-- Posted Friday, 11 December 2009 | Digg This Article
| | Source: GoldSeek.com
MCX DAILY REPORT
Today and tomorrow are very crucial days for all commodities. If commodities continue to fall till Friday then they are in a short term bear phase else dips should be used as a long term investing opportunity. Technically all commodities are bearish and have room to fall further. Remain on the sidelines and buy only if key supports are holding.
TECNICAL VIEW
GOLD FEBRUARY: Intra day bearish below 17410 with 17140 and 16950 as price targets. Key short term support is at 16920.
Intra day there will be buyers as long as gold trades over 17200
Key Intra day support: 16920-17140
Key Intra day resistance: 17396-17610
Trading strategy: Buy only on a consolidated break of 17200.
SILVER MARCH: 26790 is the key medium term support and as long as silver trades over 26790 there is every possibility of 29700-31000.
Intra day bearish below 27892 with 27072 and 26790 as price targets. Buyers will be there only on a consolidated break of 27550.
Key Intra day support: 27072-26790-26336
Key Intra day resistance: 28050-28356-28700
Trading strategy: Buy only on a break of 28700.
COPPER FEBRUARY: Bearish below 325.60 with 321 and 316 as targets. Bullish trend will emerge over 325.60
Key Intra day support: 321.60-312.90
Key Intra day resistance: 325.30-327.30-332
Trading strategy: Buy only on a consolidated break of 326. (till then a sell on rise strategy)
ZINC DECEMBER: Intra day bearish below 107.20 with 105.80 and 104.30 as price targets. Bullish trend will be there only on a consolidated fall below 107.20
Key Intra day support: 106.20-104.50
Key Intra day resistance: 107.50-109
Trading Strategy: Use a sell on rise strategy till 109 price is not broken
NICKEL DECEMBER: Intra day bullish over 737 with 772 and 787 as price target. Intra day there will be sellers as long as nickel remains below 772.
Key Intra day support: 742-757
Key Intra day resistance: 772-787
Trading Strategy: Buy around 745 stop loss below 735
CRUDE OIL (December): 3330 price target achieved. Crude oil can fall to 3203 as long as it remains below 3456.
Key Intra day support: 3203-3281
Key Intra day resistance: 3390-3456
Trading Strategy: Buy only on a break of 3370
LEAD DECEMBER: 105 target achieved. Intra day bearish below 105 with 103 and 101 as price targets. Intra day bearish below 105.
Key Intra day support: 100.50-104.20
Key Intra day resistance: 106.80-109.30
Trading Strategy: Buy only on a break of 106.80
NATURAL GAS DECEMBER: Bullish over 232
Key Intra day support: 214.80-229.20
Key Intra day resistance: 242.50-252
Trading Strategy: Sell only on a consolidated fall below 227
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. Nothing in this article is, or should be construed as, investment advice. Prepared By Chintan Karnani. Website www.insigniaconsultants.in
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
ALL PRICES ARE IN INDIAN RUPEES UNLESS OTHERWISE SPECIFIED
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
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-- Posted Friday, 11 December 2009 | Digg This Article | Source: GoldSeek.com
