COPPER
LIKELY TO TEST 353-55 Max UPTO 360-65 WITH ANY BREAK & CLOSE ABOVE 347.5, ONLY CLOSE BELOW 323-321 SOME DOWN SIDE AGAIN(APRIL)
LEAD
LIKELY TO TEST 144-146 WITH ANY BREAK & CLOSE ABOVE 141, WHILE CLOSE BELOW 126.5 DOWN TREND AGAIN(MAR)
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Wednesday, March 5, 2008
For safe trade
GOLD
for the day sell only below 12410-400 S/L 12435 and T/p 12370-300 Max upto 12200 in coming days OR sell ard 12620-30 S/L 12635 and T/p 12585-550 upto 12500 (any time close above 12700 bullish while close below 12150/11875/11575-475/11300/10950-900/ 10500/10050/9850/9575 bearish for medium term)
SILVER
for the day sell only below 25150 S/L 25250 and T/p 25050/24950 upto 24875/sustain below 24850 test 24600-650 atleast OR sell ard 25710-30 S/L 25750 and T/p 25600/ 500 upto 25400 (any time close below 25150/24450/23090/21990/21250/ 20150/19390/18600-250/17850 bearish rally while close above 26300 bullish for medium term)
CRUDE
for the day sell only below 3995 S/L 4010 and T/p 3980-60/3925/3890 where might find support again OR sell ard 4088-95 S/L 4100 and T/p 4060-40 (now crude need to close above 4175 for bullish rally while close below 4000/ 3925/3840/3790/3635-3590/3475/3395/ 3350/3090/2810 bearish for medium term)
CRUDE
for the day sell only below 335 S/L 336.5 and T/p 333-331/329 upto 326 OR sell ard 342-342.5 S/L 343 and T/p 339-337 (upside strong rally only on close above 348 while close below 334.5/321/ 311-303/281/267.5/254.5/235 bearish for medium term)
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for the day sell only below 12410-400 S/L 12435 and T/p 12370-300 Max upto 12200 in coming days OR sell ard 12620-30 S/L 12635 and T/p 12585-550 upto 12500 (any time close above 12700 bullish while close below 12150/11875/11575-475/11300/10950-900/ 10500/10050/9850/9575 bearish for medium term)
SILVER
for the day sell only below 25150 S/L 25250 and T/p 25050/24950 upto 24875/sustain below 24850 test 24600-650 atleast OR sell ard 25710-30 S/L 25750 and T/p 25600/ 500 upto 25400 (any time close below 25150/24450/23090/21990/21250/ 20150/19390/18600-250/17850 bearish rally while close above 26300 bullish for medium term)
CRUDE
for the day sell only below 3995 S/L 4010 and T/p 3980-60/3925/3890 where might find support again OR sell ard 4088-95 S/L 4100 and T/p 4060-40 (now crude need to close above 4175 for bullish rally while close below 4000/ 3925/3840/3790/3635-3590/3475/3395/ 3350/3090/2810 bearish for medium term)
CRUDE
for the day sell only below 335 S/L 336.5 and T/p 333-331/329 upto 326 OR sell ard 342-342.5 S/L 343 and T/p 339-337 (upside strong rally only on close above 348 while close below 334.5/321/ 311-303/281/267.5/254.5/235 bearish for medium term)
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Energy intraday
· Oil was lower in cautious trade today, ahead of the OPEC meeting where ministers are widely expected to leave production quotas unchanged.
· On Monday, WTI crude hit a record 103.95 usd inNew York on dollar weakness, as investor interest in commodities surged and on nervousness over OPEC's decision.
· Commodities across the board have rallied impressively over the past few days as investor demand has strengthened and as a weak dollar made raw materials priced in the greenback relatively cheaper for those trading in stronger currencies. Gold and platinum reached new peaks today, while other precious and base metals stayed close to multi-year peaks.
· Looking ahead, all eyes will be fixed on the outcome of OPEC's production meeting, while weekly US inventory figures out tomorrow will help provide some direction.
· OPEC, which pumps well over a third of the world's oil, kicks off its meeting at 10.00 am CET.
· While the group is still likely to maintain its output quotas, talk of a possible production cut going into the low-demand second quarter persists. The cartel is facing opposing pressures both to reduce supply in response to rising stockpiles and easing demand, and to raise production to curb soaring prices.
· Overall, analysts still expect ministers to maintain the status quo. The US Energy Information Administration (EIA) will release the weekly fuel inventory snapshot tomorrow.
· US crude oil stocks are likely to have risen for the eighth week in a row last week, according to analysts polled by Thomson Financial News. The analysts expect crude stocks rose by about 2.07 mln barrels in the week to Feb 29.
· Elsewhere in the report, analysts expect to see a 344,000-barrel gain in gasoline stocks and a 2.1 mln-barrel fall in distillate stocks, which include heating oil, as the colder weather spurs demand. Refinery runs, meanwhile, are predicted to have jumped 0.37 percentage points from the week before.
MCX Crude Oil March
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
through to SMS
MCX Natural gas March
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
through to SMS
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· On Monday, WTI crude hit a record 103.95 usd inNew York on dollar weakness, as investor interest in commodities surged and on nervousness over OPEC's decision.
· Commodities across the board have rallied impressively over the past few days as investor demand has strengthened and as a weak dollar made raw materials priced in the greenback relatively cheaper for those trading in stronger currencies. Gold and platinum reached new peaks today, while other precious and base metals stayed close to multi-year peaks.
· Looking ahead, all eyes will be fixed on the outcome of OPEC's production meeting, while weekly US inventory figures out tomorrow will help provide some direction.
· OPEC, which pumps well over a third of the world's oil, kicks off its meeting at 10.00 am CET.
· While the group is still likely to maintain its output quotas, talk of a possible production cut going into the low-demand second quarter persists. The cartel is facing opposing pressures both to reduce supply in response to rising stockpiles and easing demand, and to raise production to curb soaring prices.
· Overall, analysts still expect ministers to maintain the status quo. The US Energy Information Administration (EIA) will release the weekly fuel inventory snapshot tomorrow.
· US crude oil stocks are likely to have risen for the eighth week in a row last week, according to analysts polled by Thomson Financial News. The analysts expect crude stocks rose by about 2.07 mln barrels in the week to Feb 29.
· Elsewhere in the report, analysts expect to see a 344,000-barrel gain in gasoline stocks and a 2.1 mln-barrel fall in distillate stocks, which include heating oil, as the colder weather spurs demand. Refinery runs, meanwhile, are predicted to have jumped 0.37 percentage points from the week before.
MCX Crude Oil March
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
through to SMS
MCX Natural gas March
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
through to SMS
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Base Metals Intraday
· Copper dropped after closing at a record yesterday on speculation the rally was overdone.
· Before today, the metal surged 29 percent this year, partly on demand for commodities as a hedge against inflation. An economic slump in the U.S., the world's second-biggest copper user, may limit price gains.
· The U.S. currency reversed gains and fell against the euro and declined for a sixth day against the yen. Copper has climbed 29 percent this year as an index of the dollar against six currencies including the euro and the pound has dropped 4.1 percent.
· Shanghai copper climbed to the highest in almost 10 months after London Metal Exchange prices gained on increased investment inflow into alternative assets such as commodities. Aluminum also rallied.
· Gains in Shanghai base metals prices were led by increases in London, according to Macquarie Group Ltd. analysts led by Bonnie Liu. LME copper for delivery in three months rose yesterday to the highest since May 2006.
· China, the world's largest lead producer, will probably increase exports of lead products to avoid taxes on overseas sales of raw metal, consultant CBI (Shanghai) Co. said.
· The Chinese government imposed a 10 percent export tax on lead in June 2007, prompting a 52 percent drop in overseas sales last year. Incentives for exports of finished lead products including lead plate were maintained, said Jimmy Ding, an analyst at Shanghai-based BMI.
MCX Copper April
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Copper April: Sell at 340 Target 336 and 332 Stop loss 343.80
MCX Zinc March
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Zinc March: Sell at 112 Target 110 and 108 Stop loss at 113.80
MCX Nickel March
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Nickel March: Sell at 1320 Target 1290 and 1260 Stop loss 1339
MCX Lead Feb
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Lead March: Sell at 137 Target 132 and 130 Stop loss at 138.80
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· Before today, the metal surged 29 percent this year, partly on demand for commodities as a hedge against inflation. An economic slump in the U.S., the world's second-biggest copper user, may limit price gains.
· The U.S. currency reversed gains and fell against the euro and declined for a sixth day against the yen. Copper has climbed 29 percent this year as an index of the dollar against six currencies including the euro and the pound has dropped 4.1 percent.
· Shanghai copper climbed to the highest in almost 10 months after London Metal Exchange prices gained on increased investment inflow into alternative assets such as commodities. Aluminum also rallied.
· Gains in Shanghai base metals prices were led by increases in London, according to Macquarie Group Ltd. analysts led by Bonnie Liu. LME copper for delivery in three months rose yesterday to the highest since May 2006.
· China, the world's largest lead producer, will probably increase exports of lead products to avoid taxes on overseas sales of raw metal, consultant CBI (Shanghai) Co. said.
· The Chinese government imposed a 10 percent export tax on lead in June 2007, prompting a 52 percent drop in overseas sales last year. Incentives for exports of finished lead products including lead plate were maintained, said Jimmy Ding, an analyst at Shanghai-based BMI.
MCX Copper April
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Copper April: Sell at 340 Target 336 and 332 Stop loss 343.80
MCX Zinc March
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Zinc March: Sell at 112 Target 110 and 108 Stop loss at 113.80
MCX Nickel March
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Nickel March: Sell at 1320 Target 1290 and 1260 Stop loss 1339
MCX Lead Feb
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Lead March: Sell at 137 Target 132 and 130 Stop loss at 138.80
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Bullion Intraday
· Gold declined from a record in Asia as some investors judged the recent rally was overdone. Silver also fell.
· Gold has gained 36 percent since Sept. 18, when Federal Reserve Chairman Ben S. Bernanke made the first of five cuts in the U.S. benchmark interest rate to stave off a recession. The rates cuts increase the appeal of bullion as an alternative investment to other dollar-denominated assets, and raise inflation concerns.
· The dollar had gained after both European and Japanese officials expressed concern about the recent sharp raises in their currencies against the US unit.
· Market players, however, are skeptical about the prospect of actual intervention to prop up the dollar, while there are still no fundamental reasons to buy the US currency.
· Banro Corp., the Canadian developer of gold mines in the Democratic Republic of Congo, may sell stakes in two deposits to help finance their development.
· That's one of the options available to Banro before if invests $536 million to build the mines, Chief Executive Officer Mike Prinsloo said yesterday in an interview. The company may take on debt using the deposits as collateral, he said.
Indian Spot Bullion Market:
Gold and Silver finished up in spot markets tracing the huge gains in international markets propelled by a weak dollar and upbeat crude oil.
· In Mumbai markets, gold (995) increased by Rs 60 to finish at Rs 12,805 per 10 gm and gold (.999) by Rs 55 to end at Rs 12,855/10gm. Arrivals in gold were at 200 kilos. Silver (.999) closed at Rs 24,650/kg, up by Rs 80. Arrivals in silver were at 350 kilos.
· Ahmedabad gold (995) moved up by Rs 25 to close at Rs 12,835/10gm and gold (.999) by Rs 20 to close at Rs 12,885/10gm whereas Silver (.999) closed at Rs 25,550/kg, up by Rs 290.
· In Delhi bullion markets, gold (995) increased by Rs 100 to finish at Rs 12,820/10gm and gold (.999) by Rs 80 to finish at Rs 12,890/10gm whereas Silver (.999) ends at Rs 24,350/kg, down by Rs 170.
MCX Gold Apr
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Gold April: Sell at 12460 Target 12380 and 12310 Stop loss 12510
MCX Silver May
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Silver May: Sell at 25380 Target 25100 and 24800 Stop loss at 25520
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· Gold has gained 36 percent since Sept. 18, when Federal Reserve Chairman Ben S. Bernanke made the first of five cuts in the U.S. benchmark interest rate to stave off a recession. The rates cuts increase the appeal of bullion as an alternative investment to other dollar-denominated assets, and raise inflation concerns.
· The dollar had gained after both European and Japanese officials expressed concern about the recent sharp raises in their currencies against the US unit.
· Market players, however, are skeptical about the prospect of actual intervention to prop up the dollar, while there are still no fundamental reasons to buy the US currency.
· Banro Corp., the Canadian developer of gold mines in the Democratic Republic of Congo, may sell stakes in two deposits to help finance their development.
· That's one of the options available to Banro before if invests $536 million to build the mines, Chief Executive Officer Mike Prinsloo said yesterday in an interview. The company may take on debt using the deposits as collateral, he said.
Indian Spot Bullion Market:
Gold and Silver finished up in spot markets tracing the huge gains in international markets propelled by a weak dollar and upbeat crude oil.
· In Mumbai markets, gold (995) increased by Rs 60 to finish at Rs 12,805 per 10 gm and gold (.999) by Rs 55 to end at Rs 12,855/10gm. Arrivals in gold were at 200 kilos. Silver (.999) closed at Rs 24,650/kg, up by Rs 80. Arrivals in silver were at 350 kilos.
· Ahmedabad gold (995) moved up by Rs 25 to close at Rs 12,835/10gm and gold (.999) by Rs 20 to close at Rs 12,885/10gm whereas Silver (.999) closed at Rs 25,550/kg, up by Rs 290.
· In Delhi bullion markets, gold (995) increased by Rs 100 to finish at Rs 12,820/10gm and gold (.999) by Rs 80 to finish at Rs 12,890/10gm whereas Silver (.999) ends at Rs 24,350/kg, down by Rs 170.
MCX Gold Apr
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Gold April: Sell at 12460 Target 12380 and 12310 Stop loss 12510
MCX Silver May
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Silver May: Sell at 25380 Target 25100 and 24800 Stop loss at 25520
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OUTLOOK
April gold closed sharply lower due to profit taking on Tuesday following April's inability to take out Monday's high in early
trading. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought
and are turning neutral hinting that a short-term top might be in or is near. If March extends this month's rally, monthly
resistance crossing at 1000.00 is the next upside target. Closes below the 20-day moving average crossing at 934.90 would
confirm that a short-term top has been posted. First resistance is Monday's high crossing at 991.90 then monthly resistance
crossing at 1000.00. First support is the 10-day moving average crossing at 957.60. Second support is the 20-day moving
average crossing at 934.90.
May silver closed lower on Tuesday as it consolidated some of this year's rally. The low-range close sets the stage for a steady
to lower opening on Wednesday. Stochastics and the RSI are overbought but remain neutral signaling that sideways to higher
prices are possible near-term. If May extends this winter's rally, monthly resistance crossing at 21.340 is the next upside target.
Closes below the 20-day moving average crossing at 18.131 are needed to confirm that a short-term top has been posted. First
resistance is Monday's high crossing at 20.610 then monthly resistance crossing at 21.340. First support is the 10-day moving
average crossing at 19.012 then the 20-day moving average crossing at 18.131.
May copper closed sharply lower on Tuesday as it consolidated some of this winter's rally. The low-range close sets the stage
for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought, diverging and are neutral to bearish
hinting that a short-term top might be in or is near. Closes below last Tuesday's low crossing at 368.50 would confirm that a
short-term top has been posted. If May extends this winter's rally, weekly resistance crossing at 416.00 is the next upside target.
First resistance is Monday's high crossing at 396.70. Second resistance is weekly resistance crossing at 416.00. First support is
today's low crossing at 380.30. Second support is last Tuesday's low crossing at 368.50.
April crude oil closed sharply lower on Tuesday and below the 10-day moving average crossing at 100.30 signaling that a short-
term top has been posted. Ideas that the U.S. Dollar might be trying to form a short-term low triggered today's sell off. The low-
range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought, diverging and
are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average
crossing at 96.46 are needed to confirm that a short-term top has been posted. If April extends this winter's rally above
January's high, upside targets will be hard to project now that April has traded into uncharted territory. First resistance is
Monday's high crossing at 103.95. First support is today's low crossing at 98.87. Second support is the 20-day moving average
crossing at 96.46.
April Henry natural gas closed slightly lower on Tuesday as it consolidates some of this winter's rally but remains above broken
resistance crossing at 9.220. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are
overbought but are neutral signaling that sideways to higher prices are possible near-term. If March extends this winter's rally,
monthly resistance crossing at 9.820 is the next upside target. Closes below the reaction low crossing at 8.981 would confirm
that a short-term top has been posted. First resistance is Monday's high crossing at 9.605 then monthly resistance crossing at
9.820. First support is the 10-day moving average crossing at 9.207. Second support is the reaction low crossing at 8.981.
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trading. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought
and are turning neutral hinting that a short-term top might be in or is near. If March extends this month's rally, monthly
resistance crossing at 1000.00 is the next upside target. Closes below the 20-day moving average crossing at 934.90 would
confirm that a short-term top has been posted. First resistance is Monday's high crossing at 991.90 then monthly resistance
crossing at 1000.00. First support is the 10-day moving average crossing at 957.60. Second support is the 20-day moving
average crossing at 934.90.
May silver closed lower on Tuesday as it consolidated some of this year's rally. The low-range close sets the stage for a steady
to lower opening on Wednesday. Stochastics and the RSI are overbought but remain neutral signaling that sideways to higher
prices are possible near-term. If May extends this winter's rally, monthly resistance crossing at 21.340 is the next upside target.
Closes below the 20-day moving average crossing at 18.131 are needed to confirm that a short-term top has been posted. First
resistance is Monday's high crossing at 20.610 then monthly resistance crossing at 21.340. First support is the 10-day moving
average crossing at 19.012 then the 20-day moving average crossing at 18.131.
May copper closed sharply lower on Tuesday as it consolidated some of this winter's rally. The low-range close sets the stage
for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought, diverging and are neutral to bearish
hinting that a short-term top might be in or is near. Closes below last Tuesday's low crossing at 368.50 would confirm that a
short-term top has been posted. If May extends this winter's rally, weekly resistance crossing at 416.00 is the next upside target.
First resistance is Monday's high crossing at 396.70. Second resistance is weekly resistance crossing at 416.00. First support is
today's low crossing at 380.30. Second support is last Tuesday's low crossing at 368.50.
April crude oil closed sharply lower on Tuesday and below the 10-day moving average crossing at 100.30 signaling that a short-
term top has been posted. Ideas that the U.S. Dollar might be trying to form a short-term low triggered today's sell off. The low-
range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought, diverging and
are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average
crossing at 96.46 are needed to confirm that a short-term top has been posted. If April extends this winter's rally above
January's high, upside targets will be hard to project now that April has traded into uncharted territory. First resistance is
Monday's high crossing at 103.95. First support is today's low crossing at 98.87. Second support is the 20-day moving average
crossing at 96.46.
April Henry natural gas closed slightly lower on Tuesday as it consolidates some of this winter's rally but remains above broken
resistance crossing at 9.220. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are
overbought but are neutral signaling that sideways to higher prices are possible near-term. If March extends this winter's rally,
monthly resistance crossing at 9.820 is the next upside target. Closes below the reaction low crossing at 8.981 would confirm
that a short-term top has been posted. First resistance is Monday's high crossing at 9.605 then monthly resistance crossing at
9.820. First support is the 10-day moving average crossing at 9.207. Second support is the reaction low crossing at 8.981.
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Technicals – MCX (Intra day calls)
CRUDE OIL (March) BULLISH ABOVE 4060BEARISH BELOW 4044
GOLD (April) BULLISH ABOVE 12518 BEARISH BELOW 12477
SILVER (March) BULLISH ABOVE 25585 BEARISH BELOW 25480
COPPER (APRIL) BULLISH ABOVE 339 BEARISH BELOW 338
LEAD (MARCH) BULLISH ABOVE 136BEARISH BELOW 135.30
NICKEL (MARCH) BULLISH ABOVE 1322 BEARISH BELOW 1315
ZINC (MARH) BULLISH ABOVE 111.90 BEARISH BELOW 111.30
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GOLD (April) BULLISH ABOVE 12518 BEARISH BELOW 12477
SILVER (March) BULLISH ABOVE 25585 BEARISH BELOW 25480
COPPER (APRIL) BULLISH ABOVE 339 BEARISH BELOW 338
LEAD (MARCH) BULLISH ABOVE 136BEARISH BELOW 135.30
NICKEL (MARCH) BULLISH ABOVE 1322 BEARISH BELOW 1315
ZINC (MARH) BULLISH ABOVE 111.90 BEARISH BELOW 111.30
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Stock2Watch
at open :- Indian shares could extend their losses into 5th consecutive day due to growing worries about problems in global credit markets, with subdued Asian markets seen providing little support ** Nifty levels :- S1-4800 S2-4700 R1-5000 R2-5100, sustain below 4800 test ard 4600 atleast in coming days ** Stock Watch :- Tata Motors Ltd, Reliance Industries Ltd, Real estate firm Unitech Ltd
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Copper Futures
Copper:
Copper trade on ACCESS is showing higher prices in recent activity extending the prior sessions gains. Trend indicators are indicating a bullish market and the overall strength of the trend is strong, as indicated by the ADX. Momentum readings are also bullish. However, the recent downturn in the difference between the MACD and the MACD signal line may indicate a short term decline over the next few days and should be watched. Nevertheless, the 50-Day new high here may result in additional bullish momentum.
TREND INDICATORS:
Simple Moving Average (10-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 10-Day simple moving average has a strong bullish bias.
Simple Moving Average (25-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 25-Day simple moving average has a strong bullish bias.
Simple Moving Average (50-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 50-Day simple moving average has a strong bullish bias.
ADX: The Average Directional Change (ADX) indicates the strength of a markets underlying trend. A rising ADX is interpreted as building trend strength, while a falling ADX indicates weakness in the underlying trend and the potential of a market reversal. On this market, the 14-Day ADX is rising, while the long term trend, based on a 50-Day moving average, is up. As the ADX is rising it indicates that the current trend is strong and should remain intact. Look for the current trend to continue.
MOMENTUM INDICATORS:
MACD: The MACD is in bullish territory. However, the recent downturn in the difference between the MACD and the MACD signal line may indicate a short term decline over the next few days. Nevertheless, the 50-Day new high here may result in additional bullish momentum.
RSI: The 14-Day RSI is in neutral territory. (RSI is at 74.40). This indicator issues bullish signals when the RSI line dips below the oversold zone (currently set at 20.00); a bearish signal is generated when the RSI rises into the overbought zone (currently set at 80.00). Nevertheless with the RSI at 74.40 the market is somewhat overbought, but given the 50-Day new high here, greater overbought levels are likely.
VOLATILITY INDICATORS:
Bollinger Bands (20-Day Average +/-1 Standard Deviation): As prices are closer to the bottom band than the top band, the Bollinger Bands are indicating overbought prices. Volatility also appears to be decreasing, as evidenced by a smaller distance between the upper and lower bands over the past few sessions. Despite this overbought condition the market may become more overbought before turning lower. Also, given that we posted a 50-Day new high, the chance for further bullish momentum is higher. As a result, the market will look for additional weakening in prices before turning bearish on this indicator.
RESISTANCE AND SUPPORT LEVELS:
4.0560 - 20-Day Simple Moving Average Plus 2 Standard Deviations
3.9670 - Highest High in last 10-Days
3.9670 - Highest High in last 50-Days
3.9515 - High
3.9400 - Last Price
3.9110 - Low
3.9078 - 3-Day Simple Moving Average
3.8568 - 20-Day Simple Moving Average Plus 1 Standard Deviation
3.8252 - 10-Day Simple Moving Average
3.6640 - Lowest Low in last 10-Days
3.5818 - 25-Day Simple Moving Average
3.4582 - 20-Day Simple Moving Average Minus 1 Standard Deviation
3.3791 - 200-Day Simple Moving Average
3.3787 - 50-Day Simple Moving Average
3.3036 - 100-Day Simple Moving Average
3.2590 - 20-Day Simple Moving Average Minus 2 Standard Deviations
2.9505 - Lowest Low in last 50-Days
MCXARUN
9994500540
Copper trade on ACCESS is showing higher prices in recent activity extending the prior sessions gains. Trend indicators are indicating a bullish market and the overall strength of the trend is strong, as indicated by the ADX. Momentum readings are also bullish. However, the recent downturn in the difference between the MACD and the MACD signal line may indicate a short term decline over the next few days and should be watched. Nevertheless, the 50-Day new high here may result in additional bullish momentum.
TREND INDICATORS:
Simple Moving Average (10-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 10-Day simple moving average has a strong bullish bias.
Simple Moving Average (25-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 25-Day simple moving average has a strong bullish bias.
Simple Moving Average (50-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 50-Day simple moving average has a strong bullish bias.
ADX: The Average Directional Change (ADX) indicates the strength of a markets underlying trend. A rising ADX is interpreted as building trend strength, while a falling ADX indicates weakness in the underlying trend and the potential of a market reversal. On this market, the 14-Day ADX is rising, while the long term trend, based on a 50-Day moving average, is up. As the ADX is rising it indicates that the current trend is strong and should remain intact. Look for the current trend to continue.
MOMENTUM INDICATORS:
MACD: The MACD is in bullish territory. However, the recent downturn in the difference between the MACD and the MACD signal line may indicate a short term decline over the next few days. Nevertheless, the 50-Day new high here may result in additional bullish momentum.
RSI: The 14-Day RSI is in neutral territory. (RSI is at 74.40). This indicator issues bullish signals when the RSI line dips below the oversold zone (currently set at 20.00); a bearish signal is generated when the RSI rises into the overbought zone (currently set at 80.00). Nevertheless with the RSI at 74.40 the market is somewhat overbought, but given the 50-Day new high here, greater overbought levels are likely.
VOLATILITY INDICATORS:
Bollinger Bands (20-Day Average +/-1 Standard Deviation): As prices are closer to the bottom band than the top band, the Bollinger Bands are indicating overbought prices. Volatility also appears to be decreasing, as evidenced by a smaller distance between the upper and lower bands over the past few sessions. Despite this overbought condition the market may become more overbought before turning lower. Also, given that we posted a 50-Day new high, the chance for further bullish momentum is higher. As a result, the market will look for additional weakening in prices before turning bearish on this indicator.
RESISTANCE AND SUPPORT LEVELS:
4.0560 - 20-Day Simple Moving Average Plus 2 Standard Deviations
3.9670 - Highest High in last 10-Days
3.9670 - Highest High in last 50-Days
3.9515 - High
3.9400 - Last Price
3.9110 - Low
3.9078 - 3-Day Simple Moving Average
3.8568 - 20-Day Simple Moving Average Plus 1 Standard Deviation
3.8252 - 10-Day Simple Moving Average
3.6640 - Lowest Low in last 10-Days
3.5818 - 25-Day Simple Moving Average
3.4582 - 20-Day Simple Moving Average Minus 1 Standard Deviation
3.3791 - 200-Day Simple Moving Average
3.3787 - 50-Day Simple Moving Average
3.3036 - 100-Day Simple Moving Average
3.2590 - 20-Day Simple Moving Average Minus 2 Standard Deviations
2.9505 - Lowest Low in last 50-Days
MCXARUN
9994500540
Energy Futures
Crude Oil:
Front month crude oil is higher in ACCESS trade this morning extending the prior sessions gains. Trend indicators are indicating a bullish market and the overall strength of the trend is strong, as indicated by the ADX. Momentum readings are also bullish. However, the recent downturn in the difference between the MACD and the MACD signal line may indicate a short term decline over the next few days and should be watched.
TREND INDICATORS:
Simple Moving Average (10-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 10-Day simple moving average has a strong bullish bias.
Simple Moving Average (25-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 25-Day simple moving average has a strong bullish bias.
Simple Moving Average (50-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 50-Day simple moving average has a strong bullish bias.
ADX: The Average Directional Change (ADX) indicates the strength of a markets underlying trend. A rising ADX is interpreted as building trend strength, while a falling ADX indicates weakness in the underlying trend and the potential of a market reversal. On this market, the 14-Day ADX is rising, while the long term trend, based on a 50-Day moving average, is up. As the ADX is rising it indicates that the current trend is strong and should remain intact. Look for the current trend to continue.
MOMENTUM INDICATORS:
MACD: The MACD is in bullish territory. However, the recent downturn in the difference between the MACD and the MACD signal line may indicate a short term decline over the next few days.
RSI: The 14-Day RSI is in neutral territory. (RSI is at 67.49). This indicator issues bullish signals when the RSI line dips below the oversold zone (currently set at 20.00); a bearish signal is generated when the RSI rises into the overbought zone (currently set at 80.00). Nevertheless with the RSI at 67.49 the market is somewhat overbought. However, this by itself isn't a strong enough indication to signal a trade. Look for additional evidence of weakness from this indicator before getting too bearish here.
VOLATILITY INDICATORS:
Bollinger Bands (20-Day Average +/-1 Standard Deviation): As prices are closer to the bottom band than the top band, the Bollinger Bands are indicating overbought prices. Volatility also appears to be increasing, as evidenced by a larger distance between the upper and lower bands over the past few sessions. Despite this overbought condition the market may become more overbought before turning lower. As a result, the market will look for additional weakening in prices before turning bearish on this indicator.
RESISTANCE AND SUPPORT LEVELS:
106.42 - 20-Day Simple Moving Average Plus 2 Standard Deviations
103.95 - Highest High in last 10-Days
103.95 - Highest High in last 50-Days
102.65 - High
102.57 - Last Price
102.29 - 3-Day Simple Moving Average
102.00 - Low
101.50 - 20-Day Simple Moving Average Plus 1 Standard Deviation
100.59 - 10-Day Simple Moving Average
96.87 - Lowest Low in last 10-Days
95.45 - 25-Day Simple Moving Average
94.48 - 50-Day Simple Moving Average
93.04 - 100-Day Simple Moving Average
91.67 - 20-Day Simple Moving Average Minus 1 Standard Deviation
86.75 - 20-Day Simple Moving Average Minus 2 Standard Deviations
85.42 - Lowest Low in last 50-Days
83.09 - 200-Day Simple Moving Average
Natural Gas:
Natural Gas contracts are weaker this morning extending the prior sessions weaker close. Trend indicators are indicating a bullish market and the overall strength of the trend is strong, as indicated by the ADX. Momentum readings are also bullish. However, the recent downturn in the difference between the MACD and the MACD signal line may indicate a short term decline over the next few days and should be watched.
TREND INDICATORS:
Simple Moving Average (10-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 10-Day simple moving average has a strong bullish bias.
Simple Moving Average (25-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 25-Day simple moving average has a strong bullish bias.
Simple Moving Average (50-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 50-Day simple moving average has a strong bullish bias.
ADX: The Average Directional Change (ADX) indicates the strength of a markets underlying trend. A rising ADX is interpreted as building trend strength, while a falling ADX indicates weakness in the underlying trend and the potential of a market reversal. On this market, the 14-Day ADX is rising, while the long term trend, based on a 50-Day moving average, is up. As the ADX is rising it indicates that the current trend is strong and should remain intact. Look for the current trend to continue.
MOMENTUM INDICATORS:
MACD: The MACD is in bullish territory. However, the recent downturn in the difference between the MACD and the MACD signal line may indicate a short term decline over the next few days.
RSI: The 14-Day RSI is in neutral territory. (RSI is at 67.52). This indicator issues bullish signals when the RSI line dips below the oversold zone (currently set at 20.00); a bearish signal is generated when the RSI rises into the overbought zone (currently set at 80.00). Nevertheless with the RSI at 67.52 the market is somewhat overbought. However, this by itself isn't a strong enough indication to signal a trade. Look for additional evidence of weakness from this indicator before getting too bearish here.
VOLATILITY INDICATORS:
Bollinger Bands (20-Day Average +/-1 Standard Deviation): As prices are closer to the bottom band than the top band, the Bollinger Bands are indicating overbought prices. The market is overbought and appears to be weakening. Look for a potential top in this area.
RESISTANCE AND SUPPORT LEVELS:
9.746 - 20-Day Simple Moving Average Plus 2 Standard Deviations
9.605 - Highest High in last 10-Days
9.605 - Highest High in last 50-Days
9.347 - 3-Day Simple Moving Average
9.330 - High
9.330 - Last Price
9.275 - 20-Day Simple Moving Average Plus 1 Standard Deviation
9.275 - Low
9.199 - 10-Day Simple Moving Average
8.771 - Lowest Low in last 10-Days
8.630 - 25-Day Simple Moving Average
8.333 - 20-Day Simple Moving Average Minus 1 Standard Deviation
8.204 - 50-Day Simple Moving Average
7.862 - 20-Day Simple Moving Average Minus 2 Standard Deviations
7.847 - 100-Day Simple Moving Average
7.283 - 200-Day Simple Moving Average
6.950 - Lowest Low in last 50-Days
MCXARUN
9994500540
Front month crude oil is higher in ACCESS trade this morning extending the prior sessions gains. Trend indicators are indicating a bullish market and the overall strength of the trend is strong, as indicated by the ADX. Momentum readings are also bullish. However, the recent downturn in the difference between the MACD and the MACD signal line may indicate a short term decline over the next few days and should be watched.
TREND INDICATORS:
Simple Moving Average (10-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 10-Day simple moving average has a strong bullish bias.
Simple Moving Average (25-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 25-Day simple moving average has a strong bullish bias.
Simple Moving Average (50-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 50-Day simple moving average has a strong bullish bias.
ADX: The Average Directional Change (ADX) indicates the strength of a markets underlying trend. A rising ADX is interpreted as building trend strength, while a falling ADX indicates weakness in the underlying trend and the potential of a market reversal. On this market, the 14-Day ADX is rising, while the long term trend, based on a 50-Day moving average, is up. As the ADX is rising it indicates that the current trend is strong and should remain intact. Look for the current trend to continue.
MOMENTUM INDICATORS:
MACD: The MACD is in bullish territory. However, the recent downturn in the difference between the MACD and the MACD signal line may indicate a short term decline over the next few days.
RSI: The 14-Day RSI is in neutral territory. (RSI is at 67.49). This indicator issues bullish signals when the RSI line dips below the oversold zone (currently set at 20.00); a bearish signal is generated when the RSI rises into the overbought zone (currently set at 80.00). Nevertheless with the RSI at 67.49 the market is somewhat overbought. However, this by itself isn't a strong enough indication to signal a trade. Look for additional evidence of weakness from this indicator before getting too bearish here.
VOLATILITY INDICATORS:
Bollinger Bands (20-Day Average +/-1 Standard Deviation): As prices are closer to the bottom band than the top band, the Bollinger Bands are indicating overbought prices. Volatility also appears to be increasing, as evidenced by a larger distance between the upper and lower bands over the past few sessions. Despite this overbought condition the market may become more overbought before turning lower. As a result, the market will look for additional weakening in prices before turning bearish on this indicator.
RESISTANCE AND SUPPORT LEVELS:
106.42 - 20-Day Simple Moving Average Plus 2 Standard Deviations
103.95 - Highest High in last 10-Days
103.95 - Highest High in last 50-Days
102.65 - High
102.57 - Last Price
102.29 - 3-Day Simple Moving Average
102.00 - Low
101.50 - 20-Day Simple Moving Average Plus 1 Standard Deviation
100.59 - 10-Day Simple Moving Average
96.87 - Lowest Low in last 10-Days
95.45 - 25-Day Simple Moving Average
94.48 - 50-Day Simple Moving Average
93.04 - 100-Day Simple Moving Average
91.67 - 20-Day Simple Moving Average Minus 1 Standard Deviation
86.75 - 20-Day Simple Moving Average Minus 2 Standard Deviations
85.42 - Lowest Low in last 50-Days
83.09 - 200-Day Simple Moving Average
Natural Gas:
Natural Gas contracts are weaker this morning extending the prior sessions weaker close. Trend indicators are indicating a bullish market and the overall strength of the trend is strong, as indicated by the ADX. Momentum readings are also bullish. However, the recent downturn in the difference between the MACD and the MACD signal line may indicate a short term decline over the next few days and should be watched.
TREND INDICATORS:
Simple Moving Average (10-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 10-Day simple moving average has a strong bullish bias.
Simple Moving Average (25-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 25-Day simple moving average has a strong bullish bias.
Simple Moving Average (50-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 50-Day simple moving average has a strong bullish bias.
ADX: The Average Directional Change (ADX) indicates the strength of a markets underlying trend. A rising ADX is interpreted as building trend strength, while a falling ADX indicates weakness in the underlying trend and the potential of a market reversal. On this market, the 14-Day ADX is rising, while the long term trend, based on a 50-Day moving average, is up. As the ADX is rising it indicates that the current trend is strong and should remain intact. Look for the current trend to continue.
MOMENTUM INDICATORS:
MACD: The MACD is in bullish territory. However, the recent downturn in the difference between the MACD and the MACD signal line may indicate a short term decline over the next few days.
RSI: The 14-Day RSI is in neutral territory. (RSI is at 67.52). This indicator issues bullish signals when the RSI line dips below the oversold zone (currently set at 20.00); a bearish signal is generated when the RSI rises into the overbought zone (currently set at 80.00). Nevertheless with the RSI at 67.52 the market is somewhat overbought. However, this by itself isn't a strong enough indication to signal a trade. Look for additional evidence of weakness from this indicator before getting too bearish here.
VOLATILITY INDICATORS:
Bollinger Bands (20-Day Average +/-1 Standard Deviation): As prices are closer to the bottom band than the top band, the Bollinger Bands are indicating overbought prices. The market is overbought and appears to be weakening. Look for a potential top in this area.
RESISTANCE AND SUPPORT LEVELS:
9.746 - 20-Day Simple Moving Average Plus 2 Standard Deviations
9.605 - Highest High in last 10-Days
9.605 - Highest High in last 50-Days
9.347 - 3-Day Simple Moving Average
9.330 - High
9.330 - Last Price
9.275 - 20-Day Simple Moving Average Plus 1 Standard Deviation
9.275 - Low
9.199 - 10-Day Simple Moving Average
8.771 - Lowest Low in last 10-Days
8.630 - 25-Day Simple Moving Average
8.333 - 20-Day Simple Moving Average Minus 1 Standard Deviation
8.204 - 50-Day Simple Moving Average
7.862 - 20-Day Simple Moving Average Minus 2 Standard Deviations
7.847 - 100-Day Simple Moving Average
7.283 - 200-Day Simple Moving Average
6.950 - Lowest Low in last 50-Days
MCXARUN
9994500540
Precious Metals Futures
COMEX Gold:
Gold trading is higher in ACCESS trade this morning extending the prior sessions gains. Trend indicators are indicating a bullish market and the overall strength of the trend is strong, as indicated by the ADX. Momentum readings are also in bullish territory. Also, the market just made a 50-Day new high here, indicating further strength. Look for more new highs.
TREND INDICATORS:
Simple Moving Average (10-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 10-Day simple moving average has a strong bullish bias.
Simple Moving Average (25-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 25-Day simple moving average has a strong bullish bias.
Simple Moving Average (50-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 50-Day simple moving average has a strong bullish bias.
ADX: The Average Directional Change (ADX) indicates the strength of a markets underlying trend. A rising ADX is interpreted as building trend strength, while a falling ADX indicates weakness in the underlying trend and the potential of a market reversal. On this market, the 14-Day ADX is rising, while the long term trend, based on a 50-Day moving average, is up. As the ADX is rising it indicates that the current trend is strong and should remain intact. Look for the current trend to continue.
MOMENTUM INDICATORS:
MACD: The MACD is in bullish territory. Also, the market just made a 50-Day new high here, indicating further strength. Look for more new highs.
RSI: The 14-Day RSI is in neutral territory. (RSI is at 75.42). This indicator issues bullish signals when the RSI line dips below the oversold zone (currently set at 20.00); a bearish signal is generated when the RSI rises into the overbought zone (currently set at 80.00). Nevertheless with the RSI at 75.42 the market is somewhat overbought, but given the 50-Day new high here, greater overbought levels are likely.
VOLATILITY INDICATORS:
Bollinger Bands (20-Day Average +/-1 Standard Deviation): As prices are closer to the bottom band than the top band, the Bollinger Bands are indicating overbought prices. Volatility also appears to be increasing, as evidenced by a larger distance between the upper and lower bands over the past few sessions. Despite this overbought condition the market may become more overbought before turning lower. Also, given that we posted a 50-Day new high, the chance for further bullish momentum is higher. As a result, the market will look for additional weakening in prices before turning bearish on this indicator.
RESISTANCE AND SUPPORT LEVELS:
992.00 - Highest High in last 50-Days
992.00 - Highest High in last 10-Days
991.87 - 20-Day Simple Moving Average Plus 2 Standard Deviations
989.70 - High
988.20 - Last Price
985.60 - Low
982.47 - 3-Day Simple Moving Average
964.00 - 20-Day Simple Moving Average Plus 1 Standard Deviation
960.01 - 10-Day Simple Moving Average
933.22 - 25-Day Simple Moving Average
916.10 - Lowest Low in last 10-Days
908.24 - 20-Day Simple Moving Average Minus 1 Standard Deviation
902.24 - 50-Day Simple Moving Average
880.37 - 20-Day Simple Moving Average Minus 2 Standard Deviations
849.48 - 100-Day Simple Moving Average
797.20 - Lowest Low in last 50-Days
767.11 - 200-Day Simple Moving Average
COMEX Silver:
Silver futures are higher this morning extending the prior sessions gains. Trend indicators are indicating a bullish market and the overall strength of the trend is strong, as indicated by the ADX. Momentum readings are also in bullish territory. Also, the market just made a 50-Day new high here, indicating further strength. Look for more new highs.
TREND INDICATORS:
Simple Moving Average (10-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 10-Day simple moving average has a strong bullish bias.
Simple Moving Average (25-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 25-Day simple moving average has a strong bullish bias.
Simple Moving Average (50-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 50-Day simple moving average has a strong bullish bias.
ADX: The Average Directional Change (ADX) indicates the strength of a markets underlying trend. A rising ADX is interpreted as building trend strength, while a falling ADX indicates weakness in the underlying trend and the potential of a market reversal. On this market, the 14-Day ADX is rising, while the long term trend, based on a 50-Day moving average, is up. As the ADX is rising it indicates that the current trend is strong and should remain intact. Look for the current trend to continue.
MOMENTUM INDICATORS:
MACD: The MACD is in bullish territory. Also, the market just made a 50-Day new high here, indicating further strength. Look for more new highs.
RSI: The 14-Day RSI has issued a bearish signal (RSI is at 87.06). When RSI crosses above the overbought zone (currently set at 80.00) a bearish signal is issued.However, the market may continue to become more overbought before a top is established, particularly given the 50-Day new high here. We need to see evidence of a downturn in RSI before taking any bearish positions based on this indicator.
VOLATILITY INDICATORS:
Bollinger Bands (20-Day Average +/-1 Standard Deviation): As prices are closer to the bottom band than the top band, the Bollinger Bands are indicating overbought prices. Volatility also appears to be increasing, as evidenced by a larger distance between the upper and lower bands over the past few sessions. Despite this overbought condition the market may become more overbought before turning lower. Also, given that we posted a 50-Day new high, the chance for further bullish momentum is higher. As a result, the market will look for additional weakening in prices before turning bearish on this indicator.
RESISTANCE AND SUPPORT LEVELS:
20.740 - Highest High in last 50-Days
20.740 - Highest High in last 10-Days
20.500 - High
20.465 - Last Price
20.449 - 20-Day Simple Moving Average Plus 2 Standard Deviations
20.370 - Low
20.187 - 3-Day Simple Moving Average
19.242 - 20-Day Simple Moving Average Plus 1 Standard Deviation
18.995 - 10-Day Simple Moving Average
17.796 - 25-Day Simple Moving Average
17.205 - Lowest Low in last 10-Days
16.827 - 20-Day Simple Moving Average Minus 1 Standard Deviation
16.727 - 50-Day Simple Moving Average
15.620 - 20-Day Simple Moving Average Minus 2 Standard Deviations
15.570 - 100-Day Simple Moving Average
14.263 - 200-Day Simple Moving Average
14.080 - Lowest Low in last 50-Days
MCXARUN
9994500540
Gold trading is higher in ACCESS trade this morning extending the prior sessions gains. Trend indicators are indicating a bullish market and the overall strength of the trend is strong, as indicated by the ADX. Momentum readings are also in bullish territory. Also, the market just made a 50-Day new high here, indicating further strength. Look for more new highs.
TREND INDICATORS:
Simple Moving Average (10-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 10-Day simple moving average has a strong bullish bias.
Simple Moving Average (25-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 25-Day simple moving average has a strong bullish bias.
Simple Moving Average (50-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 50-Day simple moving average has a strong bullish bias.
ADX: The Average Directional Change (ADX) indicates the strength of a markets underlying trend. A rising ADX is interpreted as building trend strength, while a falling ADX indicates weakness in the underlying trend and the potential of a market reversal. On this market, the 14-Day ADX is rising, while the long term trend, based on a 50-Day moving average, is up. As the ADX is rising it indicates that the current trend is strong and should remain intact. Look for the current trend to continue.
MOMENTUM INDICATORS:
MACD: The MACD is in bullish territory. Also, the market just made a 50-Day new high here, indicating further strength. Look for more new highs.
RSI: The 14-Day RSI is in neutral territory. (RSI is at 75.42). This indicator issues bullish signals when the RSI line dips below the oversold zone (currently set at 20.00); a bearish signal is generated when the RSI rises into the overbought zone (currently set at 80.00). Nevertheless with the RSI at 75.42 the market is somewhat overbought, but given the 50-Day new high here, greater overbought levels are likely.
VOLATILITY INDICATORS:
Bollinger Bands (20-Day Average +/-1 Standard Deviation): As prices are closer to the bottom band than the top band, the Bollinger Bands are indicating overbought prices. Volatility also appears to be increasing, as evidenced by a larger distance between the upper and lower bands over the past few sessions. Despite this overbought condition the market may become more overbought before turning lower. Also, given that we posted a 50-Day new high, the chance for further bullish momentum is higher. As a result, the market will look for additional weakening in prices before turning bearish on this indicator.
RESISTANCE AND SUPPORT LEVELS:
992.00 - Highest High in last 50-Days
992.00 - Highest High in last 10-Days
991.87 - 20-Day Simple Moving Average Plus 2 Standard Deviations
989.70 - High
988.20 - Last Price
985.60 - Low
982.47 - 3-Day Simple Moving Average
964.00 - 20-Day Simple Moving Average Plus 1 Standard Deviation
960.01 - 10-Day Simple Moving Average
933.22 - 25-Day Simple Moving Average
916.10 - Lowest Low in last 10-Days
908.24 - 20-Day Simple Moving Average Minus 1 Standard Deviation
902.24 - 50-Day Simple Moving Average
880.37 - 20-Day Simple Moving Average Minus 2 Standard Deviations
849.48 - 100-Day Simple Moving Average
797.20 - Lowest Low in last 50-Days
767.11 - 200-Day Simple Moving Average
COMEX Silver:
Silver futures are higher this morning extending the prior sessions gains. Trend indicators are indicating a bullish market and the overall strength of the trend is strong, as indicated by the ADX. Momentum readings are also in bullish territory. Also, the market just made a 50-Day new high here, indicating further strength. Look for more new highs.
TREND INDICATORS:
Simple Moving Average (10-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 10-Day simple moving average has a strong bullish bias.
Simple Moving Average (25-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 25-Day simple moving average has a strong bullish bias.
Simple Moving Average (50-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 50-Day simple moving average has a strong bullish bias.
ADX: The Average Directional Change (ADX) indicates the strength of a markets underlying trend. A rising ADX is interpreted as building trend strength, while a falling ADX indicates weakness in the underlying trend and the potential of a market reversal. On this market, the 14-Day ADX is rising, while the long term trend, based on a 50-Day moving average, is up. As the ADX is rising it indicates that the current trend is strong and should remain intact. Look for the current trend to continue.
MOMENTUM INDICATORS:
MACD: The MACD is in bullish territory. Also, the market just made a 50-Day new high here, indicating further strength. Look for more new highs.
RSI: The 14-Day RSI has issued a bearish signal (RSI is at 87.06). When RSI crosses above the overbought zone (currently set at 80.00) a bearish signal is issued.However, the market may continue to become more overbought before a top is established, particularly given the 50-Day new high here. We need to see evidence of a downturn in RSI before taking any bearish positions based on this indicator.
VOLATILITY INDICATORS:
Bollinger Bands (20-Day Average +/-1 Standard Deviation): As prices are closer to the bottom band than the top band, the Bollinger Bands are indicating overbought prices. Volatility also appears to be increasing, as evidenced by a larger distance between the upper and lower bands over the past few sessions. Despite this overbought condition the market may become more overbought before turning lower. Also, given that we posted a 50-Day new high, the chance for further bullish momentum is higher. As a result, the market will look for additional weakening in prices before turning bearish on this indicator.
RESISTANCE AND SUPPORT LEVELS:
20.740 - Highest High in last 50-Days
20.740 - Highest High in last 10-Days
20.500 - High
20.465 - Last Price
20.449 - 20-Day Simple Moving Average Plus 2 Standard Deviations
20.370 - Low
20.187 - 3-Day Simple Moving Average
19.242 - 20-Day Simple Moving Average Plus 1 Standard Deviation
18.995 - 10-Day Simple Moving Average
17.796 - 25-Day Simple Moving Average
17.205 - Lowest Low in last 10-Days
16.827 - 20-Day Simple Moving Average Minus 1 Standard Deviation
16.727 - 50-Day Simple Moving Average
15.620 - 20-Day Simple Moving Average Minus 2 Standard Deviations
15.570 - 100-Day Simple Moving Average
14.263 - 200-Day Simple Moving Average
14.080 - Lowest Low in last 50-Days
MCXARUN
9994500540
GENERAL MARKET CONDITIONS
Hardly anything to comment on the markets, as metals benefit from a weaker US dollar and soft equity markets. Some section of the market has started pricing in a 0.75% interest rate cut by the Fed this month. If equity markets continue to fall before the Fed meeting the Fed will definitely deliver a 0.75% interest rate cut. The run up to the Fed meeting will be interesting which will be volatile in all metals unlike February which was more or less one way traffic. Every US economic number before the Fed meeting will be read minutely by the markets.
The Euro has remained firm against the US dollar and the sterling. The prime reason for this is European traders diversifying exports to Asia and other emerging nations as a hedge against a US slowdown which has given good results. However when Asian and other countries slow down due to higher prices and a strong currency the eurozone will slow down and the euro will fall. The pace of the rise of the euro and metals has been on the higher side. When will the law of gravity act on metals remains to be seen, but it will happen sooner than later.
MCXARUN
9994500540
The Euro has remained firm against the US dollar and the sterling. The prime reason for this is European traders diversifying exports to Asia and other emerging nations as a hedge against a US slowdown which has given good results. However when Asian and other countries slow down due to higher prices and a strong currency the eurozone will slow down and the euro will fall. The pace of the rise of the euro and metals has been on the higher side. When will the law of gravity act on metals remains to be seen, but it will happen sooner than later.
MCXARUN
9994500540
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