-- Posted Monday, 3 September 2007 | Digg This Article
September 3, 2007
DAILY MCX METALS REVIEW AND OUTLOOK
QUOTE OF THE DAY
THERE IS NOT BOTTOM OR TOP IN ANY MARKET. USING TRAILING STOP LOSSES HELPS TO MAKE THE MOST WHEN THERE IS A CHANGE IN DIRECTION.
INSIGNIA CONSULTANTS |
DAILY TECHNICAL ANALYSIS |
Monday, September 03, 2007 (All prices in Indian Rupee’s) |
| LTP | % CHG | 3 mth % | 6mth % | 12 mth % | PREV. DAY HIGH | PREV. DAY LOW | 52WK HIGH | 52WK LOW | OPEN INT. | 50 DAY MA | 100 DAY MA | 200 DAY MA |
MCX | | | | | | | | | | | | | |
GOLD | 8937 | 0 | 3.17 | -4.30 | 0.11 | 8950 | 8898 | 9898 | 8542.00 | 0.00 | 8818.20 | 8804.76 | 9093.04 |
SILVER | 16923 | 0 | 0.82 | -13.75 | -10.90 | 16935 | 16913 | 21285 | 15975.00 | 10860.00 | 17257.66 | 17623.32 | 18614.71 |
COPPER | 304.5 | 0 | -1.36 | 0.59 | -9.76 | 304.85 | 304.15 | 345.6 | 235.00 | 9511.00 | 310.12 | 308.95 | 298.07 |
ZINC | 128.8 | 0 | -7.27 | -9.87 | -- | 129 | 128.6 | -- | -- | 5987.00 | -- | -- | -- |
NICKEL | 1224.4 | 0 | -17.95 | -38.25 | -14.38 | 1227.6 | 1218.6 | 2253.9 | 1035.00 | 3953.00 | 1239.67 | 1544.54 | 1735.13 |
LEAD | 128.85 | 0 | 19.31 | 56.75 | 78.96 | 129 | 128.25 | 140.1 | 68.40 | 1072.00 | 126.69 | 110.19 | 94.99 |
ALUMINIUM | 103.65 | 0 | -6.20 | -14.76 | -20.08 | 103.7 | 103.45 | 131.65 | 99.85 | 833.00 | 107.36 | 109.86 | 116.10 |
CRUDE OIL | 3012 | 0 | 5.20 | 5.31 | 13.11 | 3017 | 3010 | 3168 | 2278.00 | 12659.00 | 2975.04 | 2838.19 | 2731.42 |
NAT GAS | 227.7 | 0 | -17.89 | -31.83 | -32.83 | 228.6 | 224.8 | 403.5 | 225.10 | 6291.00 | 257.24 | 284.34 | 303.46 |
FOR FREE REPORTS/TRADING CALLS BY SMS CALL/SMS US AT 9811139549/9311139549
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTORS
Base metals should see some volatility as London markets are open. It’s a new month and trading conditions will change. Copper and zinc is expected to be volatile in the week. Nickel seems to have a bottomed out and should edge higher. Lead looks the most promising investment, but one needs to watch out for signs of reduction in hedge fund interest.
Gold and silver are technically bullish and have room for further gains. Silver is expected to more volatile than gold. However gains in the Indian rupee prevent sharp gains.
Natural gas a bottom should be formed soon. It’s more about spreads for natural gas.
KEY INTRA DAY SUPPORT KEY INTRA DAY RESISTANCE
GOLD OCTOBER 8820 & 8860 8950 & 9015
SILVER DECEMBER 16477 & 16645 16986& 17136
COPPER NOVEMBER 294.20 & 299.70 306.50 & 313.80
ZINC SEPTEMBER 127.20 & 124.50 132.40 & 136.60
NICKEL SEPTEMBER 1121 & 1195 1267 & 1312
CRUDE OIL SEPTEMBER 2986 & 2926 3054 & 3054
INTRA DAY TRADING STRATEGY
GOLD OCTOBER: 8893 is the pivot of the day. A consolidated fall below 8894 will result in 8893 and 8840. Gold needs to break 8950-9000 for some sharp rise to 9225. Medium term investors buy on dips stop loss below 8740.
SILVER DECEMBER: 16916 is the pivot of the day while as long as silver holds 16823 downside will be limited. Falls below 116823 then 16620 and 16444.Buy on dips stop loss below 16700.
COPPER NOVEMBER: 304.50 is the short term support/resistance. As long as copper floats over 304.50 then there is every possibility of 316.50.
ZINC SEPTEMBER: Just tracking copper. If copper falls, zinc also fall and vice versa. Needs to break and hold 136.30 to be in bullish zone. Buy is recommended around 124 and 121.20. Selling over 132-134.
NICKEL SEPTEMBERT: Needs to hold 1193 for 1300 and 1400 Support at 1123. We expect steel and nickel demand to begin a slow and steady rise from September which will prevent prices from a major slide this month.
CRUDE OIL SEPTEMBER: Buy on dips stop loss below 2950. Selling over 3061 and 3094.
LEAD SEPTEMBER: 125.10 is the key short term support. As long as 125.10 holds there is every possibility of 138.80 and 146. Falls below 125.10 then 119.40 is the target.
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Prepared By Chintan Karnani. Website www.insigniaconsultants.in
-- Posted Monday, 3 September 2007 | Digg This Article
