LME Inventory :-
Copper +2725,
Zinc -225,
Tin -140,
Lead +425,
Nickel +468
Aluminum 0
Tuesday, December 11, 2007
LONG VIEW
CRUDE OIL
LIKELY TO TEST 3350-25 WITH ANY CLOSE BELOW 3400 WHILE CLOSE ABOVE 3775/3915 UPTREND AGAIN(DEC)
NICKEL
LIKELY TO TEST 970-75/940 UPTO 900 WITH ANY CLOSE BELOW 1000(DEC)
LIKELY TO TEST 3350-25 WITH ANY CLOSE BELOW 3400 WHILE CLOSE ABOVE 3775/3915 UPTREND AGAIN(DEC)
NICKEL
LIKELY TO TEST 970-75/940 UPTO 900 WITH ANY CLOSE BELOW 1000(DEC)
METAL MARKET
GOLD (FEB):- Above 10380 it will touch 10450-10550.
COPPER (FEB):- If it sustain above 271 it's sign to still looks positive trend. It will take strong resistances 280.
ZINC (DEC):- It will take support 93. Below 93 it looks again.
CRUDE OIL (DEC):- Sell on upper level 3510. below 3401 it can touch 3320.
SILVER (MAR): - Looks strong yesterday it was cross level of 19470. Now it's looking bullish.
NATRUAL GAS (DEC):- With stop loss 274. investor can buy on every deep.
COPPER (FEB):- If it sustain above 271 it's sign to still looks positive trend. It will take strong resistances 280.
ZINC (DEC):- It will take support 93. Below 93 it looks again.
CRUDE OIL (DEC):- Sell on upper level 3510. below 3401 it can touch 3320.
SILVER (MAR): - Looks strong yesterday it was cross level of 19470. Now it's looking bullish.
NATRUAL GAS (DEC):- With stop loss 274. investor can buy on every deep.
Technicals – MCX (Intra day calls)
CRUDE OIL (January) BULLISH ABOVE 3476 BEARISH BELOW 3462
GOLD (February) BULLISH ABOVE 10335 BEARISH BELOW 10297
SILVER (March) BULLISH ABOVE 19415 BEARISH BELOW 19333
COPPER (February) BULLISH ABOVE 271.50 BEARISH BELOW 270.70
LEAD (December) BULLISH ABOVE 102.20 BEARISH BELOW 101.80
NICKEL (December) BULLISH ABOVE 1049 BEARISH BELOW 1045
ZINC (December) BULLISH ABOVE 95.50 BEARISH BELOW 95.10
GOLD (February) BULLISH ABOVE 10335 BEARISH BELOW 10297
SILVER (March) BULLISH ABOVE 19415 BEARISH BELOW 19333
COPPER (February) BULLISH ABOVE 271.50 BEARISH BELOW 270.70
LEAD (December) BULLISH ABOVE 102.20 BEARISH BELOW 101.80
NICKEL (December) BULLISH ABOVE 1049 BEARISH BELOW 1045
ZINC (December) BULLISH ABOVE 95.50 BEARISH BELOW 95.10
Medium-term Outlook (Spot Gold)
Gold prices are expected to trade within the range $837 - $770. Breaking of either level may decide the direction. $801 may act as the major resistance followed by $824 and $836. Supports are $754 and $744.
Light sweet crude for January delivery closed down $0.42 at $87.86 a barrel, after trading in the range $89.80 - $87.09, on the New York Mercantile Exchange.
The Organization of Petroleum Exporting Companies (OPEC) had opted to hold its output steady during the meeting on Dec 5, overriding speculations that the cartel might decide to raise its output.
Last day, MCX gold February opened at 10217, traded in the range of Rs 10217 – Rs 10376 and closed at Rs 10337 per 10 gram.
Copper February in MCX opened at 274.10, traded in the range 274.40 – 269.10 and closed at Rs 270.35 per kg.
Light sweet crude for January delivery closed down $0.42 at $87.86 a barrel, after trading in the range $89.80 - $87.09, on the New York Mercantile Exchange.
The Organization of Petroleum Exporting Companies (OPEC) had opted to hold its output steady during the meeting on Dec 5, overriding speculations that the cartel might decide to raise its output.
Last day, MCX gold February opened at 10217, traded in the range of Rs 10217 – Rs 10376 and closed at Rs 10337 per 10 gram.
Copper February in MCX opened at 274.10, traded in the range 274.40 – 269.10 and closed at Rs 270.35 per kg.
outlook
February gold closed higher on Monday and above moving average resistance. The high-range close sets the stage for a steady
to higher opening on Tuesday. Stochastics and the RSI remain neutral to bullish hinting that a double bottom with November's
low appears to be forming. Today's close above the reaction high crossing at 813.00 confirms that a short-term low has been
posted while opening the door for a possible test of the reaction high crossing at 844.20 later this month. Closes below
November's low crossing at 780.40 would renew the decline off last month's high while opening the door for a larger-degree
decline into the end of the year. First resistance is today's high crossing at 818.00 then the reaction high crossing at 844.20.
First support is last Thursday's low crossing at 790.90 then last Monday's low crossing at 783.00.
March silver closed higher on Monday and above the 20-day moving average crossing at 14.636 confirming that a short-term
low has been posted. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI
remain bullish signaling that sideways to higher prices are possible near-term. If March extends today's rally, the reaction high
crossing at 15.220 is the next upside target. First resistance is today's high crossing at 14.895 then the reaction high crossing at
15.220. First support is today's low crossing at 14.500 then last Thursday's low crossing at 14.125.
anuary crude oil closed lower on Monday as it extends last week's trading range but remains above the 38% retracement level
of this fall's rally crossing at .8741. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics
and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January
extends the decline off November's high, the 50% retracement level of this fall's rally crossing at .8374 is the next downside
target. Closes above the 20-day moving average crossing at 92.36 would temper the near-term bearish outlook. First resistance
is the 10-day moving average crossing at 89.59. Second resistance is the 25% retracement level crossing at 91.51. First support
is today's low crossing at 87.20 then last Thursday's low crossing at .85.82.
January Henry natural gas closed lower on Monday as it extended the decline off November's high. The mid-range close sets the
stage for a steady opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that
sideways to lower prices are possible near-term. If January extends the decline off November's high, weekly support crossing at
6.801 is the next downside target. Closes above the 20-day moving average crossing at 7.690 would confirm that a short-term
low has been posted. First resistance is the 10-day moving average crossing at 7.313 then the 20-day moving average crossing
at 7.690. First support is today's low crossing at 6.950 then weekly support crossing at 6.801.
to higher opening on Tuesday. Stochastics and the RSI remain neutral to bullish hinting that a double bottom with November's
low appears to be forming. Today's close above the reaction high crossing at 813.00 confirms that a short-term low has been
posted while opening the door for a possible test of the reaction high crossing at 844.20 later this month. Closes below
November's low crossing at 780.40 would renew the decline off last month's high while opening the door for a larger-degree
decline into the end of the year. First resistance is today's high crossing at 818.00 then the reaction high crossing at 844.20.
First support is last Thursday's low crossing at 790.90 then last Monday's low crossing at 783.00.
March silver closed higher on Monday and above the 20-day moving average crossing at 14.636 confirming that a short-term
low has been posted. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI
remain bullish signaling that sideways to higher prices are possible near-term. If March extends today's rally, the reaction high
crossing at 15.220 is the next upside target. First resistance is today's high crossing at 14.895 then the reaction high crossing at
15.220. First support is today's low crossing at 14.500 then last Thursday's low crossing at 14.125.
anuary crude oil closed lower on Monday as it extends last week's trading range but remains above the 38% retracement level
of this fall's rally crossing at .8741. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics
and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January
extends the decline off November's high, the 50% retracement level of this fall's rally crossing at .8374 is the next downside
target. Closes above the 20-day moving average crossing at 92.36 would temper the near-term bearish outlook. First resistance
is the 10-day moving average crossing at 89.59. Second resistance is the 25% retracement level crossing at 91.51. First support
is today's low crossing at 87.20 then last Thursday's low crossing at .85.82.
January Henry natural gas closed lower on Monday as it extended the decline off November's high. The mid-range close sets the
stage for a steady opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that
sideways to lower prices are possible near-term. If January extends the decline off November's high, weekly support crossing at
6.801 is the next downside target. Closes above the 20-day moving average crossing at 7.690 would confirm that a short-term
low has been posted. First resistance is the 10-day moving average crossing at 7.313 then the 20-day moving average crossing
at 7.690. First support is today's low crossing at 6.950 then weekly support crossing at 6.801.
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