-- Posted Wednesday, 11 May 2011 | | Source: GoldSeek.com
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
European Central Bank officials warned of catastrophic consequences if Greece is allowed to restructure its sovereign debt. ECB concerns will continue to lift gold and silver while floods in the southern states of USA will support crude oil and natural gas. A mildly weaker US dollar is aiding commodities.
COMEX TECHNICAL VIEW
COMEX COPPER JULY
Bullish over $401.10 with $412 and $423 as price target
Bearish below $397 with $393 and $380 as price target
Neutral Zone between: $397-$401.10
- Copper targets $412 and $417 as long as it trades over the 200 day moving average around $398.
- Only a daily close below $398 for three consecutive days will result in a short term bear phase to $369 and $344.
- Intra day Trading call: Sell below $397 for $394 and $391 OR buy over $403 for $409 and 415
NYMEX CRUDE OIL (1ST CONTRACT)
Bullish over $101.40 with $105.30 and $109.80 as price target
Bearish below $99.60 with $97.40 and $93.50 as price target.
- Crude oil looks headed for $109.60 as long as it trades over $101.60
- A close over $101.60 today will be very positive for crude oil for the week.
- Intra day trading call: We prefer to buy over $104.60 for $106 and $109.60
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
Happy profitable Trading
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
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-- Posted Wednesday, 11 May 2011 | Digg This Article
| Source: GoldSeek.com
