-- Posted Wednesday, 3 October 2012 | | Disqus
Executive Summary
· Crude oil needs to break $94.40 by tomorrow. In case crude oil does not break $94.40 it will fall to $87.60
General market conditions
It’s just a consolidation phase in gold, silver, copper and crude oil. Technically they are all bullish. The current consolidation phase will be broken soon and a new range will be formed. There can be big moves in gold and silver any time. One needs to be cautiously trading using stop losses.
There are no major negative news in gold and silver for a sell off. The market focus has shifted to the Spanish bailout and other eurozone news. The bets on Spain asking for bailout and getting the same are on the rise. Indian physical demand of gold should rise on every Rs.200-Rs.300 fall. At the moment gold demand in India is negligible due to inauspicious period. Indian gold jewelry demand should zoom after the middle of this month and will continue till end November.
TODAY
Technically all commodities are bullish. The US dollar will be the key. Silver traders should buy far dated call options for March 2013 with a strike of $50.00 as charges are very less.
COMEX COPPER DECEMBER 2012 – current price $378.65
Bullish over $373.80 with $382.50 -$396.40 as price target
Bearish below $367.30 with $363.50-$359.80 as price target
Neutral Zone between: $367.30-$373.80
Break point: $379.0
- Copper needs to break $387 for $396-$412. As long as copper does not break $387 it will trade in $363-$387 range
- There will be sellers only if copper trades below $373.50
MCX COPPER NOVEMBER
(All prices are in Indian rupees below)
The key short term support is at Rs.434 and copper needs to trade over Rs.434 to be in bullish zone and target Rs.449 and Rs.459. Only a daily close below Rs.434 will result in a short term bearish trend to Rs.414 and Rs.397.60. We prefer to wait and watch and take short positions only if copper falls below Rs.434.
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
Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.
Trade without emotions
"Print this report only if absolutely necessary. Save Paper. Save Trees."
NOTES TO THE ABOVE REPORT
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
APPROPRIATE STOP LOSSES PER LOT IN US DOLLARS ON THE TRADING CALLS GIVEN IN THIS REPORT
COMEX GOLD – $15-$17
COMEX SILVER: $25-$30
COMEX COPPER: $3
NYMEX CRUDE OIL: $0.60
SPOT SILVER: $0.25
SPOT GOLD: $15-$17
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
Customer care: 9311139549
You can also mail your queries at insigniacommodity@gmail.com
Chat Id: mcxsuretips@gmail.com (gtalk), insigniaconsultants@yahoo.com (yahoo)
(10:30 am to 5:30 pm Indian time, Monday to Friday)
-- Posted Wednesday, 3 October 2012 | Digg This Article | Source: GoldSeek.com