 14730.
Intra-day traders can wait for a fall below Rs 14672 or Rs 14615 and when it rises above Rs 14672 or Rs 14615 then buy with the low below Rs 14672 or Rs 14615 as the stop loss.
MACD histogram is in the positive zone. The 14 day RSI is moving up and now near the 70 mark.
Open interest witnessed significant rise with the rise in price indicating fresh long positions build up.
Resistance is seen at Rs 14763 – Rs 14820.
MCX SILVER MARCH ::
The trend is up.
Hold your long positions with a stop loss at Rs 20900.
Further buy only on a rise above Rs 21575.
Intra-day traders can wait for a fall below Rs 21400 or Rs 21249 and when it rises above Rs 21400 or Rs 21249 then buy with the low below Rs 21400 or Rs 21249 as the stop loss.
MACD histogram is now in the positive zone. The 14 day RSI is moving down and now above the 70 mark.
Open interest witnessed significant rise with the rise in price indicating fresh long positions build up.
Resistance is seen at Rs 21578 – Rs 21729
INTERNATIONAL SPOT GOLD ::
The trend is up as per the daily chart for last few days. The trading higher bottom is placed at 931$. The earlier breakout point was also at 931$. So, the earlier breakout has offered support in last couple of trading session by forming a lower shadow.
Resistance will be at 952$.
On further rise and close above 952$, Gold can move up to test the trend line taken from the two highs as shown in the chart.
The hourly chart suggest that trading breakout has been witnessed in the early morning trades. Gold is expected to test the high registered in last couple of trading days back of 952$.
In case of further breakout and close above 952$ as per the hourly chart shown below, Gold can move towards 1.27 retracement level of 969$.
Traders holding long positions can a tight stop loss of 939$ as per hourly chart. Overall low of 931$ will prove to be an important support point. Depending on the individual traders risk bearing capacity can maintain 939$ or 931$ as stop loss for any long positions held as of now or created now.
INTERNATIONAL SPOT SILVER ::
As we have been indicate a channeled up move for last few days, the same continues to be in existence.
The channel has not yet been violated and price up move continues to be within the channel.
Resistance will be at 13.80$.
Expect continuation of the up move on rise and close above 13.80$.
An attempt to move towards the upper channel line could be made. The momentum right now is a steady accent. A sharp breakout with a spike can take it towards the upper channel line.
Traders holding long positions can maintain overall stop loss of 13.23$. A fall and close below 13.23$ can violate the channel.
On the hourly chart, we can see a breakout which can carry price up towards 14.03$ at least and may be to an outer extent to 14.39.
As per hourly chart, traders can maintain a stop loss of 13.48$ for any trading long positions held.
MCX Silver Mar: Supports are at 21317 followed by 21238. Ideally supports to hold for a rally towards 22060. Fall below 21000/21032 to cause doubts on our bullish view. S1: 21300 S2: 21176 R1: 21480 R2: 21630
MCX Copper February: As expected break below 160.2 is a bearish sign. Prices could edge lower towards 147/148 levels now. Rallies to 163.4/164.5 to cap for a decline towards above-mentioned levels. S1: 160 S2: 157 R1: 165 R2: 169
MCX Crude Oil March(corrected) : Favoured view expects that resistance at 2110/2154 could cap for a fall towards 1962. Rise above 2165 is needed to think about a stronger recovery.S1: 2017 S2: 1841 R1: 2082 R2: 2133
MCX Zinc Feb: - Rallies to level 55.1 is expected where it may find resistance. Support is seen at 54.3 level which breached can take prices to 53.9. S1: 54.3 S2: 53.7 R1: 55.25 R2: 55.7
MCX Lead Feb: Price likely to stay weak for the session and test supports at 56.15-55.65 on the downside. However a break above 56.71 could once again take price towards strong resistance at 57.40 levels. S1: 55.34 S2: 54.50 R1: 56.71 R2: 57.40
MCX Nickel Feb: Free fall of Nickel may get support at 490-500 level. Rallies if any likely to capped below 515 for move towards 470 level..S1: 492 S2: 481 R1: 515 R2: 530
MCX Natural Gas Feb: - Prices are likely to stay weak and find strong support at 209 levels.Rally beyond 216 may negate this bearish view. S1: 209 S2: 204 R1: 212 R2: 219
MCX Mentha Oil Feb: - Price have found strong support at 515. However a rise above 523 could see a move higher towards next resistance at 528 .S1:512 S2:507.50 R1:521 R2:528
TRADING STRATERGY ::
MCX GOLD APRIL ::
The trend is up.
Hold your long positions with a stop loss at Rs 14235.
Further buy only on a rise above Rs 14730.
Intra-day traders can wait for a fall below Rs 14672 or Rs 14615 and when it rises above Rs 14672 or Rs 14615 then buy with the low below Rs 14672 or Rs 14615 as the stop loss.
MACD histogram is in the positive zone. The 14 day RSI is moving up and now near the 70 mark.
Open interest witnessed significant rise with the rise in price indicating fresh long positions build up.
Resistance is seen at Rs 14763 – Rs 14820.
MCX SILVER MARCH ::
The trend is up.
Hold your long positions with a stop loss at Rs 20900.
Further buy only on a rise above Rs 21575.
Intra-day traders can wait for a fall below Rs 21400 or Rs 21249 and when it rises above Rs 21400 or Rs 21249 then buy with the low below Rs 21400 or Rs 21249 as the stop loss.
MACD histogram is now in the positive zone. The 14 day RSI is moving down and now above the 70 mark.
Open interest witnessed significant rise with the rise in price indicating fresh long positions build up.
Resistance is seen at Rs 21578 – Rs 21729
INTERNATIONAL SPOT GOLD ::
The trend is up as per the daily chart for last few days. The trading higher bottom is placed at 931$. The earlier breakout point was also at 931$. So, the earlier breakout has offered support in last couple of trading session by forming a lower shadow.
Resistance will be at 952$.
On further rise and close above 952$, Gold can move up to test the trend line taken from the two highs as shown in the chart.
The hourly chart suggest that trading breakout has been witnessed in the early morning trades. Gold is expected to test the high registered in last couple of trading days back of 952$.
In case of further breakout and close above 952$ as per the hourly chart shown below, Gold can move towards 1.27 retracement level of 969$.
Traders holding long positions can a tight stop loss of 939$ as per hourly chart. Overall low of 931$ will prove to be an important support point. Depending on the individual traders risk bearing capacity can maintain 939$ or 931$ as stop loss for any long positions held as of now or created now.
INTERNATIONAL SPOT SILVER ::
As we have been indicate a channeled up move for last few days, the same continues to be in existence.
The channel has not yet been violated and price up move continues to be within the channel.
Resistance will be at 13.80$.
Expect continuation of the up move on rise and close above 13.80$.
An attempt to move towards the upper channel line could be made. The momentum right now is a steady accent. A sharp breakout with a spike can take it towards the upper channel line.
Traders holding long positions can maintain overall stop loss of 13.23$. A fall and close below 13.23$ can violate the channel.
On the hourly chart, we can see a breakout which can carry price up towards 14.03$ at least and may be to an outer extent to 14.39.
As per hourly chart, traders can maintain a stop loss of 13.48$ for any trading long positions held.
Monday, February 16, 2009
VIEW FOR THE WEEK FROM 16TH FEB TO 21 FEB 2009
MCX Gold April: A corrective dip to 14513 or even lower towards 14404 to occur before the rally resumes towards 15121 levels. Fall below 14388 to cause doubts about this view. S1: 14610 S2: 14580 R1: 14675 R2: 14715
MCX Silver Mar: Important support at 21273 followed by 21051 now. Rally is expected to resume higher towards 22932/23002 levels. Direct fall below 20718 to dash our bullish hopes. S1: 21200 S2: 21050 R1: 21450 R2: 21570
MCX Copper February: Important support is at 159.8 now below, which could open the way for, 148 or even lower. Only a direct rise above 177 to re-in force bullish hopes.
S1: 165 S2: 161 R1: 170 R2: 174
MCX Crude Oil March : Favoured view expects that resistance at 2369/2420 could cap for a fall towards 2203. Rise above 2430 is needed to think about a stronger recovery.
S1: 2064 S2: 2024 R1: 2125 R2: 2149
MCX Zinc Feb: - Weakness in the price may persist until level 56.5 is crossed. Support is seen at 55 level which breached can take prices to 55.0. S1: 55.0 S2: 54.6 R1: 55.91 R2: 56.5
MCX Lead Feb: Price likely to stay weak for the session and test supports at 56.15-55.65 on the downside. However a break above 56.71 could once again take price towards strong resistance at 57.40 levels. S1: 55.34 S2: 54.50 R1: 56.71 R2: 57.40
MCX Nickel Feb: Free fall of Nickel may get support at 490-500 level. Rallies if any likely to capped below 515 for move towards 470 level..S1: 492 S2: 481 R1: 515 R2: 530
MCX Natural Gas Feb: - Prices are likely to stay weak and find strong support at 216-210 levels.Rally beyond 236 may negate this bearish view. S1: 216 S2: 208 R1: 228 R2: 233
MCX Silver Mar: Important support at 21273 followed by 21051 now. Rally is expected to resume higher towards 22932/23002 levels. Direct fall below 20718 to dash our bullish hopes. S1: 21200 S2: 21050 R1: 21450 R2: 21570
MCX Copper February: Important support is at 159.8 now below, which could open the way for, 148 or even lower. Only a direct rise above 177 to re-in force bullish hopes.
S1: 165 S2: 161 R1: 170 R2: 174
MCX Crude Oil March : Favoured view expects that resistance at 2369/2420 could cap for a fall towards 2203. Rise above 2430 is needed to think about a stronger recovery.
S1: 2064 S2: 2024 R1: 2125 R2: 2149
MCX Zinc Feb: - Weakness in the price may persist until level 56.5 is crossed. Support is seen at 55 level which breached can take prices to 55.0. S1: 55.0 S2: 54.6 R1: 55.91 R2: 56.5
MCX Lead Feb: Price likely to stay weak for the session and test supports at 56.15-55.65 on the downside. However a break above 56.71 could once again take price towards strong resistance at 57.40 levels. S1: 55.34 S2: 54.50 R1: 56.71 R2: 57.40
MCX Nickel Feb: Free fall of Nickel may get support at 490-500 level. Rallies if any likely to capped below 515 for move towards 470 level..S1: 492 S2: 481 R1: 515 R2: 530
MCX Natural Gas Feb: - Prices are likely to stay weak and find strong support at 216-210 levels.Rally beyond 236 may negate this bearish view. S1: 216 S2: 208 R1: 228 R2: 233
Friday, February 13, 2009
VIEWS FOR 13 TH FEB 2009
MCX Gold April: Supports are still centered around 14562-14577 and a fall below this level could drag prices lower towards 14329. However, as long as 14562-14577 holds, we expect a rally towards 15030-15076. S1: 14432 S2: 14119 R1: 14860 R2: 15076
MCX Silver Mar: Supports are at 20966-20982. Favored view expects supports to hold for a rally towards 22024.However, fall below 20982 and more importantly 20840 to lead into a corrective decline towards 20287 or 20050.S1: 21045 S2: 20715 R1: 21800 R2: 22030
MCX Copper February: Resistances at 168.5/170 presently. Could even stretch towards 171/172 levels.But any sustained bullish rally looks unlikely unless 176.5/177.5 is broken decisively. S1: 164 S2: 160 R1: 168 R2: 172
MCX Crude Oil Feb : Rise above 1684/1685 to result in a corrective pullback towards 1760 or even higher towards 1870. dips to 1653 to find support. Stop will be at 1623. S1: 1680 S2: 1650 R1: 1760 R2: 1870
MCX Zinc Feb: - Inability to cross 56.0 levels on the upside will lead to another session of weakness leading to a fall towards strong supports which lie in the range 55.7 ; 54.75 . However a rise above 56.5 levels could trigger a rally towards 57.7 levels. S1: 55.60 S2: 54.70 R1: 57.15 R2: 58.00
MCX Lead Feb: Price likely to stay weak for the session and test supports at 55.7, 54.70 on the downside.However a break above 57.25 could once again take price towards strong resistance at 58.60 levels.
S1: 55.20 S2: 54.50 R1: 57.8 R2: 58.30
MCX Nickel Feb: Nickel seems to be in free fall. Next level of support at 481;471 level. Rallies if any likely to capped below 510 for move beyond 470 toward 460 level.S1: 492 S2: 481 R1: 517 R2: 530
GOLD TRADING STRATERGY:-The trend is up.
Hold your long positions with a stop loss at Rs 14235.
Further buy only on a rise above Rs 14825.
Intra-day traders can wait for a fall below Rs 14730 or Rs 14635 and when it rises above Rs 14730 or Rs 14635 then buy with the low below Rs 14730 or Rs 14635 as the stop loss.
MACD histogram is in the positive zone. The 14 day RSI is moving up and now near the 70 mark.
Open interest witnessed significant fall with the rise in price indicating short positions unwinding.
Resistance is seen at Rs 14879 – Rs 14974.
SILVER TRADING STRATERGY:-The trend is up.
Hold your long positions with a stop loss at Rs 20540.
Further buy only on a rise above Rs 21575.
Intra-day traders can wait for a fall below Rs 21009 and when it rises above Rs 21009 then buy with the low below Rs 21009 as the stop loss.
MACD histogram is now in the positive zone. The 14 day RSI is moving down and now above the 70 mark.
Open interest witnessed significant fall with the rise in price indicating short positions unwinding.
Resistance is seen at Rs 21543 – Rs 21823.
MCX Silver Mar: Supports are at 20966-20982. Favored view expects supports to hold for a rally towards 22024.However, fall below 20982 and more importantly 20840 to lead into a corrective decline towards 20287 or 20050.S1: 21045 S2: 20715 R1: 21800 R2: 22030
MCX Copper February: Resistances at 168.5/170 presently. Could even stretch towards 171/172 levels.But any sustained bullish rally looks unlikely unless 176.5/177.5 is broken decisively. S1: 164 S2: 160 R1: 168 R2: 172
MCX Crude Oil Feb : Rise above 1684/1685 to result in a corrective pullback towards 1760 or even higher towards 1870. dips to 1653 to find support. Stop will be at 1623. S1: 1680 S2: 1650 R1: 1760 R2: 1870
MCX Zinc Feb: - Inability to cross 56.0 levels on the upside will lead to another session of weakness leading to a fall towards strong supports which lie in the range 55.7 ; 54.75 . However a rise above 56.5 levels could trigger a rally towards 57.7 levels. S1: 55.60 S2: 54.70 R1: 57.15 R2: 58.00
MCX Lead Feb: Price likely to stay weak for the session and test supports at 55.7, 54.70 on the downside.However a break above 57.25 could once again take price towards strong resistance at 58.60 levels.
S1: 55.20 S2: 54.50 R1: 57.8 R2: 58.30
MCX Nickel Feb: Nickel seems to be in free fall. Next level of support at 481;471 level. Rallies if any likely to capped below 510 for move beyond 470 toward 460 level.S1: 492 S2: 481 R1: 517 R2: 530
GOLD TRADING STRATERGY:-The trend is up.
Hold your long positions with a stop loss at Rs 14235.
Further buy only on a rise above Rs 14825.
Intra-day traders can wait for a fall below Rs 14730 or Rs 14635 and when it rises above Rs 14730 or Rs 14635 then buy with the low below Rs 14730 or Rs 14635 as the stop loss.
MACD histogram is in the positive zone. The 14 day RSI is moving up and now near the 70 mark.
Open interest witnessed significant fall with the rise in price indicating short positions unwinding.
Resistance is seen at Rs 14879 – Rs 14974.
SILVER TRADING STRATERGY:-The trend is up.
Hold your long positions with a stop loss at Rs 20540.
Further buy only on a rise above Rs 21575.
Intra-day traders can wait for a fall below Rs 21009 and when it rises above Rs 21009 then buy with the low below Rs 21009 as the stop loss.
MACD histogram is now in the positive zone. The 14 day RSI is moving down and now above the 70 mark.
Open interest witnessed significant fall with the rise in price indicating short positions unwinding.
Resistance is seen at Rs 21543 – Rs 21823.
Thursday, February 12, 2009
VIEWS WITH TRADING STRATEGY FOR 12th FEBRUARY 2009
MCX Gold April: Dips to 14469-14438 could find support for a rally towards 15060 ; 15044. A break below 14283 could cast doubt about this view that could price to next support at 14174 levels. S1: 14625 S2: 14550 R1: 14785 R2: 14860
MCX Silver Mar: Dips to 20896-20802 likely to find support for a rally towards 21819 followed by 22022. A break below 20443 to negate this bullish view. S1:21000 S2:20750 R1:21325 R2:21600
MCX Crude Oil Feb : Expect corrective rallies towards 1815 followed by 1845 to find resistance for a fall lower towards 1678 followed 1644 . A break above 1879 to turn the picture neutral. S1: 1785 S2: 1745 R1: 1865 R2: 1900
MCX Copper February: Expect corrective rallies towards 170.9 ; 172.0 to find resistance for a fall lower 162.3 followed by 156.8. A break above 176.3 could could see price edging higher towards 183.8-186.3. S1: 163 S2:160 R1: 169 R2:172
MCX Zinc Feb: - Inability to cross 56.5 levels on the upside will lead to another session of weakness leading to a fall towards strong supports which lie in the range 55.2 ; 54.75 . However a rise above 56.5 levels could trigger a rally towards 57.7 levels. S1: 55.60 S2: 54.70 R1: 57.15 R2: 58.00
MCX Lead Feb: Price likely to stay weak for the session and test supports at 55.00 ; 54.70 on the downside. However a break above 57.25 could once again take price towards strong resistance at 58.60 levels. S1: 55.75 S2: 54.50 R1: 57.8 R2: 58.30
MCX Nickel Feb: Nickel seems to be in free fall. Next level of support at 481;471 level. Rallies if any likely to capped below 510 for move beyond 470 toward 460 level.S1: 495 S2: 478 R1: 523 R2: 542
MCX Natural Gas Feb: - Rallies to 226- 228 likely to find resistance for a move lower towards 214 ;210 levels Only a rise above 233 to negate this bearish view. S1: 221 S2: 217 R1: 228 R2: 233
Comex Gold April: - Dips to 931- 929 could find support for a rally towards 969 - 968. A break below 919 could cast doubt about this view that could take price to next support at 912 levels.
Comex Silver March: - Dips to 13.36-13.30 likely to find support for a rally towards 13.95 followed by 14.08. A break below 13.07 to negate this bullish view
NYMEX Crude March: - Expect corrective rallies towards 37.20 followed by 37.80 to find resistance for a fall lower towards 34.40 followed 33.70. A break above 38.50 to turn the picture neutral
GOLD TRADING STRATERGY:-
The trend is up.
Hold your long positions with a stop loss at Rs 14235.
Further buy only on a rise above Rs 14725.
Intra-day traders can wait for a fall below Rs 14550 or Rs 14375 and when it rises above Rs 14550 or Rs 14375 then buy with the low below Rs 14550 or Rs 14375 as the stop loss.
MACD histogram is in the negative zone. The 14 day RSI is moving up and now near the 70 mark.
Open interest witnessed significant rise with the rise in price indicating fresh long positions build up.
Resistance is seen at Rs 14864 – Rs 15039
SILVER TRADING STRATERGY :-
The trend is up.
Hold your long positions with a stop loss at Rs 20540.
Further buy only on a rise above Rs 21255.
Intra-day traders can wait for a fall below Rs 20995 or Rs 20736 and when it rises above Rs 20995 or Rs 20736 then buy with the low below Rs 20995 or Rs 20736 as the stop loss.
MACD histogram is now in the positive zone. The 14 day RSI is moving down and now above the 70 mark.
Open interest witnessed significant fall with the rise in price indicating short positions unwinding.
Resistance is seen at Rs 21446 – Rs 21705
MCX Silver Mar: Dips to 20896-20802 likely to find support for a rally towards 21819 followed by 22022. A break below 20443 to negate this bullish view. S1:21000 S2:20750 R1:21325 R2:21600
MCX Crude Oil Feb : Expect corrective rallies towards 1815 followed by 1845 to find resistance for a fall lower towards 1678 followed 1644 . A break above 1879 to turn the picture neutral. S1: 1785 S2: 1745 R1: 1865 R2: 1900
MCX Copper February: Expect corrective rallies towards 170.9 ; 172.0 to find resistance for a fall lower 162.3 followed by 156.8. A break above 176.3 could could see price edging higher towards 183.8-186.3. S1: 163 S2:160 R1: 169 R2:172
MCX Zinc Feb: - Inability to cross 56.5 levels on the upside will lead to another session of weakness leading to a fall towards strong supports which lie in the range 55.2 ; 54.75 . However a rise above 56.5 levels could trigger a rally towards 57.7 levels. S1: 55.60 S2: 54.70 R1: 57.15 R2: 58.00
MCX Lead Feb: Price likely to stay weak for the session and test supports at 55.00 ; 54.70 on the downside. However a break above 57.25 could once again take price towards strong resistance at 58.60 levels. S1: 55.75 S2: 54.50 R1: 57.8 R2: 58.30
MCX Nickel Feb: Nickel seems to be in free fall. Next level of support at 481;471 level. Rallies if any likely to capped below 510 for move beyond 470 toward 460 level.S1: 495 S2: 478 R1: 523 R2: 542
MCX Natural Gas Feb: - Rallies to 226- 228 likely to find resistance for a move lower towards 214 ;210 levels Only a rise above 233 to negate this bearish view. S1: 221 S2: 217 R1: 228 R2: 233
Comex Gold April: - Dips to 931- 929 could find support for a rally towards 969 - 968. A break below 919 could cast doubt about this view that could take price to next support at 912 levels.
Comex Silver March: - Dips to 13.36-13.30 likely to find support for a rally towards 13.95 followed by 14.08. A break below 13.07 to negate this bullish view
NYMEX Crude March: - Expect corrective rallies towards 37.20 followed by 37.80 to find resistance for a fall lower towards 34.40 followed 33.70. A break above 38.50 to turn the picture neutral
GOLD TRADING STRATERGY:-
The trend is up.
Hold your long positions with a stop loss at Rs 14235.
Further buy only on a rise above Rs 14725.
Intra-day traders can wait for a fall below Rs 14550 or Rs 14375 and when it rises above Rs 14550 or Rs 14375 then buy with the low below Rs 14550 or Rs 14375 as the stop loss.
MACD histogram is in the negative zone. The 14 day RSI is moving up and now near the 70 mark.
Open interest witnessed significant rise with the rise in price indicating fresh long positions build up.
Resistance is seen at Rs 14864 – Rs 15039
SILVER TRADING STRATERGY :-
The trend is up.
Hold your long positions with a stop loss at Rs 20540.
Further buy only on a rise above Rs 21255.
Intra-day traders can wait for a fall below Rs 20995 or Rs 20736 and when it rises above Rs 20995 or Rs 20736 then buy with the low below Rs 20995 or Rs 20736 as the stop loss.
MACD histogram is now in the positive zone. The 14 day RSI is moving down and now above the 70 mark.
Open interest witnessed significant fall with the rise in price indicating short positions unwinding.
Resistance is seen at Rs 21446 – Rs 21705
Monday, February 9, 2009
GOLD WEEKLY TECHNICAL OUTLOOK:-Comex Gold (GC)
Gold faced tough resistance as it approached 936.3 key resistance and turned sideway. Upside momentum is clearly diminishing but after all, further rally is still in favor as long as 874.2 support holds. As discussed before, sustained break of 936.30 will be taken as an important indication that medium term rise is resuming and should bring strong rally to 989.6 resistance next. On the downside, failure at the current level, followed by break of 874.2 will be the first indication that Gold has already topped out and focus will turn back to 801.5 support in this case.
In the bigger picture, we're still holding on the bullish scenario. That is, consolidation from 1033.9 might have completed at 681 already, after completing an expanding triangle pattern. Break of 936.3 resistance will confirm this case and bring retest of 1033.9 high. On the downside, though, below 801.5 support will shift favors back to the case that consolidation from 1033.9 is still in progress and will have another test of 681 low before completion.
In the long term picture, the corrective structure of price actions from 1033.9 so far is consistent with the view that it's merely consolidation in the larger up trend. With Gold still trading well above 55 months EMA (now at 687.82) as well as trend line support (semi-log chart) at 632.88, it's believed that such long term up trend is still in progress. On resumption Gold should target 1100 psychological resistance next and possibly further to 61.8% projection of 260 to 1033.9 from 681 at 1159. On the downside, however, sustained trading below the mentioned support levels will argue that the long term up trend has completed at 1033.9 and much deeper fall should then be seen
SILVER WEEKLY TECHNICAL OUTLOOK :-Comex Silver (SI)
Silver rally extended further to 13.18 last week and is still in progress. From a short term angle, further rise is still expected as long as 12.135 support holds. Current choppy rise from 8.4 could extend further towards 13.88 key medium term resistance but strong resistance should be seen there. On the downside, below 12.135 will be the first alert that silver has topped out. Further break of 10.32 support will turn short term outlook bearish again.
In the bigger picture, the choppy price actions from 8.4 so far look corrective in nature. In other words, while choppy recovery from 8.4 is extending, whole down trend from 21.44 is going to resume sooner or later. Having said that, upside is expected to be limited by 13.88 cluster resistance (50% retracement of 19.55 to 8.4 at 13.975). On the other hand, a break below 10.32 support will be taken as an early alert that the down trend is resuming for at least a new low below 8.4. Firm break of 13.88 is needed to invalidate this bearish case.
In the longer term picture, Silver's fall from 21.44 is treated as part of consolidation to the long term five wave rally from 4.315. A medium term bottom might be in place after contained slightly above 76.4% retracement of 4.315 to 21.44 at 8.36 but there is no confirmation yet. Nevertheless, based on the time spent so far, we don't think the consolidation/correction has completed yet and some more range trading could be seen below 21.44 before finally breaking to new high.
NYMEX CRUDE OIL TECHNICAL OUTLOOK:Nymex Crude Oil (CL)
Crude oil had an extremely choppy week as it continued to struggle around 40 level but stubbornly refused to let it go. But after all, with 43.60 minor resistance intact, bias remains on the downside for at test of 34.98 low next. Also, while above 43.6 will bring some stronger recovery, short term outlook is still bearish for down trend resumption. However, considering bullish convergence condition in daily MACD, decisive break of 50.47 resistance will indicate that a short term bottom is at least formed and bring strong rebound.
In the bigger picture, at this moment, there is no confirmation of completion of the down trend yet. However, note that weekly MACD has crossed above signal line already, which serves an early alert that whole decline from 147.27 might be near to completion. Hence, downside potential might be limited even if such fall is going to extend. On the upside, above 50.47, which should then have crude oil sustained above medium term falling trend line, will indicate that whole down trend from 147.27 has completed. Stronger rebound should then be seen with prospect of rising to key medium term support turned resistance of 90.51.
In the longer term picture, the depth of the fall from 147.27 and touching of 33.5 resistance turned support suggest that whole up trend from 14.21 has completed. While such decline might extend further, it's still being treated as a correction in the larger up trend only and should be contained by 17.12/33.5 support zone and bring strong rebound. Focus will remain on reversal signal.
NATURAL GAS TECHNICAL OUTLOOK:Nymex Natural Gas (NG)
Late Friday's rally and break of 4.728 resistance affirms the case that a bottom is formed at 4.28, after drawing support from key long term support at 4.3, with bullish convergence condition in 4 hours MACD and RSI. . Short term bias is flipped back to the upside for 5.477 resistance first. Though, a break back below 4.522 minor support will dampen the immediate bullish case and put focus back to 4.28 low.
In the bigger picture, as mentioned before, we're expecting a medium bottom at around 4.3 key long term support and the development so far is consistent with this view. Further break of 5.477 resistance will 6.24 resistance will confirm that a medium term is finally formed and bring strong, sustained rally towards key cluster resistance at 8.88 (50% retracement of 13.69 to 4.28 at 8.98).
In the longer term picture, note that fall from 13.69 is treated as part of long term consolidation that started at 15.65. Break decisive break of 8.88 will confirm that whole fall from 13.69 has completed and should target upper side of the long term range between 13.69 and 15.65 next. However, note that firm break of 4.3 will invalidate this view and target 4.00 psychological support next.
Gold faced tough resistance as it approached 936.3 key resistance and turned sideway. Upside momentum is clearly diminishing but after all, further rally is still in favor as long as 874.2 support holds. As discussed before, sustained break of 936.30 will be taken as an important indication that medium term rise is resuming and should bring strong rally to 989.6 resistance next. On the downside, failure at the current level, followed by break of 874.2 will be the first indication that Gold has already topped out and focus will turn back to 801.5 support in this case.
In the bigger picture, we're still holding on the bullish scenario. That is, consolidation from 1033.9 might have completed at 681 already, after completing an expanding triangle pattern. Break of 936.3 resistance will confirm this case and bring retest of 1033.9 high. On the downside, though, below 801.5 support will shift favors back to the case that consolidation from 1033.9 is still in progress and will have another test of 681 low before completion.
In the long term picture, the corrective structure of price actions from 1033.9 so far is consistent with the view that it's merely consolidation in the larger up trend. With Gold still trading well above 55 months EMA (now at 687.82) as well as trend line support (semi-log chart) at 632.88, it's believed that such long term up trend is still in progress. On resumption Gold should target 1100 psychological resistance next and possibly further to 61.8% projection of 260 to 1033.9 from 681 at 1159. On the downside, however, sustained trading below the mentioned support levels will argue that the long term up trend has completed at 1033.9 and much deeper fall should then be seen
SILVER WEEKLY TECHNICAL OUTLOOK :-Comex Silver (SI)
Silver rally extended further to 13.18 last week and is still in progress. From a short term angle, further rise is still expected as long as 12.135 support holds. Current choppy rise from 8.4 could extend further towards 13.88 key medium term resistance but strong resistance should be seen there. On the downside, below 12.135 will be the first alert that silver has topped out. Further break of 10.32 support will turn short term outlook bearish again.
In the bigger picture, the choppy price actions from 8.4 so far look corrective in nature. In other words, while choppy recovery from 8.4 is extending, whole down trend from 21.44 is going to resume sooner or later. Having said that, upside is expected to be limited by 13.88 cluster resistance (50% retracement of 19.55 to 8.4 at 13.975). On the other hand, a break below 10.32 support will be taken as an early alert that the down trend is resuming for at least a new low below 8.4. Firm break of 13.88 is needed to invalidate this bearish case.
In the longer term picture, Silver's fall from 21.44 is treated as part of consolidation to the long term five wave rally from 4.315. A medium term bottom might be in place after contained slightly above 76.4% retracement of 4.315 to 21.44 at 8.36 but there is no confirmation yet. Nevertheless, based on the time spent so far, we don't think the consolidation/correction has completed yet and some more range trading could be seen below 21.44 before finally breaking to new high.
NYMEX CRUDE OIL TECHNICAL OUTLOOK:Nymex Crude Oil (CL)
Crude oil had an extremely choppy week as it continued to struggle around 40 level but stubbornly refused to let it go. But after all, with 43.60 minor resistance intact, bias remains on the downside for at test of 34.98 low next. Also, while above 43.6 will bring some stronger recovery, short term outlook is still bearish for down trend resumption. However, considering bullish convergence condition in daily MACD, decisive break of 50.47 resistance will indicate that a short term bottom is at least formed and bring strong rebound.
In the bigger picture, at this moment, there is no confirmation of completion of the down trend yet. However, note that weekly MACD has crossed above signal line already, which serves an early alert that whole decline from 147.27 might be near to completion. Hence, downside potential might be limited even if such fall is going to extend. On the upside, above 50.47, which should then have crude oil sustained above medium term falling trend line, will indicate that whole down trend from 147.27 has completed. Stronger rebound should then be seen with prospect of rising to key medium term support turned resistance of 90.51.
In the longer term picture, the depth of the fall from 147.27 and touching of 33.5 resistance turned support suggest that whole up trend from 14.21 has completed. While such decline might extend further, it's still being treated as a correction in the larger up trend only and should be contained by 17.12/33.5 support zone and bring strong rebound. Focus will remain on reversal signal.
NATURAL GAS TECHNICAL OUTLOOK:Nymex Natural Gas (NG)
Late Friday's rally and break of 4.728 resistance affirms the case that a bottom is formed at 4.28, after drawing support from key long term support at 4.3, with bullish convergence condition in 4 hours MACD and RSI. . Short term bias is flipped back to the upside for 5.477 resistance first. Though, a break back below 4.522 minor support will dampen the immediate bullish case and put focus back to 4.28 low.
In the bigger picture, as mentioned before, we're expecting a medium bottom at around 4.3 key long term support and the development so far is consistent with this view. Further break of 5.477 resistance will 6.24 resistance will confirm that a medium term is finally formed and bring strong, sustained rally towards key cluster resistance at 8.88 (50% retracement of 13.69 to 4.28 at 8.98).
In the longer term picture, note that fall from 13.69 is treated as part of long term consolidation that started at 15.65. Break decisive break of 8.88 will confirm that whole fall from 13.69 has completed and should target upper side of the long term range between 13.69 and 15.65 next. However, note that firm break of 4.3 will invalidate this view and target 4.00 psychological support next.
Monday, February 2, 2009
Friday, January 30, 2009
VIEWS & TRADING STRATEGY FOR 30th JANUARY 2009
TRADING STRATEGY :-
MCX GOLD :
The trend is up. Hold your long positions with a stop loss at Rs 13750. Further buy only on a rise above Rs 14175. Intra-day traders can wait for a fall below Rs 14024 and when it rises above Rs 14024 then buy with the low below Rs 14024 as the stop loss.
MACD histogram is in the positive zone. The 14 day RSI is moving up and now below the 70 mark.
Open interest witnessed significant fall with the rise in price indicating short positions unwinding. Resistance is seen at Rs 14294 – Rs 14443.
DAILY CLOSING REVERSAL : 13788
MCX SILVER :
The trend is up. Hold your long positions with a stop loss at Rs 18915.
Further buy only on a rise above Rs 19600. Intra-day traders can wait for a fall below Rs 19334 and when it rises above Rs 19334 then buy with the low below Rs 19334 as the stop loss.
MACD histogram is now in the positive zone. The 14 day RSI is moving up and now near the 70 mark.
Open interest witnessed significant rise with the rise in price indicating fresh long positions build up.
Resistance is seen at Rs 19754 – Rs 20000.
DAILY CLOSING REVERSAL : 18981
VIEWS FOR THE DAY :
MCX Gold April: Supports around 14065/13986 could hold for next rally towards 14393/14456.It has to fall below 13986 to weaken the structure, leading to some change in this view.S1: 14025 S2: 13950 R1: 14175 R2: 14230
MCX Silver Mar: Crucial near-term support at 19467 , 19307. Fall below could lead prices towards 18906/18794 from where prices can find support again for a rally higher towards 20462.S1:19300 S2:18950 R1:19700 R2:20000
MCX Copper February: Rallies to 160 : 161.45 likely to find resistance for a move lower towards 148.45 : 145.20 levels.A rise above 163.6 could delay this fall.S1: 156 S2:153 R1: 162 R2:167
MCX Crude Oil Feb : Structure is bearish for a fall towards 1915 or more ideally towards 1881 from where it could strongly bounce back towards 2142.Resistance points are seen at 2044/2069 followed by 2122. Rise above 2122 is needed to cause confusion.S1: 2000 S2: 1945 R1: 2085 R2: 2135
MCX Lead Feb: Expect rallies to 57.25 : 57.65 likely to find resistance for a move lower towards 54.50 levels.Only a rise above 56.45 to negate this bearish view.S1: 53.85 S2: 52.7 R1: 55.5 R2: 56.15
MCX Nickel Feb: Expect rallies to 570 : 574 likely to find resistance for a move lower towards 541 levels.Only a rise above 584 to negate this bearish view.S1: 545 S2: 527 R1: 562 R2: 585
MCX Zinc Feb: - Rallies to 55.75 : 56.20 likely to find resistance for a move lower towards 53.40 levels.
MCX Natural Gas Feb: - A break of the range 214 :225 will decide the nest directive move. S1: 214 S2: 209 R1: 222 R2: 228
MCX GOLD :
The trend is up. Hold your long positions with a stop loss at Rs 13750. Further buy only on a rise above Rs 14175. Intra-day traders can wait for a fall below Rs 14024 and when it rises above Rs 14024 then buy with the low below Rs 14024 as the stop loss.
MACD histogram is in the positive zone. The 14 day RSI is moving up and now below the 70 mark.
Open interest witnessed significant fall with the rise in price indicating short positions unwinding. Resistance is seen at Rs 14294 – Rs 14443.
DAILY CLOSING REVERSAL : 13788
MCX SILVER :
The trend is up. Hold your long positions with a stop loss at Rs 18915.
Further buy only on a rise above Rs 19600. Intra-day traders can wait for a fall below Rs 19334 and when it rises above Rs 19334 then buy with the low below Rs 19334 as the stop loss.
MACD histogram is now in the positive zone. The 14 day RSI is moving up and now near the 70 mark.
Open interest witnessed significant rise with the rise in price indicating fresh long positions build up.
Resistance is seen at Rs 19754 – Rs 20000.
DAILY CLOSING REVERSAL : 18981
VIEWS FOR THE DAY :
MCX Gold April: Supports around 14065/13986 could hold for next rally towards 14393/14456.It has to fall below 13986 to weaken the structure, leading to some change in this view.S1: 14025 S2: 13950 R1: 14175 R2: 14230
MCX Silver Mar: Crucial near-term support at 19467 , 19307. Fall below could lead prices towards 18906/18794 from where prices can find support again for a rally higher towards 20462.S1:19300 S2:18950 R1:19700 R2:20000
MCX Copper February: Rallies to 160 : 161.45 likely to find resistance for a move lower towards 148.45 : 145.20 levels.A rise above 163.6 could delay this fall.S1: 156 S2:153 R1: 162 R2:167
MCX Crude Oil Feb : Structure is bearish for a fall towards 1915 or more ideally towards 1881 from where it could strongly bounce back towards 2142.Resistance points are seen at 2044/2069 followed by 2122. Rise above 2122 is needed to cause confusion.S1: 2000 S2: 1945 R1: 2085 R2: 2135
MCX Lead Feb: Expect rallies to 57.25 : 57.65 likely to find resistance for a move lower towards 54.50 levels.Only a rise above 56.45 to negate this bearish view.S1: 53.85 S2: 52.7 R1: 55.5 R2: 56.15
MCX Nickel Feb: Expect rallies to 570 : 574 likely to find resistance for a move lower towards 541 levels.Only a rise above 584 to negate this bearish view.S1: 545 S2: 527 R1: 562 R2: 585
MCX Zinc Feb: - Rallies to 55.75 : 56.20 likely to find resistance for a move lower towards 53.40 levels.
MCX Natural Gas Feb: - A break of the range 214 :225 will decide the nest directive move. S1: 214 S2: 209 R1: 222 R2: 228
Thursday, January 29, 2009
VIEWS & TRADING STRATEGY FOR 29th JANUARY 2009
TRADING STRATEGY :-
MCX GOLD :
The trend is up. Hold your long positions with a stop loss at Rs 13475. Further buy only on a rise above Rs 14090.
Intra-day traders can wait for a fall below Rs 13943 or Rs 13804 and when it rises above Rs 13943 or Rs 13804 then buy with the low below Rs 13943 or Rs 13804 as the stop loss.
MACD histogram is in the positive zone. The 14 day RSI is moving down and now below the 70 mark. Open interest witnessed significant fall with the fall in price indicating long positions unwinding.
Resistance is seen at Rs 14033 – Rs 14172.
PIVOTS :
DAILY CLOSING REVERSAL : 13690
MCX SILVER :
The trend is up. Hold your long positions with a stop loss at Rs 18850. Further buy only on a rise above Rs 19600.
Intra-day traders can wait for a fall below Rs 19105 and when it rises above Rs 19105 then buy with the low below Rs 19105 as the stop loss. Resistance is seen at Rs 19462 – Rs 19653.
DAILY CLOSING REVERSAL : 18864
COMEX PIVOT LEVELS
SUP-1 878.70 SUP-2 870 PIVOT- 891 RES-1 899.50 RES-2 912
VIEWS FOR THE DAY
MCX Gold Feb: Ideally, 13821 should hold support, failing which we could see a further dip towards 13680 levels now.Favored view still expects supports to hold for a rise towards 14730 levels as long as supports hold.S1: 13975 S2: 13900 R1: 14150 R2: 14225
MCX Silver Mar: Crucial near-term support at 18964/18996. Fall below could lead prices towards 18369/18402 from where prices can find support again for a rally higher towards 20009.
S1:19000 S2:18750 R1:19500 R2:19785
MCX Copper February: Fall below 155 to lead prices lower towards 148 and 140.Only a daily close above 175 to re-inforce bullish expectations again.S1: 157 S2:154 R1: 165 R2 : 171
MCX Crude Oil Feb : A decline could be seen, targeting 1929. Fall below 1917 might see it attempting 1895.Ideally a strong recovery towards 2132/2157 should begin after this decline.
S1: 2000 S2: 1945 R1: 2110 R2: 2165
MCX Zinc Jan: - Rallies to 55.85 , 56.35 likely to find resistance for a move lower towards 53.0 levels.Only a rise above 56.7 to negate this bearish view.S1: 54.0 S2: 53.0 R1: 56.5 R2: 57.15
MCX Lead Jan: Expect rallies to 57.65 : 57.90 likely to find resistance for a move lower towards 53.50 levels.Only a rise above 58.25 to negate this bearish view.S1: 55.00 S2: 54.00 R1: 57.25 R2: 58.30
MCX Nickel Jan: Expect rallies to 578 : 585 likely to find resistance for a move lower towards 552 levels.Only a rise above 589 to negate this bearish view.S1: 565 S2: 542 R1: 587 R2: 605.
MCX Natural Gas Feb: - A break of the range 214 :225 will decide the nest directive move. S1: 214 S2: 209 R1: 222 R2: 228
MCX GOLD :
The trend is up. Hold your long positions with a stop loss at Rs 13475. Further buy only on a rise above Rs 14090.
Intra-day traders can wait for a fall below Rs 13943 or Rs 13804 and when it rises above Rs 13943 or Rs 13804 then buy with the low below Rs 13943 or Rs 13804 as the stop loss.
MACD histogram is in the positive zone. The 14 day RSI is moving down and now below the 70 mark. Open interest witnessed significant fall with the fall in price indicating long positions unwinding.
Resistance is seen at Rs 14033 – Rs 14172.
PIVOTS :
DAILY CLOSING REVERSAL : 13690
MCX SILVER :
The trend is up. Hold your long positions with a stop loss at Rs 18850. Further buy only on a rise above Rs 19600.
Intra-day traders can wait for a fall below Rs 19105 and when it rises above Rs 19105 then buy with the low below Rs 19105 as the stop loss. Resistance is seen at Rs 19462 – Rs 19653.
DAILY CLOSING REVERSAL : 18864
COMEX PIVOT LEVELS
SUP-1 878.70 SUP-2 870 PIVOT- 891 RES-1 899.50 RES-2 912
VIEWS FOR THE DAY
MCX Gold Feb: Ideally, 13821 should hold support, failing which we could see a further dip towards 13680 levels now.Favored view still expects supports to hold for a rise towards 14730 levels as long as supports hold.S1: 13975 S2: 13900 R1: 14150 R2: 14225
MCX Silver Mar: Crucial near-term support at 18964/18996. Fall below could lead prices towards 18369/18402 from where prices can find support again for a rally higher towards 20009.
S1:19000 S2:18750 R1:19500 R2:19785
MCX Copper February: Fall below 155 to lead prices lower towards 148 and 140.Only a daily close above 175 to re-inforce bullish expectations again.S1: 157 S2:154 R1: 165 R2 : 171
MCX Crude Oil Feb : A decline could be seen, targeting 1929. Fall below 1917 might see it attempting 1895.Ideally a strong recovery towards 2132/2157 should begin after this decline.
S1: 2000 S2: 1945 R1: 2110 R2: 2165
MCX Zinc Jan: - Rallies to 55.85 , 56.35 likely to find resistance for a move lower towards 53.0 levels.Only a rise above 56.7 to negate this bearish view.S1: 54.0 S2: 53.0 R1: 56.5 R2: 57.15
MCX Lead Jan: Expect rallies to 57.65 : 57.90 likely to find resistance for a move lower towards 53.50 levels.Only a rise above 58.25 to negate this bearish view.S1: 55.00 S2: 54.00 R1: 57.25 R2: 58.30
MCX Nickel Jan: Expect rallies to 578 : 585 likely to find resistance for a move lower towards 552 levels.Only a rise above 589 to negate this bearish view.S1: 565 S2: 542 R1: 587 R2: 605.
MCX Natural Gas Feb: - A break of the range 214 :225 will decide the nest directive move. S1: 214 S2: 209 R1: 222 R2: 228
Wednesday, January 28, 2009
VIEWS FOR 28th JANUARY 2009
MCX Gold Feb: Supports at 13944 and 13898 to hold dips for a rally higher towards 14695 levels initially.Direct fall below 13835 to dent our bullish expectations. S1: 13975 S2: 13900 R1: 14150 R2: 14225
MCX Silver Mar: Supports at 18950/19035 to hold for a target of 19933/19998 levels. Dip below 18873 to cause doubts on our bullish view.S1:19200 S2:18950 R1:19700 R2:19985
MCX Copper February: Any rallies being sold into giving a possible feel of a the rallies to be unsustainable. Fall below 155 to lead prices lower towards 148 and 140. Only a daily close above 175 to re-inforce bullish expectations again.S1: 157 S2:154 R1: 165 R2:171
MCX Crude Oil Feb : Break below 2144 has lost the bullish chance and caused a decline. Up ticks could now be resisted near 2093 or 2137/2142 for next decline towards 1934/1920. It needs to cross above 2165 to hint at strength. Next resistance levels are near 2205. S1: 2095 S2: 2040 R1: 2185 R2: 2225
MCX Zinc Jan: - Expect price to find support at 54.35 54.05 for a rise towards 58.0 levels. Only a move below 53.25 to raise doubts about this bullish view. S1: 54.0 S2: 53.0 R1: 56.5 R2: 57.15
MCX Lead Jan: Expect price to find support at 55.45 55.05 for a rise towards 59.45 levels. Only a move below 54.65 to raise doubts about this bullish view.S1: 55.00 S2: 54.00 R1: 57.25 R2: 58.30
MCX Nickel Jan: Expect price to find support at 550 544 for a rise towards 585 levels. Only a move below 533 to raise doubts about this bullish view. S1: 541 S2: 523 R1: 575 R2: 594
MCX Natural Gas Feb: - Expect price to find support at 216 213 for a rise towards 229 levels.Only a move below 210 to raise doubts about this bullish view. S1: 217 S2: 209 R1: 225 R2: 239
FOREX EURO TECHNICAL VIEW: Just as we expected, the pair was able to reach its target at 1.3140 before rebounding back to the upside to breach the key resistance for the downside channel and close above it. We expect to see high volatility around the pivot resistance at 1.3330 where there is a possibility to form a positive technical pattern if the above mentioned level is breached with targets at 1.3740 and 1.3825. However, on the intraday basis, there is a chance to see slight downside movements to retest the key support between 1.3140 and 1.3180.
TRADING IDEA :: Buy the pair above 1.3205 with targets at 1.3325 and stop loss with a four hour close below 1.3105
NYMEX CRUDE TECHNICALS:A clear failure to breach the key resistance for the medium term decending channel we have pointed out to yesterday as crude returned to close below the level. The resistacne level for today has shifted to 47.00 - 47.40 followed by a major resistance at 48.50 and as far as trading remains below these levels, crude will continued to fall, Today we expect high volatility as seen on momentum indicators as they show crude being in an oversold area on the hourly charts whereas direction indicators are pointing to the downside. Support levle are found at 40.60 and 40.20 which makes us expect sideways movements between the 47.40 and 40.60 levels
COMEX GOLD TECHNICALS:As we expected in our previous reports gold doesn't have enough momentum to move to the upside as most of the indicators still support the downside outlook in addition to the bearish candlesticks pattern which confirms our previous expected scenarios. Any break out that occurs below 889.00 as shown on the chart will help the downside correction wave to accelerate towards 879.00 followed by 870.00 (The 1st cluster support) that gold will face before deciding to resume a further expected decline only sustained below 888 we may expect fall
USDINR (48.90) : With RBI making no change in the Credit Policy, expect USD-INR to fall further to 48. in coming days if 49.30 undisturbed
Support: 48.40/48.00/47.75.
Resistance: 49.30/49.90/50.15
MCX Silver Mar: Supports at 18950/19035 to hold for a target of 19933/19998 levels. Dip below 18873 to cause doubts on our bullish view.S1:19200 S2:18950 R1:19700 R2:19985
MCX Copper February: Any rallies being sold into giving a possible feel of a the rallies to be unsustainable. Fall below 155 to lead prices lower towards 148 and 140. Only a daily close above 175 to re-inforce bullish expectations again.S1: 157 S2:154 R1: 165 R2:171
MCX Crude Oil Feb : Break below 2144 has lost the bullish chance and caused a decline. Up ticks could now be resisted near 2093 or 2137/2142 for next decline towards 1934/1920. It needs to cross above 2165 to hint at strength. Next resistance levels are near 2205. S1: 2095 S2: 2040 R1: 2185 R2: 2225
MCX Zinc Jan: - Expect price to find support at 54.35 54.05 for a rise towards 58.0 levels. Only a move below 53.25 to raise doubts about this bullish view. S1: 54.0 S2: 53.0 R1: 56.5 R2: 57.15
MCX Lead Jan: Expect price to find support at 55.45 55.05 for a rise towards 59.45 levels. Only a move below 54.65 to raise doubts about this bullish view.S1: 55.00 S2: 54.00 R1: 57.25 R2: 58.30
MCX Nickel Jan: Expect price to find support at 550 544 for a rise towards 585 levels. Only a move below 533 to raise doubts about this bullish view. S1: 541 S2: 523 R1: 575 R2: 594
MCX Natural Gas Feb: - Expect price to find support at 216 213 for a rise towards 229 levels.Only a move below 210 to raise doubts about this bullish view. S1: 217 S2: 209 R1: 225 R2: 239
FOREX EURO TECHNICAL VIEW: Just as we expected, the pair was able to reach its target at 1.3140 before rebounding back to the upside to breach the key resistance for the downside channel and close above it. We expect to see high volatility around the pivot resistance at 1.3330 where there is a possibility to form a positive technical pattern if the above mentioned level is breached with targets at 1.3740 and 1.3825. However, on the intraday basis, there is a chance to see slight downside movements to retest the key support between 1.3140 and 1.3180.
TRADING IDEA :: Buy the pair above 1.3205 with targets at 1.3325 and stop loss with a four hour close below 1.3105
NYMEX CRUDE TECHNICALS:A clear failure to breach the key resistance for the medium term decending channel we have pointed out to yesterday as crude returned to close below the level. The resistacne level for today has shifted to 47.00 - 47.40 followed by a major resistance at 48.50 and as far as trading remains below these levels, crude will continued to fall, Today we expect high volatility as seen on momentum indicators as they show crude being in an oversold area on the hourly charts whereas direction indicators are pointing to the downside. Support levle are found at 40.60 and 40.20 which makes us expect sideways movements between the 47.40 and 40.60 levels
COMEX GOLD TECHNICALS:As we expected in our previous reports gold doesn't have enough momentum to move to the upside as most of the indicators still support the downside outlook in addition to the bearish candlesticks pattern which confirms our previous expected scenarios. Any break out that occurs below 889.00 as shown on the chart will help the downside correction wave to accelerate towards 879.00 followed by 870.00 (The 1st cluster support) that gold will face before deciding to resume a further expected decline only sustained below 888 we may expect fall
USDINR (48.90) : With RBI making no change in the Credit Policy, expect USD-INR to fall further to 48. in coming days if 49.30 undisturbed
Support: 48.40/48.00/47.75.
Resistance: 49.30/49.90/50.15
Tuesday, January 27, 2009
VIEWS FOR 27th JANUARY 2009
MCX Gold Feb: Ideally, dips to 14025/14057 to find support and rise higher towards 14732/14763 levels.However, unexpected fall below 13947 to lead into a corrective rally towards 13711 levels.
S1: 13975 S2: 13900 R1: 14150 R2: 14225
MCX Silver Mar: Supports are at 19214 followed by 18972 for a target of 20118/20166 .Unexpected fall below 18956 to lead to a corrective fall towards 18149 levels.S1:19000 S2:18750 R1:19500 R2:19785
MCX Copper February: Supports are at 166.1 followed by 161.85. Ideally, a test of 189 looks likely as long as the support level holds.S1: 157 S2:154 R1: 165 R2:171
MCX Crude Oil Feb : The structure is bullish and favors a rise towards 2455 or 2490. Supports near 2251, 2219 or maximum 2201 could hold corrective dips.Dip below 2182 would caution about the possibility of a stronger decline towards 2117.S1: 2155 S2: 2100 R1: 2255 R2: 2300
MCX Zinc Jan: - Expect price to find support at 57.65 , 57.05 for a rise towards 60.0 levels.Only a move below 55.25 to raise doubts about this bullish view. S1: 56.0 S2: 55.0 R1: 57.5 R2: 58.45
MCX Lead Jan: Expect price to find support at 55.65 , 55.05 for a rise towards 59.45 levels.Only a move below 54.65 to raise doubts about this bullish view. S1: 53.00 S2: 52.00 R1: 55.25 R2: 56.30
MCX Nickel Jan: Expect price to find support at 571, 567 for a rise towards 605 levels.Only a move below 559 to raise doubts about this bullish view. S1: 565 S2: 543 R1: 587 R2: 610
MCX Natural Gas Feb: - Expect price to find support at 217 , 215 for a rise towards 239 levels.Only a move below 210 to raise doubts about this bullish view. S1: 217 S2: 209 R1: 236 R2: 247
S1: 13975 S2: 13900 R1: 14150 R2: 14225
MCX Silver Mar: Supports are at 19214 followed by 18972 for a target of 20118/20166 .Unexpected fall below 18956 to lead to a corrective fall towards 18149 levels.S1:19000 S2:18750 R1:19500 R2:19785
MCX Copper February: Supports are at 166.1 followed by 161.85. Ideally, a test of 189 looks likely as long as the support level holds.S1: 157 S2:154 R1: 165 R2:171
MCX Crude Oil Feb : The structure is bullish and favors a rise towards 2455 or 2490. Supports near 2251, 2219 or maximum 2201 could hold corrective dips.Dip below 2182 would caution about the possibility of a stronger decline towards 2117.S1: 2155 S2: 2100 R1: 2255 R2: 2300
MCX Zinc Jan: - Expect price to find support at 57.65 , 57.05 for a rise towards 60.0 levels.Only a move below 55.25 to raise doubts about this bullish view. S1: 56.0 S2: 55.0 R1: 57.5 R2: 58.45
MCX Lead Jan: Expect price to find support at 55.65 , 55.05 for a rise towards 59.45 levels.Only a move below 54.65 to raise doubts about this bullish view. S1: 53.00 S2: 52.00 R1: 55.25 R2: 56.30
MCX Nickel Jan: Expect price to find support at 571, 567 for a rise towards 605 levels.Only a move below 559 to raise doubts about this bullish view. S1: 565 S2: 543 R1: 587 R2: 610
MCX Natural Gas Feb: - Expect price to find support at 217 , 215 for a rise towards 239 levels.Only a move below 210 to raise doubts about this bullish view. S1: 217 S2: 209 R1: 236 R2: 247
Friday, January 23, 2009
VIEWS FOR 23rd JANUARY 2009
MCX Gold Feb:The 13276-13291 zone to support any dips presently. Ideally, a broad range needs to be established before a breakout higher towards 14191 levels Unexpected fall below 13260 to have bearish implications.S1: 13475 S2: 13400 R1: 13610 R2: 13695
MCX Silver Mar: Supports are at 18231 followed by 18068. Direct fall below 18035/18067 to result in a corrective decline towards 17740/17743 levels.Favored view expects supports at 18035/18067 to hold and rise towards potential target at 19294.S1:18300 S2:18120 R1:18750 R2:18900
MCX Copper February: Fall below 155 denotes bearishness now. We could see a pullback towards 159/160 levels now, but rallies should be capped here for a decline towards 148.2. Unexpected rise above 163.6 to re-inforce bullish hopes.S1: 149 S2:145 R1: 157 R2:161
MCX Crude Oil Feb : As expected we saw a test of 2210 levels. The subsequent fall from there has bearish implications. Supports are at around 2062/2067 levels now. Break below yesterday's low could take prices even lower towards 1830 levels.S1: 2000 S2: 1965 R1: 2100 R2: 2195
MCX Zinc Jan: - Rallies to 55.35 ,55.85 likely to find resistance for a move lower towards 52.30 ,51.00 levels again. Only a rise above 56.5 to negate this bearish view. S1: 53.3 S2: 52.15 R1: 55.35 R2: 56.45
MCX Lead Jan: Rallies to 53.55 , 53.65 likely to find resistance and move lower towards 49.5 or even lower towards 48.00 levels. A rise above 54.75 to negate this bearish view. S1: 51.00 S2: 50.00 R1: 53.25 R2: 54.30
MCX Nickel Jan: Rallies to 545.00, 548.00 likely to find resistance and move lower towards 516 or even lower towards 495 levels. A rise above 565 to negate this bearish view. S1: 525 S2: 507 R1: 559 R2: 573
MCX Natural Gas Feb: - Rallies to 233.0 , 235 likely to find resistance for a move lower towards 215 levels. A rise above 237.0 to negate this bearish view.S1: 217 S2: 209 R1: 236 R2: 247
COMEX GOLD PIVOT; SUP-1 845 SUP-2 835 PIVOT - 854 RES-1 865 RES-2 873 EXPECTATION POSITIVE PROFIT BOOKING AT HIGHER LEVELS IS GOOD
CRUDE SUPPORT AT 38-40 RES SEEN AT 45 TRADING STRATERGY BUY ON DIPS WITH SL 38 ABV 45 EXPECT A TEST OF 50 IN NEAR TERM BUY NEAR SUPPORT
MCX Silver Mar: Supports are at 18231 followed by 18068. Direct fall below 18035/18067 to result in a corrective decline towards 17740/17743 levels.Favored view expects supports at 18035/18067 to hold and rise towards potential target at 19294.S1:18300 S2:18120 R1:18750 R2:18900
MCX Copper February: Fall below 155 denotes bearishness now. We could see a pullback towards 159/160 levels now, but rallies should be capped here for a decline towards 148.2. Unexpected rise above 163.6 to re-inforce bullish hopes.S1: 149 S2:145 R1: 157 R2:161
MCX Crude Oil Feb : As expected we saw a test of 2210 levels. The subsequent fall from there has bearish implications. Supports are at around 2062/2067 levels now. Break below yesterday's low could take prices even lower towards 1830 levels.S1: 2000 S2: 1965 R1: 2100 R2: 2195
MCX Zinc Jan: - Rallies to 55.35 ,55.85 likely to find resistance for a move lower towards 52.30 ,51.00 levels again. Only a rise above 56.5 to negate this bearish view. S1: 53.3 S2: 52.15 R1: 55.35 R2: 56.45
MCX Lead Jan: Rallies to 53.55 , 53.65 likely to find resistance and move lower towards 49.5 or even lower towards 48.00 levels. A rise above 54.75 to negate this bearish view. S1: 51.00 S2: 50.00 R1: 53.25 R2: 54.30
MCX Nickel Jan: Rallies to 545.00, 548.00 likely to find resistance and move lower towards 516 or even lower towards 495 levels. A rise above 565 to negate this bearish view. S1: 525 S2: 507 R1: 559 R2: 573
MCX Natural Gas Feb: - Rallies to 233.0 , 235 likely to find resistance for a move lower towards 215 levels. A rise above 237.0 to negate this bearish view.S1: 217 S2: 209 R1: 236 R2: 247
COMEX GOLD PIVOT; SUP-1 845 SUP-2 835 PIVOT - 854 RES-1 865 RES-2 873 EXPECTATION POSITIVE PROFIT BOOKING AT HIGHER LEVELS IS GOOD
CRUDE SUPPORT AT 38-40 RES SEEN AT 45 TRADING STRATERGY BUY ON DIPS WITH SL 38 ABV 45 EXPECT A TEST OF 50 IN NEAR TERM BUY NEAR SUPPORT
Thursday, January 22, 2009
VIEWS FOR 22nd JANUARY 2009
MCX Gold Feb: The 13297 - 13313 zone to support any dips presently. Ideally, a broad range needs to be established before a breakout higher towards 14213 levels. Unexpected fall below 13281 to have bearish implications.S1: 13400 S2: 13335 R1: 13535 R2: 13600
MCX Silver Mar: Supports are at 18361 followed by 18196. Direct fall below 18163/18196 to result in a corrective decline towards 17867/17900 levels.Favored view expects supports at 18163/18196 to hold and rise towards potential target at 19431. S1:18300 S2:18120 R1:18750 R2:18900
MCX Crude Oil Feb : Rise above 2185 to go for 2291 levels now or even higher towards 2382. Supports are at 2130 followed by 2085. Fall below 2078 to dent our bullish view. S1: 2065 S2: 2035 R1: 2165 R2: 2285
MCX Zinc Jan: - Rallies to 57.35 ,58.35 likely to find resistance for a move lower towards 54.30 ,53.00 levels again. Only a rise above 59.0 to negate this bearish view. S1: 55.0 S2: 54.0 R1: 56.35 R2: 57.45
MCX Lead Jan: Rallies to 55.00 , 55.45 likely to find resistance and move lower towards 50.5 or even lower towards 49.00 levels.A rise above 55.75 to negate this bearish view. S1: 53.00 S2: 52.0 R1: 54.25 R2: 55.30
MCX Nickel Jan: Rallies to 545.00 ,548.00 likely to find resistance and move lower towards 516 or even lower towards 495 levels. A rise above 565 to negate this bearish view.S1:517 S2:500 R1:548 R2:561
MCX Natural Gas Feb: - Supports at 232 , 230 likely to hold dips for a move higher towards 243.0 levels. A move below 226 to negate this bullish view.S1: 227 S2: 223 R1: 241 R2: 247
MCX COPPER TREND NOT CLEAR BUT SUP AND RES ARE AS FOLLOWS:S1: 154 S2:150 R1: 162 R2:166
COMEX COPPER PIVOTS LEVELS: SUP-1 143.75 SUP-2 140 RES-1 154 RES -2 160.50 PIVOT 150.25 CMP 145.70 EXPECTATION SIDEWAYS AND MAY TEST SUPPORTS
COMEX GOLD PIVOTS: SUPPORT-1 843 SUPPORT-2 833 RES-1 864 RES-2 874 PIVOT - 854 CMP 852.50 EXPECTATION CORRECTIVE DIP TILL SUPPORT
MCX Silver Mar: Supports are at 18361 followed by 18196. Direct fall below 18163/18196 to result in a corrective decline towards 17867/17900 levels.Favored view expects supports at 18163/18196 to hold and rise towards potential target at 19431. S1:18300 S2:18120 R1:18750 R2:18900
MCX Crude Oil Feb : Rise above 2185 to go for 2291 levels now or even higher towards 2382. Supports are at 2130 followed by 2085. Fall below 2078 to dent our bullish view. S1: 2065 S2: 2035 R1: 2165 R2: 2285
MCX Zinc Jan: - Rallies to 57.35 ,58.35 likely to find resistance for a move lower towards 54.30 ,53.00 levels again. Only a rise above 59.0 to negate this bearish view. S1: 55.0 S2: 54.0 R1: 56.35 R2: 57.45
MCX Lead Jan: Rallies to 55.00 , 55.45 likely to find resistance and move lower towards 50.5 or even lower towards 49.00 levels.A rise above 55.75 to negate this bearish view. S1: 53.00 S2: 52.0 R1: 54.25 R2: 55.30
MCX Nickel Jan: Rallies to 545.00 ,548.00 likely to find resistance and move lower towards 516 or even lower towards 495 levels. A rise above 565 to negate this bearish view.S1:517 S2:500 R1:548 R2:561
MCX Natural Gas Feb: - Supports at 232 , 230 likely to hold dips for a move higher towards 243.0 levels. A move below 226 to negate this bullish view.S1: 227 S2: 223 R1: 241 R2: 247
MCX COPPER TREND NOT CLEAR BUT SUP AND RES ARE AS FOLLOWS:S1: 154 S2:150 R1: 162 R2:166
COMEX COPPER PIVOTS LEVELS: SUP-1 143.75 SUP-2 140 RES-1 154 RES -2 160.50 PIVOT 150.25 CMP 145.70 EXPECTATION SIDEWAYS AND MAY TEST SUPPORTS
COMEX GOLD PIVOTS: SUPPORT-1 843 SUPPORT-2 833 RES-1 864 RES-2 874 PIVOT - 854 CMP 852.50 EXPECTATION CORRECTIVE DIP TILL SUPPORT
FOREX EURO TECHNICALS:The pair returned to reach the 1.2840 level once again as it corrected to the upside between the 38.2% and 50.0% Fibonacci levels where there is a possibility to see a technical pattern to the upside with a neckline at 1.3020 with targets of breaching this level are at 1.3160 and 1.3200. A major resistance and pivot point for the pair is found at 1.3085 which was tested once yesterday where if successfully breached, the pair will target the key resistance for the upside channel at 1.3380
TRADING STRATERGY:Buy the pair above 1.3020 with targets at 1.3160 and stop loss with a four hour close below 1.2970
COMEX GOLD TECHNICAL VIEW:Gold is still moving in a tight range below the 61.8% at 852.00 levels as shown on the chart after failure to reach the extension target of the retrace from the lower line of the channel at 868.00 levels represented by the 76.4% Fibonacci. Most of the indicators show that the volume is too low without a clear signal up or down so they are neutral which means that the price explosion is on the way to relief the indicators. We expect that the price will move to the downside in particular if it broke the area between 845.00 and 842.00 then it will be a sign that the short term top is placed
Wednesday, January 21, 2009
VIEWS FOR 21st JANUARY 2009
MCX Gold Feb: Our anticipated upside targets were tested. Either a consolidation or a corrective pullback towards 1322713259 levels look likely. Ideally supports should hold and take out the important resistance at 13635/13651 now. S1: 13420 S2: 13350 R1: 13575 R2: 13670
MCX Silver Mar: After a test of 18050 we saw silver futures rising higher again and finding resistance at the trend line at 18623/18705.Ideally 18052/18133 to hold for a test of 18983 Unexpected fall below 17806 to dent our bullish view. S1:18150 S2:17950 R1:18600 R2:18820
MCX Copper February: Still in a broad range btw 156 to 176. Break either side to determine direction.Favored view expects a break higher. S1: 160 S2:156 R1: 168 R2:172
MCX Crude Oil Feb : Resistances are at 2066 followed by 2122 now. Ideally, resistances to cap for a decline towards 1856.Rise above 2137 to change the picture to bullish. S1: 1975 S2: 1932 R1: 2085 R2: 2135
MCX Zinc Jan: - Up ticks to 60.75 or upto 60.95 likely to find resistance for a move lower towards 57.5 or even lower towards 56.0 levels.Only a rise above 61.55 to negate this bearish view.
S1: 58.75 S2: 57.65 R1: 61.00 R2: 62.10
MCX Lead Jan: Rallies to 57.25, 57.75 likely to find resistance and move lower towards 54.5 or even lower towards 53.00 levels. A rise above 58.65 to negate this bearish view.
S1: 55.10 S2: 54.00 R1: 57.25 R2: 58.30
MCX Nickel Jan: Mild bullishness seen for the test of 577 , 582 as long as 536 levels hold. A fall below 523.0 to negate this bullish view.S1: 535 S2: 517 R1: 562 R2: 579
MCX Silver Mar: After a test of 18050 we saw silver futures rising higher again and finding resistance at the trend line at 18623/18705.Ideally 18052/18133 to hold for a test of 18983 Unexpected fall below 17806 to dent our bullish view. S1:18150 S2:17950 R1:18600 R2:18820
MCX Copper February: Still in a broad range btw 156 to 176. Break either side to determine direction.Favored view expects a break higher. S1: 160 S2:156 R1: 168 R2:172
MCX Crude Oil Feb : Resistances are at 2066 followed by 2122 now. Ideally, resistances to cap for a decline towards 1856.Rise above 2137 to change the picture to bullish. S1: 1975 S2: 1932 R1: 2085 R2: 2135
MCX Zinc Jan: - Up ticks to 60.75 or upto 60.95 likely to find resistance for a move lower towards 57.5 or even lower towards 56.0 levels.Only a rise above 61.55 to negate this bearish view.
S1: 58.75 S2: 57.65 R1: 61.00 R2: 62.10
MCX Lead Jan: Rallies to 57.25, 57.75 likely to find resistance and move lower towards 54.5 or even lower towards 53.00 levels. A rise above 58.65 to negate this bearish view.
S1: 55.10 S2: 54.00 R1: 57.25 R2: 58.30
MCX Nickel Jan: Mild bullishness seen for the test of 577 , 582 as long as 536 levels hold. A fall below 523.0 to negate this bullish view.S1: 535 S2: 517 R1: 562 R2: 579
Tuesday, January 20, 2009
VIEWS FOR 20-01-2009
MCX Gold Feb: Expect supports at 12987 followed by 12909 to hold for a rally towards 13284 followed by 13378,only a break below 12752 would negate this bullish view.S1: 13000 S2: 12935 R1: 13165 R2: 13228.
MCX Silver Mar: Expect dips to find support towards 17892 followed by 17696 for a rally towards 18937 followed by 19182, break above 19215 will be a bullish sign and could see prices edging higher towards 20080/20162 levels in the coming sessions, risk for the view is at 17223.S1:18100 S2:17850 R1:18500 R2:18720
MCX Copper February: Prices are consolidating in a broad range as of now. Supports at 162.30/163.30 could hold for a rally towards 175.25 followed by 184.0, close below 160.0 will be a bearish sign.
S1: 164 S2:160 R1: 173 R2:178
MCX Crude Oil Feb : As long as 2088/2112 resist expect prices to edge lower towards 1931 followed by 1872,break above 2117 will be a bullish sign.S1: 1955 S2: 1900 R1: 2055 R2: 2100
MCX Nickel Jan: Expect dips to 528 -525 to find support for price to move higher towards 565 -571 levels.Only a fall below 521 to negate this bullish view.S1: 535 S2: 517 R1: 562 R2: 579
MCX Lead Jan: Moving in a broad trading range 58.00 55.05 . Only a break of this range will decide the next directive move.S1: 55.10 S2: 54.00 R1: 57.25 R2: 58.30
MCX Zinc Jan: - Moving in a broad trading range 62.05 59.0 . Only a break of this range will decide the next directive move.S1: 59.85 S2: 58.75 R1: 62.00 R2: 63.10
MCX Natural Gas Feb: - Expect dips to 225 227 to find support for a move higher towards 246 249 levels.Only a fall below 223 to negate this bullish view.S1: 227 S2: 223 R1: 241 R2: 247
MCX Silver Mar: Expect dips to find support towards 17892 followed by 17696 for a rally towards 18937 followed by 19182, break above 19215 will be a bullish sign and could see prices edging higher towards 20080/20162 levels in the coming sessions, risk for the view is at 17223.S1:18100 S2:17850 R1:18500 R2:18720
MCX Copper February: Prices are consolidating in a broad range as of now. Supports at 162.30/163.30 could hold for a rally towards 175.25 followed by 184.0, close below 160.0 will be a bearish sign.
S1: 164 S2:160 R1: 173 R2:178
MCX Crude Oil Feb : As long as 2088/2112 resist expect prices to edge lower towards 1931 followed by 1872,break above 2117 will be a bullish sign.S1: 1955 S2: 1900 R1: 2055 R2: 2100
MCX Nickel Jan: Expect dips to 528 -525 to find support for price to move higher towards 565 -571 levels.Only a fall below 521 to negate this bullish view.S1: 535 S2: 517 R1: 562 R2: 579
MCX Lead Jan: Moving in a broad trading range 58.00 55.05 . Only a break of this range will decide the next directive move.S1: 55.10 S2: 54.00 R1: 57.25 R2: 58.30
MCX Zinc Jan: - Moving in a broad trading range 62.05 59.0 . Only a break of this range will decide the next directive move.S1: 59.85 S2: 58.75 R1: 62.00 R2: 63.10
MCX Natural Gas Feb: - Expect dips to 225 227 to find support for a move higher towards 246 249 levels.Only a fall below 223 to negate this bullish view.S1: 227 S2: 223 R1: 241 R2: 247
Monday, January 19, 2009
VIEWS FOR 19-01-2009
MCX GOLD TRADING IDEA
The trend has turned up.
Ideally, cover short positions at market price and on dips to Rs. 13090 – Rs. 13036 or below as the opportunity arises.
As the trend is up, to minimize risk, intra-day traders can wait for a fall below Rs. 13036 and when it rises above Rs. 13036 then buy with whatever low registered below Rs. 13036 as a stop loss. Subsequently, book profits at Rs. 13250 – Rs.13400 or even 13800
INTERNATIONAL GOLD SPOT TRADING IDEA :-we had indicated that on sustained rise above 831$, the price rise towards 844$-868$ is possible. Similar view was indicated for the hourly chart view. Expect a price rise towards 865$-891$ where serious resistance could be witnessed.
INTERNATIONAL SPOT SILVER TRADING IDEA :- Resistance will be at 11.40$-11.73$. Support will be at 10.90. Traders holding long positions can look for rise towards the resistance level or above to take profit.But higher range should be used to book profits
VIEWS :-
MCX Gold Feb: Dips to 12987 levels to offer good support now for a test of 13410. Fall below 12987 could delay the bullish move.S1: 13100 S2: 13025 R1: 13225 R2: 13300
MCX Silver Mar: The 17843-18006 zone to offer good support for a test of 18658 initially. Dips below 17761 to dent our bullish hopes.S1:18100 S2:17850 R1:18500 R2:18720
MCX Copper February: Supports are at 164.0 followed by 157.7 now. Ideally a consolidation in the 157.7 168.0 zone to result in a break higher towards 182.0 at least. This is our favored view. Unexpected drop below 157.0 to negate the bullish view.S1: 163 S2:158 R1: 171 R2:174
MCX Crude Oil Feb : Short-term resistance near 2094/2098 could cap the up ticks. The trend and momentum are generally down.So anticipate a test of supports after the initial up ticks. Supports are around 2052, 2013 $ 1998.S1: 2045 S2: 1975 R1: 2110 R2: 2165
MCX Zinc Jan: - Moving in a broad trading range 62.05 60.00 . Only a break of this range will decide the next directive move.S1: 59.85 S2: 58.75 R1: 62.00 R2: 63.10
MCX Lead Jan: Moving in a broad trading range 57.45 55.05 . Only a break of this range will decide the next directive move.S1: 55.10 S2: 54.00 R1: 57.25 R2: 58.30
MCX Nickel Jan: Expect dips to 528 -525 to find support for price to move higher towards 565 -571 levels.Only a fall below 521 to negate this bullish view.S1: 521 S2: 501 R1: 551 R2: 573
MCX Natural Gas Jan: - Expect dips to 232 230 to find support for a move higher towards 246 249 levels.Only a fall below 229 to negate this bullish view.S1: 229 S2: 223 R1: 241 R2: 247
The trend has turned up.
Ideally, cover short positions at market price and on dips to Rs. 13090 – Rs. 13036 or below as the opportunity arises.
As the trend is up, to minimize risk, intra-day traders can wait for a fall below Rs. 13036 and when it rises above Rs. 13036 then buy with whatever low registered below Rs. 13036 as a stop loss. Subsequently, book profits at Rs. 13250 – Rs.13400 or even 13800
INTERNATIONAL GOLD SPOT TRADING IDEA :-we had indicated that on sustained rise above 831$, the price rise towards 844$-868$ is possible. Similar view was indicated for the hourly chart view. Expect a price rise towards 865$-891$ where serious resistance could be witnessed.
INTERNATIONAL SPOT SILVER TRADING IDEA :- Resistance will be at 11.40$-11.73$. Support will be at 10.90. Traders holding long positions can look for rise towards the resistance level or above to take profit.But higher range should be used to book profits
VIEWS :-
MCX Gold Feb: Dips to 12987 levels to offer good support now for a test of 13410. Fall below 12987 could delay the bullish move.S1: 13100 S2: 13025 R1: 13225 R2: 13300
MCX Silver Mar: The 17843-18006 zone to offer good support for a test of 18658 initially. Dips below 17761 to dent our bullish hopes.S1:18100 S2:17850 R1:18500 R2:18720
MCX Copper February: Supports are at 164.0 followed by 157.7 now. Ideally a consolidation in the 157.7 168.0 zone to result in a break higher towards 182.0 at least. This is our favored view. Unexpected drop below 157.0 to negate the bullish view.S1: 163 S2:158 R1: 171 R2:174
MCX Crude Oil Feb : Short-term resistance near 2094/2098 could cap the up ticks. The trend and momentum are generally down.So anticipate a test of supports after the initial up ticks. Supports are around 2052, 2013 $ 1998.S1: 2045 S2: 1975 R1: 2110 R2: 2165
MCX Zinc Jan: - Moving in a broad trading range 62.05 60.00 . Only a break of this range will decide the next directive move.S1: 59.85 S2: 58.75 R1: 62.00 R2: 63.10
MCX Lead Jan: Moving in a broad trading range 57.45 55.05 . Only a break of this range will decide the next directive move.S1: 55.10 S2: 54.00 R1: 57.25 R2: 58.30
MCX Nickel Jan: Expect dips to 528 -525 to find support for price to move higher towards 565 -571 levels.Only a fall below 521 to negate this bullish view.S1: 521 S2: 501 R1: 551 R2: 573
MCX Natural Gas Jan: - Expect dips to 232 230 to find support for a move higher towards 246 249 levels.Only a fall below 229 to negate this bullish view.S1: 229 S2: 223 R1: 241 R2: 247
Friday, January 16, 2009
VIEWS FOR 16-01-2009
MCX Gold Feb: Yesterdays low and a subsequent bounce back from there indicates a possible near-term bottom. Supports are at 12901 followed by 12790 now for an initial rally towards 13186/13235. Break above could revisit 13807 levels again. S1: 12700 S2: 12650 R1: 12980 R2: 13150
MCX Silver Mar: Supports are at 17677 followed by 17500. Supports to hold for a 18333/18420 followed by 18955 now. S1:17300 S2:17050 R1:17900 R2:18320
MCX Copper February: Still in a broad range showing a potential to rise higher. Rise above 170 to trigger a bullish move now for our target at 193. Only a direct fall below 154 to dent our bullish hopes. S1: 158 S2:154 R1: 166 R2:171
MCX Silver Mar: Supports are at 17677 followed by 17500. Supports to hold for a 18333/18420 followed by 18955 now. S1:17300 S2:17050 R1:17900 R2:18320
MCX Copper February: Still in a broad range showing a potential to rise higher. Rise above 170 to trigger a bullish move now for our target at 193. Only a direct fall below 154 to dent our bullish hopes. S1: 158 S2:154 R1: 166 R2:171
Thursday, January 15, 2009
VIEWS FOR 15-01-2009
MCX Gold Feb: As expected failure to cross 13134 led to a fall. The fall could extend lower towards 12534.5 levels ideally. Resistances are at 12867 followed by 13000.S1: 12785 S2: 12710 R1: 12925 R2: 13000
MCX Silver Mar: Failure to rise past 18204/18288 is a bearish sign. The fall is expected to extend towards 16851/16858 levels now as long as resistances at 17903 and 18204 caps the upside. S1:17300 S2:17050 R1:17800 R2:18120
MCX Copper February: Has bounced back reinforcing bullish hopes.Direct rise above 175.0 to test 191.0 levels again. Supports are at 162.0 followed by 156.0.S1: 158 S2:154 R1: 165 R2:169
MCX Crude Oil Feb : Initially we could see prices rising towards resistance levels at 2188 -2205 from there prices could turn back lower towards 1948 -1925. A rise above 2273 to negate this bearish view. S1: 2100 S2: 2045 R1: 2200 R2: 2255
MCX Zinc Jan: - Expect Rallies to 62.25/62.45 to find resistance for a move lower towards 58.25 or even lower towards 57.65 levels. Only a rise above 63.35 to negate this bearish view. S1: 60.00 S2: 58.95 R1: 62.05 R2: 63.10
MCX Lead Jan: Expect Rallies to 57.05/57.65 to find resistance for a move lower towards 52.25. Only a rise above 58.00 to negate this bearish view.S1: 54.65 S2: 53.45 R1: 56.45 R2: 57.55
MCX Natural Gas Jan: - Expect Rallies to 253.0/256.0 to find resistance for a move lower towards 235.0 or even lower towards 230.0 levels. Only a rise above 257.0 to negate this bearish view. S1: 239 S2: 234 R1:251 R2: 257
MCX Silver Mar: Failure to rise past 18204/18288 is a bearish sign. The fall is expected to extend towards 16851/16858 levels now as long as resistances at 17903 and 18204 caps the upside. S1:17300 S2:17050 R1:17800 R2:18120
MCX Copper February: Has bounced back reinforcing bullish hopes.Direct rise above 175.0 to test 191.0 levels again. Supports are at 162.0 followed by 156.0.S1: 158 S2:154 R1: 165 R2:169
MCX Crude Oil Feb : Initially we could see prices rising towards resistance levels at 2188 -2205 from there prices could turn back lower towards 1948 -1925. A rise above 2273 to negate this bearish view. S1: 2100 S2: 2045 R1: 2200 R2: 2255
MCX Zinc Jan: - Expect Rallies to 62.25/62.45 to find resistance for a move lower towards 58.25 or even lower towards 57.65 levels. Only a rise above 63.35 to negate this bearish view. S1: 60.00 S2: 58.95 R1: 62.05 R2: 63.10
MCX Lead Jan: Expect Rallies to 57.05/57.65 to find resistance for a move lower towards 52.25. Only a rise above 58.00 to negate this bearish view.S1: 54.65 S2: 53.45 R1: 56.45 R2: 57.55
MCX Natural Gas Jan: - Expect Rallies to 253.0/256.0 to find resistance for a move lower towards 235.0 or even lower towards 230.0 levels. Only a rise above 257.0 to negate this bearish view. S1: 239 S2: 234 R1:251 R2: 257
Wednesday, January 14, 2009
VIEWS FOR 14-01-2009 -- HAPPY MAKAR SANKRANTI
MCX Gold Feb: Ideally support in the 12783/12815 zone to hold now for a pullback towards 13210 levels. Failure to rise above 13082 to put prices in danger of a further sell-off towards 12736 or even lower towards 12470.S1: 12900 S2: 12830 R1: 13050 R2: 13135
MCX Silver Mar: Rise above 18006 to trigger a corrective rally towards 18587/18670 levels .Supports are at 17591 followed by 17458.S1:17600 S2:17350 R1:18200 R2:18620
MCX Copper February: Has bounced back quite strongly reinforcing bullish hopes. Direct rise above 174 to test 190 levels again.Supports are at 160.6 followed by 155. S1: 162 S2:158 R1: 172 R2:17
MCX Crude Oil Feb : Supports are at 2187/2163 followed by 2117.Ideally price should rise again towards 2307/2327 or even higher. S1: 2140 S2: 2100 R1: 2245 R2: 2290
MCX Zinc Jan: - Expect dips to 61.40 60.95 to find support for prices to move higher towards 64.50 levels.Only a fall below 60.00 to negate this bullish view. S1: 62.00 S2: 61.15 R1: 64.65 R2: 65.75
MCX Nickel Jan: As long as 527.0 535.00 levels support expect prices to move higher towards 575.0 585.0 levels .Only a fall below 524.0 to negate this bullish view. S1: 524 S2: 508 R1: 565 R2: 587
MCX Lead Jan: As long as 56.10 , 55.90 levels support expect prices to move higher towards 60.0,61.5 levels .Only a fall below 55.00 to negate this bullish view. S1: 57.00 S2: 56.00 R1: 58.80 R2: 60.00
MCX Natural Gas Jan :- As long as 267.0- 270.0 levels resist expect prices to move lower towards 252.0 levels.Only a rise above 272.0 to negate this bearish view. S1: 268 S2: 262 R1: 281 R2: 288
MCX Silver Mar: Rise above 18006 to trigger a corrective rally towards 18587/18670 levels .Supports are at 17591 followed by 17458.S1:17600 S2:17350 R1:18200 R2:18620
MCX Copper February: Has bounced back quite strongly reinforcing bullish hopes. Direct rise above 174 to test 190 levels again.Supports are at 160.6 followed by 155. S1: 162 S2:158 R1: 172 R2:17
MCX Crude Oil Feb : Supports are at 2187/2163 followed by 2117.Ideally price should rise again towards 2307/2327 or even higher. S1: 2140 S2: 2100 R1: 2245 R2: 2290
MCX Zinc Jan: - Expect dips to 61.40 60.95 to find support for prices to move higher towards 64.50 levels.Only a fall below 60.00 to negate this bullish view. S1: 62.00 S2: 61.15 R1: 64.65 R2: 65.75
MCX Nickel Jan: As long as 527.0 535.00 levels support expect prices to move higher towards 575.0 585.0 levels .Only a fall below 524.0 to negate this bullish view. S1: 524 S2: 508 R1: 565 R2: 587
MCX Lead Jan: As long as 56.10 , 55.90 levels support expect prices to move higher towards 60.0,61.5 levels .Only a fall below 55.00 to negate this bullish view. S1: 57.00 S2: 56.00 R1: 58.80 R2: 60.00
MCX Natural Gas Jan :- As long as 267.0- 270.0 levels resist expect prices to move lower towards 252.0 levels.Only a rise above 272.0 to negate this bearish view. S1: 268 S2: 262 R1: 281 R2: 288
Tuesday, January 13, 2009
VIEWS FOR 13-01-2009
MCX Gold Feb:- Fall below 13152 led the way for a fall towards 12855 levels. Ideally resistance will be seen at 13152 levels now followed by 13220 for a fall towards 12490. Only a direct rise above 13500 will change the view to bullish. S1:12920 S2: 12845 R1: 13080 R2: 13175
MCX Silver Mar:- As expected a fall towards 17900 was seen. Any rallies to 18125 to find good resistance now. Structure looks positive for a bullish move towards 20530 as long as 17281/17363 holds. S1: 17800 S2: 17350 R1:18400 R2: 18720.
MCX Crude Oil Jan: Structure is bearish and favoured a fall towards 1786/1812 region. Extention to 1678 also is possible. Up ticks if any could be contained between 1863 & 1890. It needs to cross above 1915 to hint a slightly stronger recovery. S1: 1815 S2: 1765 R1: 1905 R2: 1960
NYMEX CRUDE TECHNICALS:Crude continues to trade within a descending channel targeting the 34.80 level as an initial target before reaching 32.25. The 36.85 level which is a pivot point separating the upside from downside movements where trading below this level will allow crude to reach the target faster. We need to keep a lookout for the 36.40 level which is a support level for the minor channel which could be a correction point before continuing to fall. The trading range for today is among the key support at 32.25 and the key resistance at 38.40
MCX Silver Mar:- As expected a fall towards 17900 was seen. Any rallies to 18125 to find good resistance now. Structure looks positive for a bullish move towards 20530 as long as 17281/17363 holds. S1: 17800 S2: 17350 R1:18400 R2: 18720.
MCX Crude Oil Jan: Structure is bearish and favoured a fall towards 1786/1812 region. Extention to 1678 also is possible. Up ticks if any could be contained between 1863 & 1890. It needs to cross above 1915 to hint a slightly stronger recovery. S1: 1815 S2: 1765 R1: 1905 R2: 1960
NYMEX CRUDE TECHNICALS:Crude continues to trade within a descending channel targeting the 34.80 level as an initial target before reaching 32.25. The 36.85 level which is a pivot point separating the upside from downside movements where trading below this level will allow crude to reach the target faster. We need to keep a lookout for the 36.40 level which is a support level for the minor channel which could be a correction point before continuing to fall. The trading range for today is among the key support at 32.25 and the key resistance at 38.40
Friday, January 9, 2009
VIEWS ON COMMODITY FOR 09-01-2009
COMEX GOLD TECHNICALS:The metal delayed breaching the 835.40 level where at the same time the downside classical technical pattern has weakened and from here we advise to trade cautiously since we see the chance for more upside movements. We need to watch the 873.65 and the 890.55 levels closely where if breached this will go against our expectation; yet if failed, it will continue to decline. Momentum indicators show gold being overbougth whereas the price is starting to show signs of bullish movements adding more to the fact that trading today will be volatile. The direction on the short term is still to the downside but breaching the 890.55 level on the four hour charts will open the way for the metal to reach 914.50.
COMEX SILVER TECHNICALS:Volatile trading continues on the metal but below the key resistance for the ascending channel and below the 11.50 level. We expect to see sideways trading with some tendency to the downside but at any time the 11.86 level is breached, this will result in a new upside wave
NYMEX CRUDE TECHNICALS:After the decline witnessed the past two days, crude is not getting ready to rebound to the upside but despite that, the price is still in a downside channel on the short term but due to the rebound from the 61.8% correction at 41.00 and after retesting the minor resistances for the descending channel, we see that our expectations for a slight incline is logical but we don't see that today's increase will be enough to reverse the short term trend that is targeting the 39.60 level at the very least
MCX Gold Feb: Dips could be held above 13347 for a rally towards 13615. Such a move would also release the price out of a channel and might led it towards the next level at 13771. This is the favored expectation. Fall below 13347 would hint at failure and might open the way for 13142. S1: 13350 S2: 13285 R1: 13520 R2: 13610
MCX Silver Mar: Expect dips to 18086 - 17971 to support prices for a move higher towards 18779 -19059 levels . Only fall below 17785 to negate this bullish view. S1:18100 S2:17700 R1:18600 R2:18820
MCX Copper February: Expect dips to 165.0,163.2 to find support for prices to move higher towards 174.0, 176.0 or even higher towards 180.0 levels.Only a fall below 157.40 to negate this bullish view. S1: 156 S2:153 R1: 165 R2:168
MCX Crude Oil Jan : Favored view expects a corrective rise towards 2130/2144 region before next decline towards 1893 or even 1832.It needs to rise past 2178 to hint at the possibility of failure of this view. S1: 2000 S2: 1965 R1: 2050 R2:2110
MCX Zinc Jan: - Expect dips to 59.5 - 59.3 to find support for prices to move higher towards 63.5 levels.Only a fall below 59.40 to negate this bullish view. S1: 59.00 S2: 58.35 R1: 60.50 R2: 61.80
MCX Nickel Jan: As long as 555.00 - 548.00 levels support expect prices to move higher towards 585.0 -596.0 levels .Only a fall below 548.0 to negate this bullish view. S1: 540 S2: 525 R1: 575 R2: 597
MCX Natural Gas Jan :- Moved as expected. Expect dips to 273.0 - 270.0 to find support to move higher towards 289 -291 levels. Only a fall below 266.0 to negate this bullish view. S1: 280 S2: 275 R1: 292 R2: 300
COMEX SILVER TECHNICALS:Volatile trading continues on the metal but below the key resistance for the ascending channel and below the 11.50 level. We expect to see sideways trading with some tendency to the downside but at any time the 11.86 level is breached, this will result in a new upside wave
NYMEX CRUDE TECHNICALS:After the decline witnessed the past two days, crude is not getting ready to rebound to the upside but despite that, the price is still in a downside channel on the short term but due to the rebound from the 61.8% correction at 41.00 and after retesting the minor resistances for the descending channel, we see that our expectations for a slight incline is logical but we don't see that today's increase will be enough to reverse the short term trend that is targeting the 39.60 level at the very least
MCX Gold Feb: Dips could be held above 13347 for a rally towards 13615. Such a move would also release the price out of a channel and might led it towards the next level at 13771. This is the favored expectation. Fall below 13347 would hint at failure and might open the way for 13142. S1: 13350 S2: 13285 R1: 13520 R2: 13610
MCX Silver Mar: Expect dips to 18086 - 17971 to support prices for a move higher towards 18779 -19059 levels . Only fall below 17785 to negate this bullish view. S1:18100 S2:17700 R1:18600 R2:18820
MCX Copper February: Expect dips to 165.0,163.2 to find support for prices to move higher towards 174.0, 176.0 or even higher towards 180.0 levels.Only a fall below 157.40 to negate this bullish view. S1: 156 S2:153 R1: 165 R2:168
MCX Crude Oil Jan : Favored view expects a corrective rise towards 2130/2144 region before next decline towards 1893 or even 1832.It needs to rise past 2178 to hint at the possibility of failure of this view. S1: 2000 S2: 1965 R1: 2050 R2:2110
MCX Zinc Jan: - Expect dips to 59.5 - 59.3 to find support for prices to move higher towards 63.5 levels.Only a fall below 59.40 to negate this bullish view. S1: 59.00 S2: 58.35 R1: 60.50 R2: 61.80
MCX Nickel Jan: As long as 555.00 - 548.00 levels support expect prices to move higher towards 585.0 -596.0 levels .Only a fall below 548.0 to negate this bullish view. S1: 540 S2: 525 R1: 575 R2: 597
MCX Natural Gas Jan :- Moved as expected. Expect dips to 273.0 - 270.0 to find support to move higher towards 289 -291 levels. Only a fall below 266.0 to negate this bullish view. S1: 280 S2: 275 R1: 292 R2: 300
Thursday, January 8, 2009
VIEWS ON COMMODITY FOR 08-01-2009
COMEX GOLD TECHNICALS:This is the sideways trading we have pointed out to earlier! The metal is trading between the 61.8% correction at 835.40 as seen in the picture above and the key resistance for the medium term descending channel near 874.45 which is slipping further day after day. The downside trend will gain strength if gold breached the support level at 835.40 and trades below it on the four hour charts where our target will be 805.40. However currently, gold is still in a sideways channel and we expect to day for high volatility with slight upside corrections. Our expectations remain valid unless the metal builds a solid base above 890.55
COMEX SILVER TECHNICALS:Sharp trading is witnessed on the metal but up till now we have yet to see trading above the key resistance where if breached, this will open the way for silver to incline. Despite that, we expect high volatility today similar to yesterday's session if the metal failed to breach the 11.83 level and build a solid base above it.
NYMEX TECHNICALS-Just as we expected, crude fell sharply since most of the trading was below the 47.90 level where we also expect the price to continue falling today. However, this doesn't mean that we will not see slight upside waves unless the pair falls to levels below 46.75 which will then open the way to 39.10.
The trading range for today is among the key support at 39.10 and the key resistance at 48.50
EURO TECHNICALS;The incline seen by the pair during yesterday's session took it near the 100 hour MA that is found at the 1.3660 level which is just before a minor resistance level at 1.3670. The pair will once again retest this level but failind to breach it will result in a reverse to the downside that will be confirmed by trading below the 1.3560 with a hourly close.
MCX Gold Feb: Expect 13374 - 13406 levels to cap the upside for prices to move lower towards 12872 levels. Only a rise above 13626 to negate this Bearish view. S1: 13150 S2: 13085 R1: 13320 R2: 13410
MCX Silver Mar: Initially we expect 18530 -18628 levels to cap rallies for prices to move lower to support levels which lie in a range of 17378 - 17181. A breach of 17180 will take price lower towards 16705 -16770 levels. However a rise above 18661 will signal that the expected dip may not materialize and prices could move higher. S1:18000 S2:17700 R1:18600 R2:18820
MCX Crude Oil Jan : Expect 2203- 2234 levels to cap the upside for prices to move lower towards 2010 levels.Only a rise above 2255 to negate this Bearish view. S1: 2115 S2: 2065 R1: 2250 R2:2310
MCX Copper February: Expect 168.00 -171.00 levels to cap rallies for a move lower towards support levels which lie at 155.00 -152.75 levels. A rise above 171.35 levels could take the prices higher. S1: 160 S2:157 R1: 168 R2:172
MCX Zinc Jan: - Expect rallies to 63.00- 63.20 to find resistance for a move lower towards 59.00 levels .A rise above 63.25 would signal bullishness in prices. S1: 60.50 S2: 59.35 R1: 62.50 R2: 63.80
MCX Lead Jan: Initially price is expected to find resistance 57.7 - 58.00 levels for a move lower towards strong support levels at 55.25 ,from where price could turn upwards.S1: 55.50 S2: 54.20 R1: 57.40 R2: 58.35
MCX Nickel Jan: Expect rallies to 605.0 - 610.0 to find resistance for a move lower towards 565.0 -570.0 levels . A rise above 613.0 would signal bullishness in prices.S1: 570 S2: 550 R1: 620 R2: 645
MCX Natural Gas Jan :- Expect rallies to 290.0 - 296.0 to find resistance for a move lower towards 276.0 - 270.0 levels . A rise above 298.0 would signal bullishness in prices.S1: 280 S2: 275 R1: 292 R2: 300
COMEX SILVER TECHNICALS:Sharp trading is witnessed on the metal but up till now we have yet to see trading above the key resistance where if breached, this will open the way for silver to incline. Despite that, we expect high volatility today similar to yesterday's session if the metal failed to breach the 11.83 level and build a solid base above it.
NYMEX TECHNICALS-Just as we expected, crude fell sharply since most of the trading was below the 47.90 level where we also expect the price to continue falling today. However, this doesn't mean that we will not see slight upside waves unless the pair falls to levels below 46.75 which will then open the way to 39.10.
The trading range for today is among the key support at 39.10 and the key resistance at 48.50
EURO TECHNICALS;The incline seen by the pair during yesterday's session took it near the 100 hour MA that is found at the 1.3660 level which is just before a minor resistance level at 1.3670. The pair will once again retest this level but failind to breach it will result in a reverse to the downside that will be confirmed by trading below the 1.3560 with a hourly close.
MCX Gold Feb: Expect 13374 - 13406 levels to cap the upside for prices to move lower towards 12872 levels. Only a rise above 13626 to negate this Bearish view. S1: 13150 S2: 13085 R1: 13320 R2: 13410
MCX Silver Mar: Initially we expect 18530 -18628 levels to cap rallies for prices to move lower to support levels which lie in a range of 17378 - 17181. A breach of 17180 will take price lower towards 16705 -16770 levels. However a rise above 18661 will signal that the expected dip may not materialize and prices could move higher. S1:18000 S2:17700 R1:18600 R2:18820
MCX Crude Oil Jan : Expect 2203- 2234 levels to cap the upside for prices to move lower towards 2010 levels.Only a rise above 2255 to negate this Bearish view. S1: 2115 S2: 2065 R1: 2250 R2:2310
MCX Copper February: Expect 168.00 -171.00 levels to cap rallies for a move lower towards support levels which lie at 155.00 -152.75 levels. A rise above 171.35 levels could take the prices higher. S1: 160 S2:157 R1: 168 R2:172
MCX Zinc Jan: - Expect rallies to 63.00- 63.20 to find resistance for a move lower towards 59.00 levels .A rise above 63.25 would signal bullishness in prices. S1: 60.50 S2: 59.35 R1: 62.50 R2: 63.80
MCX Lead Jan: Initially price is expected to find resistance 57.7 - 58.00 levels for a move lower towards strong support levels at 55.25 ,from where price could turn upwards.S1: 55.50 S2: 54.20 R1: 57.40 R2: 58.35
MCX Nickel Jan: Expect rallies to 605.0 - 610.0 to find resistance for a move lower towards 565.0 -570.0 levels . A rise above 613.0 would signal bullishness in prices.S1: 570 S2: 550 R1: 620 R2: 645
MCX Natural Gas Jan :- Expect rallies to 290.0 - 296.0 to find resistance for a move lower towards 276.0 - 270.0 levels . A rise above 298.0 would signal bullishness in prices.S1: 280 S2: 275 R1: 292 R2: 300
Wednesday, January 7, 2009
OUTLOOK AS ON 7-1-2009
MEDIUM TERM TREND ON GOLD:Gold's trend has been in a neutral state for quite some time, as the short-term recovery from 682 battles the broader decline from 1032. This recovery has moved above the upper boundary of the broader bear channel, but it's having trouble with secondary resistance from 890 to 898. Still only a move above the 931 big reaction high from early October would mean the broader bear trend is losing the battle against the recovery. On the flipside, with the dominant cycle in its plateau phase, the key support to watch in the short term runs from 833 to 829. Only a break there would give us the first sign that this 20-week cycle is indeed topping. The next support zone from 811 to 798 would then come into focus
MEDIUM TERM COPPER OUTL LOOK(LME):-Bottoms to both the 20- and 40-week nominal cycles are overdue in copper, standing in contrast to the underlying bear that has controlled the trend since august. Proof is in the price action, and the recent move above 3380 is the first sign of a bullish resolution to this conflict. The next resistance runs from the 3582 Fibonacci level and the next important reaction high at 3840. Penetration of this level would drive home the bullish case opening the door for a run at the 4054 Fibonacci obstacle ahead of the 4820 previous wave (4) high
MEDIUM TERM NYMEX CRUDE OUTLOOK:-The sharp collapse in oil from the july high has been oversold since September, but only recently has it begun to actually stall. The recovery from the 32.40 trend low moved above the bear channel line and has recently probed resistance from the most recent reaction high at 50.05, the first confirmation that the bearish pattern of lower lows and lower highs is at least on hold,The next notable resistance is the next reaction high at 55.98. Momentum conditions are keeping the wind at the back of this recovery, but it'll take a move above a tough Fibonacci cluster in the 62.22/64.64 region to make a strong case for a notable bull trend unfolding
GLOBAL MCX COMMODITY OUT LOOK AS ON 7-1-2009
MCX Gold Feb: Support at 13100 has been tested and now the price can stay above that level for inching up further towards next resistance points at 13808 followed by 13901. The ideal projected target falls at 14447 for the present structure. Intraday dips should ideally hold above 13278/13309.Fall below 13245 would warn about the possibility of failure of this view.S1: 13285 S2: 13200 R1: 13450 R2: 13525
MCX Silver Mar: A dip to 18449/18366 is anticipated. If it proceeds further down below 18350 the decline could accelerate towards 17987. It has to rise above 18860 to turn bullish for attempting 19107/19272. As of now indicators favor the downside. S1:18150 S2:18000 R1:18600 R2:18820
MCX Copper February: Daily chart shows a potential to rise towards 196.00. Supports are near 170.30 $ 167.60. Projected target falls near 181.33. It needs to fall below 162.70 to hint at a stronger pullback.S1: 166 S2:162 R1: 175 R2:180
MCX Crude Oil Jan : Supports near 2295/2290 or 2202 could hold corrective dips. The structure is bullish for a rise towards 2550 or even 2617. Fall below 2181 would cause doubts about maintaining this bullish stance. S1: 2340 S2: 2285 R1: 2465 R2:2510
MCX Zinc Jan: - Expect dips to 63.75/63.50 to find support for a move higher towards 66.50/68.00 levels. Only a move below 62.60 to take prices lower now.S1: 63.50 S2: 62.20 R1: 65.70 R2: 66.80
MCX Lead Jan: Expect dips to 57.50/57.00 to find support for a move higher towards 62.00/64.50 levels. Only a move below 57.00 to take prices lower now. S1: 57.50 S2: 56.20 R1: 60.00 R2: 61.00
MCX Nickel Jan: Expect dips to 636 / 628 to support prices for a move higher towards 685-695 levels .Only a move below 607 to cause doubts about this view.S1: 620 S2: 600 R1: 665 R2: 690
MCX Natural Gas Jan :- Expect dips to 284- 288 for a rally targeting 305 . A fall below 275 to negate this bullish view.S1: 282 S2: 275 R1: 297 R2: 305
FOREX TECHNICAL VIEW ON EURO FOR THE DAY:The euro entered the downside wave expected which was quite vigorous taking the pair near the 1.3310 level yet was able to rebound as we currently see trading above the 100% correction at 1.3475 where from there we expect the pair could find the chance to correct to the upside. However, the general trend for the pair remains to the downside and any upside correction will be an attempt to gather bearish momentum to reverse once again. At any moment trading falls below the 1.3475 level, the downside trend will continue
TRADING IDEA:Buy above 1.3505 with targets at 1.3575 and stop loss with a four hour close below Buy above 1.3505 with targets at 1.3575 and stop loss with a four hour close below 1.3470. If the stop loss is triggered, sell the pair below 1.3475 with targets at 1.3375 and stop loss with a four hour close above 1.3540
COMEX GOLD TECHNICAL VIEW FOR THE DAY:-Yesterday we pointed out that after the fall, we expect to see volatility in the markets. After yesterday's decline, the metal rebounded back to the upside before slightly dropping today during the early session. Gold is now seen to enter a sideways channel between the 880 and 830 levels to complete the bearish trend. Today we could also see slight inclines but we don't expect it to affect the short term trend. The short term downside trend will be reversed only if we see a successful breakout of the 890.55 level
COMEX SILVER TECHNICAL VIEW:The fall didn't continue yesterday for long as it rebounded back to the upside but failed to form a top higher than the previous top during the beginning of the week and therefore the downside trend remains dominating silver. We see the metal in an overbought area on the stochastic indicator on the four hour charts where from there we expect to see high volatility with slight tendency to the downside
NYMEX CRUDE TECHNICAL VIEW:After reversing from the minor resistance level at 50.15 and before reaching the suggested taret near the 50 day MA at 51.45, crude entered a downside wave that is expected to continue falling to reach the support level at 38.75 affected by a negative technical trend that will be confirmed if trading remains below 47.90. The next downside target is 45.85 and 45.25 as far as trading remains below the above mentioned level.
Tuesday, January 6, 2009
VIEWS FOR 6th JANUARY 2009
MCX Gold Feb: Expect prices to find support in the region of 13146/13115 levels for a corrective pullback towards 13600/13630 levels which are strong resistance zones from where a move lower cam be expected .A direct fall below 13131 will cause doubt about a possible rally and could see pries testing 12772/12750 levels. Direct rise above 13785 would be bullish. S1: 13250 S2: 13175 R1: 13340 R2: 13425
MCX Silver Mar: Expect prices to find support in the 17585/17635 zones for a move higher towards 19485/19650 levels. A direct fall below 17420 will cause doubt about this view.S1:18150 S2:18000 R1:18450 R2:18750
MCX Crude Oil Jan : Expect dips to find support in the region of 2255/2240 regions for a move higher towards 2512 followed by 2531 regions.However a direct fall below 2211 could see prices testing 2124 first, which are also strong support levels.A direct rise above 2385 could see prices testing the above-mentioned levels directly before the expected dip. S1: 2265 S2: 2200 R1: 2395 R2:2445
MCX Zinc Jan: - Expect dips to 61.50 / 61.00 to find support for price to move higher towards 64.60/65.00 levels.A fall below 60.65 will negate this bullish view.S1: 61.50 S2: 60.20 R1: 63.70 R2: 64.80
MCX Lead Jan: Expect dips to 54.50/54.00 to find support for a move higher towards 58.50/59.00 levels.Only a move below 52.50 to take prices lower now. S1: 53.50 S2: 52.50 R1: 55.75 R2: 56.85
MCX Copper February: Buy on dips to 163.6 /161.50 s/l 153.80 t/p 178.00. S1: 154 S2: 150 R1: 162 R2:166
MCX Nickel Jan: Expect dips to 610 / 605 to support prices for a move higher towards 658 , 665 levels. Only a move below 590 to cause doubts about this view.
S1: 600 S2: 585 R1: 640 R2: 665
MCX Natural Gas Jan :- Expect dips to 277- 265 for a rally targeting 305 . A fall below 265 to negate this bullish view. S1: 282 S2: 275 R1: 297 R2: 305
MCX Silver Mar: Expect prices to find support in the 17585/17635 zones for a move higher towards 19485/19650 levels. A direct fall below 17420 will cause doubt about this view.S1:18150 S2:18000 R1:18450 R2:18750
MCX Crude Oil Jan : Expect dips to find support in the region of 2255/2240 regions for a move higher towards 2512 followed by 2531 regions.However a direct fall below 2211 could see prices testing 2124 first, which are also strong support levels.A direct rise above 2385 could see prices testing the above-mentioned levels directly before the expected dip. S1: 2265 S2: 2200 R1: 2395 R2:2445
MCX Zinc Jan: - Expect dips to 61.50 / 61.00 to find support for price to move higher towards 64.60/65.00 levels.A fall below 60.65 will negate this bullish view.S1: 61.50 S2: 60.20 R1: 63.70 R2: 64.80
MCX Lead Jan: Expect dips to 54.50/54.00 to find support for a move higher towards 58.50/59.00 levels.Only a move below 52.50 to take prices lower now. S1: 53.50 S2: 52.50 R1: 55.75 R2: 56.85
MCX Copper February: Buy on dips to 163.6 /161.50 s/l 153.80 t/p 178.00. S1: 154 S2: 150 R1: 162 R2:166
MCX Nickel Jan: Expect dips to 610 / 605 to support prices for a move higher towards 658 , 665 levels. Only a move below 590 to cause doubts about this view.
S1: 600 S2: 585 R1: 640 R2: 665
MCX Natural Gas Jan :- Expect dips to 277- 265 for a rally targeting 305 . A fall below 265 to negate this bullish view. S1: 282 S2: 275 R1: 297 R2: 305
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