-- Posted Sunday, 22 August 2010 | Digg This Article
| | Source: GoldSeek.com
MCX WEEKLY REPORT
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
Silver, copper, zinc, lead and Nickel futures are expiring next week. There will be position squaring and rebuilding in them this week. Gold has room for further gains but with every rise the chances of a mild correction will always be there. Crude oil and natural gas looks oversold. Keep a close watch on global economic fundamental news. Any negative news from global economy which suggest of an economic slowdown can result in a ten percent fall in base metals and energies this week. The inverse correlation between base metals and precious metals will be there.
MCX METALS AND ENERGY WEEKLY TECHNICAL ANALYSIS |
COMMODITY | CMP | | RESISTANCE |
| | S4 | S3 | S2 | S1 | R1 | R2 | R3 | R4 |
TECHNICAL LEVELS -- METALS |
GOLD - OCTOBER | 18727 | 18225 | 18350 | 18470 | 18520 | 18852 | 18979 | 19056 | 19385 |
SILVER -- SEPT | 28886 | 27820 | 28043 | 28534 | 28710 | 29097 | 29348 | 29700 | 29952 |
COPPER --- AUG | 339.4 | 315.3 | 326.8 | 333.2 | 337.8 | 341.1 | 345.6 | 347 | 358.9 |
ZINC -- AUG | 95.5 | 89.6 | 90.5 | 92.7 | 93.7 | 98.2 | 100 | 101.4 | 102.8 |
LEAD -- AUG | 95.35 | 87.6 | 89.15 | 90.61 | 93.3 | 96.6 | 98.2 | 101.5 | 103 |
NICKEL -- AUG | 1010.2 | 894 | 939 | 969 | 989 | 1035 | 1063 | 1076 | 1117 |
TECHNICAL LEVELS -- ENERGIES |
CRUDE OIL - OCT | 3470 | 3276 | 3358 | 3512 | 3446 | 3515 | 3561 | 3631 | 3663 |
NATURAL GAS -- aug | 202.2 | 181 | 189.6 | 196 | 199 | 203.6 | 209.1 | 213 | 221 |
TECNICAL VIEW
MCX GOLD OCTOBER
Bullish over 18464 with 18852, 19056 and 19385 as price target
Bearish below 18398 with 18154 and 18088 as price target
Neutral Zone: 18398-18464
Gold targets 18852 and 19385 as long as it trades over 18464. With every rise over brought conditions will be there. Fall/Correction will be there below 18601 or failure to break 19056 this week.
MCX SILVER SEPTEMBER
Bearish below 28700 with 28350 and 27820 as price target
Bullish over 29097 with 29307 and 29729 as price target
Neutral Zone: 28700-29097
Fresh wave of selling will be there below 28700 only or failure to break 29725. With every fall over sold conditions will be there. A close below 28700 for three consecutive days will result in 27662 and 25842 in short term.
We prefer investing in December futures if silver December falls below 28000 with a stop loss below 25800.
MCX COPPER AUGUST
Bearish below 332.50 with 345.60 and 351.80 as price target
Bullish over 329 with 315.30 and 303.70 as price target
Neutral Zone: 329.50-332.50
A mini double top has been formed around 347 which suggest if copper fails to break 347 this week then it will fall to 332 and 315.
MCX CRUDE OIL OCTOBER
Bullish over 3476 with 3631 and 3663 as price target
Bearish below 3393 with 3276 and 3230 as price target
Neutral Zone: 3393-3476
Crude oil needs to float over 3476 for the whole week to be in bullish zone and target 3631. As long as crude oil remains below 3476 then chances to falling to 3276 are higher.
MCX ZINC AUGUST
Bearish below 93.70 with 101.40 and 107.30 as price target
Bullish over 87.00 with 82.90 and 76.75 as price target
There are two possible scenarios this week. (A) Failure to break 101.40 this week can result in a fall to 93.70 and 87.00 (B) As long as zinc trades over 93.70 it will rise to 93.70
MCX LEAD AUGUST
Bullish over 96.60 with 101.50 and 107.70 as price target
Bearish below 92.20 with 89.10 and 80.20 as price target
There are two possible scenarios this week. (A) Failure to break 101.50 this week can result in a fall to 89.10 and 80.20 (B) As long as lead trades over 93.30 it will rise to 103.0
MCX NICKEL AUGUST
Bullish over 1002 with 1063 and 1117 as price target
Bearish below 985 with 939.60 and 894.10 as price target
Failure to break 1070 this week will result in a fall to 956 and 902.
MCX NATURAL GAS AUGUST
Bearish below 199 with 185 and 173 as price target
Bullish over 207 with 212 and 232 as price target
Can fall to 185 and 173 as long as it trades below 207. We prefer buying October futures on every fifteen percent dip.
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
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-- Posted Sunday, 22 August 2010 | Digg This Article | Source: GoldSeek.com
