Copper shocked everybody as comex July futures rose to a record high of $427 just after the comex open and then crashed after mine workers at codelco mines agreed to end the 20 day strike. London Metal Exchange (LME) was closed yesterday else copper would have easily crossed the $9000 mark. The US is the hub of global paper trade while London is the hub of physical trade. Prices are never sustainable unless it is backed by adequate physical demand. We have seen this with gold, silver and some other base metals. Crude oil prices are firm despite greater investment demand as it is also backed by physical demand. Copper will find buyers on dips as long as LME (3 months) holds $8000.
Momentum traders were caught in the whirl pool of copper’s rise. One of my clients was short in comex copper around $396, the sudden rise scared the wits of him and he reversed his trade at $421 only to exit at $408. This person made a double loss while trading. Whenever prices reach a new historical level one needs to check the sustainability of the rise. One should wait and if prices stabilize then go long else go short. Stop losses are useless. One needs to keep in mind the stop loss prices before the trade is done but exit at market prices. Stop losses are bound to get triggered if one put it on the trading screen.
COPPER -- JULY FUTURE
Yesterday's rise to $427 was fake. For the day as long as copper holds $382 and $369 downside will be limited and copper can target $404 and $412.
NYMEX CRUDE OIL -- FUTURE
A break of $120.60 will result in $121.60 and $125.20. On the lower side only a consolidated fall below $116.20 will result in $113.20.
INDIAN RUPEE (USD/INR)
The Rupee has been consolidating in 40.44-40.77 wider range and should break out from this range soon. In the short run unless the rupee breaks 40.88-41.00 zone, the rupee will continue to find sellers on the rise. I have been asked whether the rupee has bottomed out at 39.25. The Rupee has room for more gains in the medium term, but the pace of gains will be slower than 2007. Crude oil prices and the performance of global equities will be the key for the rupee in the medium term. If crude oil continues to rise and global stock markets shag in the medium term, the rupee may reverse the direction from bullish to bearish. Average volatility will be around twenty paise in the next few weeks. Key intra day supports are 40.28 and 40.42 while resistance is at 40.73 and 40.88.
MCXARUN
9994500540
Wednesday, May 7, 2008
Tuesday, May 6, 2008
long view calls
GOLD
LIKELY TO TEST 11000 WITH ANY BREAK & CLOSE BELOW 11150, WHILE CLOSE ABV 12300-12400 UPRALLY AGAIN TEST 12700-800 ATLEAST(JUNE)
COPPER
LIKELY TO TEST 320 UPTO 314 WITH ANY BREAK & CLOSE BELOW 330-326.5, WHILE CLOSE ABOVE 361.25 UPRALLY TEST 370-375 ATLEAST(JUNE)
NAT GAS
LIKELY TO TEST 475-480 WITH ANY BREAK & CLOSE ABOVE 460, WHILE CLOSE BELOW 426.5-423 DOWN RALLY AGAIN TEST 415-10 ATLEAST(MAY)
SPOT GOLD INTERNATIONAL
LIKELY TO TEST $ 830 - 815 UPTO $ 800 WITH ANY BREAK & SUSTAIN CLOSE BELOW $ 845, WHILE CLOSE ABOVE $ 953-955 TEST $ 970-75 UPTO $ 990-1000 IN COMING DAYS
SPOT SILVER INTERNATIONAL
LIKELY TO $ 15.70/15.40 UPTO $ 15.25 WITH ANY BREAK & CLOSE BELOW $ 15.95, WHILE CLOSE ABOVE $ 18.75 UPRALLY TEST $ 19.25-30 UPTO $ 19.90 IN COMING DAYS
NICKEL
LIKELY TO TEST 1100-1085 WITH ANY BREAK & CLOSE BELOW 1120, WHILE CLOSE ABOVE 1190-1215 UPRALLY AGAIN(MAY)
SILVER
LIKELY TO TEST 21000 UPTO 20800 WITH ANY BREAK & CLOSE BELOW 1575-500, ONLY CLOSE ABOVE 22825 SOME UPSIDE AGAIN(JULY)
ALUMINUM
LIKELY TO TEST 110-108 WITH ANY BREAK & CLOSE BELOW 113, WHILE CLOSE ABOVE 124 LIKELY TO TEST 128-130 ATLEAST
MCXARUN
9994500540
LIKELY TO TEST 11000 WITH ANY BREAK & CLOSE BELOW 11150, WHILE CLOSE ABV 12300-12400 UPRALLY AGAIN TEST 12700-800 ATLEAST(JUNE)
COPPER
LIKELY TO TEST 320 UPTO 314 WITH ANY BREAK & CLOSE BELOW 330-326.5, WHILE CLOSE ABOVE 361.25 UPRALLY TEST 370-375 ATLEAST(JUNE)
NAT GAS
LIKELY TO TEST 475-480 WITH ANY BREAK & CLOSE ABOVE 460, WHILE CLOSE BELOW 426.5-423 DOWN RALLY AGAIN TEST 415-10 ATLEAST(MAY)
SPOT GOLD INTERNATIONAL
LIKELY TO TEST $ 830 - 815 UPTO $ 800 WITH ANY BREAK & SUSTAIN CLOSE BELOW $ 845, WHILE CLOSE ABOVE $ 953-955 TEST $ 970-75 UPTO $ 990-1000 IN COMING DAYS
SPOT SILVER INTERNATIONAL
LIKELY TO $ 15.70/15.40 UPTO $ 15.25 WITH ANY BREAK & CLOSE BELOW $ 15.95, WHILE CLOSE ABOVE $ 18.75 UPRALLY TEST $ 19.25-30 UPTO $ 19.90 IN COMING DAYS
NICKEL
LIKELY TO TEST 1100-1085 WITH ANY BREAK & CLOSE BELOW 1120, WHILE CLOSE ABOVE 1190-1215 UPRALLY AGAIN(MAY)
SILVER
LIKELY TO TEST 21000 UPTO 20800 WITH ANY BREAK & CLOSE BELOW 1575-500, ONLY CLOSE ABOVE 22825 SOME UPSIDE AGAIN(JULY)
ALUMINUM
LIKELY TO TEST 110-108 WITH ANY BREAK & CLOSE BELOW 113, WHILE CLOSE ABOVE 124 LIKELY TO TEST 128-130 ATLEAST
MCXARUN
9994500540
safe trade calls
GOLD
book profit on buy abv 11375, for the day buy only abv 11525 S/L 11510 and T/p 11550/600/11650 where good resist seen again OR sell below 11360-330 S/L 11380 and T/p 11300-250/11200-11150/100 upto 11025 (any time close above 11650/12000/12300-400/13100/ 13425 bullish while close below 11000-10925 bearish for medium term)
SILVER
book profit on buy abv 22200, for the day buy only abv 22550 S/L 22475 and T/p 22600-650/750-800 where good resist seen again OR sell below 22250-240 S/L 22310 and T/p 22150/22050/ sustain below test 21950/21800/21725-650/21575/down rally (any time close below 21575-500/20400/19250/18775 bearish rally while close above 22825/ 23600/24500/26300/27700 bullish for medium term)
CRUDE
for the day buy only abv 4875 S/L 4855 and T/p 4900-4930 atleast upto 4970 OR buy ard 4755-62 S/L 4750 and T/p 4790-4825, only sustain below 4740-4700 down rally again (now crude need to close above 4875 for bullish rally while close below 4695/4475/4365/ 4260/4080/3960-3905 bearish for medium term)
COPPER
book profit on buy abv 343.5-344, for the day sell only below 342.5 S/L 344 and T/p 341-40/sustain below test 335-332 atleast OR buy only abv 353.5 S/L 351.75 and T/p 356-358.5 where resist seen again (upside strong rally only on close above 361.5 while close below 340/330-326.5/310 bearish for medium term)
MCXARUN
9994500540
book profit on buy abv 11375, for the day buy only abv 11525 S/L 11510 and T/p 11550/600/11650 where good resist seen again OR sell below 11360-330 S/L 11380 and T/p 11300-250/11200-11150/100 upto 11025 (any time close above 11650/12000/12300-400/13100/ 13425 bullish while close below 11000-10925 bearish for medium term)
SILVER
book profit on buy abv 22200, for the day buy only abv 22550 S/L 22475 and T/p 22600-650/750-800 where good resist seen again OR sell below 22250-240 S/L 22310 and T/p 22150/22050/ sustain below test 21950/21800/21725-650/21575/down rally (any time close below 21575-500/20400/19250/18775 bearish rally while close above 22825/ 23600/24500/26300/27700 bullish for medium term)
CRUDE
for the day buy only abv 4875 S/L 4855 and T/p 4900-4930 atleast upto 4970 OR buy ard 4755-62 S/L 4750 and T/p 4790-4825, only sustain below 4740-4700 down rally again (now crude need to close above 4875 for bullish rally while close below 4695/4475/4365/ 4260/4080/3960-3905 bearish for medium term)
COPPER
book profit on buy abv 343.5-344, for the day sell only below 342.5 S/L 344 and T/p 341-40/sustain below test 335-332 atleast OR buy only abv 353.5 S/L 351.75 and T/p 356-358.5 where resist seen again (upside strong rally only on close above 361.5 while close below 340/330-326.5/310 bearish for medium term)
MCXARUN
9994500540
comex gold outlook
Gold prices continued recovery following last week’s sharp losses, supported by a rally in oil prices to a fresh high above $120 a barrel and weakness in the dollar.
International spot gold traded in the range $857.55 - $874.05 and last quoted at $873.05 ($855.45).
Dollar continued to ease despite an unexpectedly strong data from the US Service sector. According to data released yesterday, the ISM's non-manufacturing index rose to 52.0% in April from 49.6% in March.
The greenback was affected by the Federal Reserve’s senior loan officer survey, which found Consumers and businesses found it harder to borrow money over the past three months, which indicates that the credit crunch might be still worsening despite the Fed’s grave efforts.
The Fed on Wednesday cut its overnight lending rate by 25 basis points to 2 percent and signaled that its next move would depend on developments in financial markets and the economy. The Feds signal boosted the optimism of the traders in the currency market. Since mid-September, the US central bank has slashed the fed funds rate target by 3.25 percentage points to shore up an economy.
The Conference Board’s April consumer confidence index had descended to 62.3 from an upwardly revised reading of 65.9 in March.
Also the University of Michigan/Reuters' consumer sentiment index declined to 62.6 in April from 69.5 in March.
The US Commerce Department had revealed that the nation's trade deficit expanded unexpectedly by 5.7% to $62.3 billion in February.
Oil prices crossed above $120 a barrel yesterday, for the first time ever, as geo-political tensions especially in Nigeria, where a militant attack disrupted oil production in facilities belonging to Anglo-Dutch oil group Royal Dutch Shell, added to supply jitters.
Crude oil June in NYMEX traded as high as $120.23 and closed at $120.20 ($116.32).
Medium term outlook (Spot Gold)
Weak below $881; supports are $872, $861, $849, $835, $817, $800; resistances $896, $906, $926.
Last day DGCX Gold June traded in the range $864.00 – $875.50 and closed at $875.10 ($858.90).
DGCX Gold June
TECHNICAL OUTLOOK (Intra-day)
GOLD (June) - Bullish above $ 874.80; bearish below $ 870.00
MCXARUN
9994500540
International spot gold traded in the range $857.55 - $874.05 and last quoted at $873.05 ($855.45).
Dollar continued to ease despite an unexpectedly strong data from the US Service sector. According to data released yesterday, the ISM's non-manufacturing index rose to 52.0% in April from 49.6% in March.
The greenback was affected by the Federal Reserve’s senior loan officer survey, which found Consumers and businesses found it harder to borrow money over the past three months, which indicates that the credit crunch might be still worsening despite the Fed’s grave efforts.
The Fed on Wednesday cut its overnight lending rate by 25 basis points to 2 percent and signaled that its next move would depend on developments in financial markets and the economy. The Feds signal boosted the optimism of the traders in the currency market. Since mid-September, the US central bank has slashed the fed funds rate target by 3.25 percentage points to shore up an economy.
The Conference Board’s April consumer confidence index had descended to 62.3 from an upwardly revised reading of 65.9 in March.
Also the University of Michigan/Reuters' consumer sentiment index declined to 62.6 in April from 69.5 in March.
The US Commerce Department had revealed that the nation's trade deficit expanded unexpectedly by 5.7% to $62.3 billion in February.
Oil prices crossed above $120 a barrel yesterday, for the first time ever, as geo-political tensions especially in Nigeria, where a militant attack disrupted oil production in facilities belonging to Anglo-Dutch oil group Royal Dutch Shell, added to supply jitters.
Crude oil June in NYMEX traded as high as $120.23 and closed at $120.20 ($116.32).
Medium term outlook (Spot Gold)
Weak below $881; supports are $872, $861, $849, $835, $817, $800; resistances $896, $906, $926.
Last day DGCX Gold June traded in the range $864.00 – $875.50 and closed at $875.10 ($858.90).
DGCX Gold June
TECHNICAL OUTLOOK (Intra-day)
GOLD (June) - Bullish above $ 874.80; bearish below $ 870.00
MCXARUN
9994500540
energy intraday
Crude oil prices crept higher Monday following a weekend attack on a Nigerian oil installation, but the strengthening U.S. dollar limited the market's gains. Four months after first hitting triple digits, the price of oil breached $120 a barrel Monday for the first time in a rally of unexpected intensity.
Supply issues in Nigeria and tensions between Iran and the West are at play here, Royal Dutch Shell was forced to shut more of its production in Nigeria after a militant attack on Saturday on a flow station in the oil-rich Niger Delta, where local militants have stepped up a campaign of violence.
A few oil delivery lines are affected and some oil has spilled into the environment, a Shell spokesman said. Recent violence has already cut 164,000 barrels per day (bpd) of Shell production in Nigeria
In the Middle East, Iran's Foreign Ministry said on Monday it would not consider any incentives offered by world powers that violated Tehran nuclear rights, ruling out a key demand that it halt uranium enrichment program.
The comments come just three days after major powers said they would make a new offer to convince the Islamic Republic to halt its nuclear plans, a process which the West believes Tehran wants to master so that it can build nuclear weapons.
Renewed clashes between Turkey and Kurdish rebels in northern Iraq also lent support to oil prices. The Turkish army said on Saturday that it killed more than 150 Kurdish PKK fighters in air strikes in northern Iraq last week, but the rebel group denied this and security forces in the region also expressed scepticism
The dollar eased marginally on Monday, but held on to most of last week's gains, supported by expectations the Federal Reserve will not need to cut interest rates again to cushion the economy from the credit crisis.
Natural gas futures continued to rise Monday, climbing with higher crude oil prices and forecasts of below-normal temperatures in the Great Lakes and Midwest over the next two weeks.
The National Weather Service was predicting below-normal temperatures across the entire upper half of the continental U.S., particularly in the Great Lakes region, from May 10 to May 14. Colder-than-normal temperatures were also expected in the northern half of the U.S. from May 12 to May 18.
MCX Crude Oil May (Daily Chart)
Technical Outlook:The daily stochastic have crossed over up which is a bullish indication. The stochastic 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 EMA. The downside closing price reversal on the daily chart is somewhat negative.
Market is expected to remain positive and the resistance is seen at 4917 levels. If market breaches 4917 may see prices to take further upside towards 4979 and 5087 however if it holds back below 4747 may see prices to fall further on today. Major support is seen at 4639 and 4577
Recommendations-MCX Crude Oil May: Buy at 4820 Target 4895 and 4965 Stop loss 4775
MCX Natural gas May (Daily Chart)
Technical Outlook:The daily stochastic have crossed over up which is a bullish indication. The stochastic 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 EMA. The downside closing price reversal on the daily chart is somewhat negative.
Market is expected to remain positive and the resistance is seen at 457.90 levels. If market breaches 457.90 may see prices to take further upside towards 462.90 and 472.60 however if it holds back below 443.20 may see prices to fall further on today. Major support is seen at 433.50 and 428.50
Recommendations-MCX Natural Gas May: Buy at 449 Target 457 and 463 Stop loss at 443
MCXARUN
9994500540
Supply issues in Nigeria and tensions between Iran and the West are at play here, Royal Dutch Shell was forced to shut more of its production in Nigeria after a militant attack on Saturday on a flow station in the oil-rich Niger Delta, where local militants have stepped up a campaign of violence.
A few oil delivery lines are affected and some oil has spilled into the environment, a Shell spokesman said. Recent violence has already cut 164,000 barrels per day (bpd) of Shell production in Nigeria
In the Middle East, Iran's Foreign Ministry said on Monday it would not consider any incentives offered by world powers that violated Tehran nuclear rights, ruling out a key demand that it halt uranium enrichment program.
The comments come just three days after major powers said they would make a new offer to convince the Islamic Republic to halt its nuclear plans, a process which the West believes Tehran wants to master so that it can build nuclear weapons.
Renewed clashes between Turkey and Kurdish rebels in northern Iraq also lent support to oil prices. The Turkish army said on Saturday that it killed more than 150 Kurdish PKK fighters in air strikes in northern Iraq last week, but the rebel group denied this and security forces in the region also expressed scepticism
The dollar eased marginally on Monday, but held on to most of last week's gains, supported by expectations the Federal Reserve will not need to cut interest rates again to cushion the economy from the credit crisis.
Natural gas futures continued to rise Monday, climbing with higher crude oil prices and forecasts of below-normal temperatures in the Great Lakes and Midwest over the next two weeks.
The National Weather Service was predicting below-normal temperatures across the entire upper half of the continental U.S., particularly in the Great Lakes region, from May 10 to May 14. Colder-than-normal temperatures were also expected in the northern half of the U.S. from May 12 to May 18.
MCX Crude Oil May (Daily Chart)
Technical Outlook:The daily stochastic have crossed over up which is a bullish indication. The stochastic 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 EMA. The downside closing price reversal on the daily chart is somewhat negative.
Market is expected to remain positive and the resistance is seen at 4917 levels. If market breaches 4917 may see prices to take further upside towards 4979 and 5087 however if it holds back below 4747 may see prices to fall further on today. Major support is seen at 4639 and 4577
Recommendations-MCX Crude Oil May: Buy at 4820 Target 4895 and 4965 Stop loss 4775
MCX Natural gas May (Daily Chart)
Technical Outlook:The daily stochastic have crossed over up which is a bullish indication. The stochastic 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 EMA. The downside closing price reversal on the daily chart is somewhat negative.
Market is expected to remain positive and the resistance is seen at 457.90 levels. If market breaches 457.90 may see prices to take further upside towards 462.90 and 472.60 however if it holds back below 443.20 may see prices to fall further on today. Major support is seen at 433.50 and 428.50
Recommendations-MCX Natural Gas May: Buy at 449 Target 457 and 463 Stop loss at 443
MCXARUN
9994500540
basemetals intreaday
Copper
Copper soared to a record inNew York, topping $4.26 a pound, as contract workers inChile, the world's largest producer of the metal, extended a strike, disrupting supplies. MCX Copper May traded as high as 361.20 (+6%) on Strike News despite the fact that LME remain closed for the day.
A union atChile's state-owned Codelco said the company's second-largest mine remains closed today. The strike that began on April 16 has disrupted output at three mines.
Before today, copper had jumped 26 percent this year as a slumping dollar boosted demand for commodities as a hedge against inflation. Falling copper inventories and labor unrest also spurred concerns that supplies will trail demand.
London Metal Exchange, the world's largest market for industrial metals, was closed today for a public holiday
MCX Copper June - Technical Outlook:
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 EMA. The downside closing price reversal on the daily chart is somewhat negative.
Market is expected to remain positive and the resistance is seen at 360.8 levels. If market breaches 360.8 may see prices to take further upside towards 371.0 and 380.8, however if it holds back below 340.9 may see prices to fall further on today. Major support is seen at 331.1 and 320.9
Recommendations-MCX Copper June: Buy at 346-347 Target 355 and 360 SL 342
Nickel
MCX Nickel traded volatile following movement in Copper, market traded as high as 1180, while LME remain closed for public holiday.
MCX Nickel May -Technical Outlook:
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 EMA. The downside closing price reversal on the daily chart is somewhat negative.
Market is expected to remain positive and the resistance is seen at 1180.5 levels. If market breaches 1180.5 may see prices to take further upside towards 1196.5 and 1213.0, however if it holds back below 1148.0 may see prices to fall further on today. Major support is seen at 1131.5 and 1115.5
Recommendations:MCX Nickel May: Buy at 1155 Target 1168 and 1182 SL 1139
Zinc
MCX Zinc May traded volatile in tight range of 89.50-92, while Lme remained closed for the day. Market mostly followed Copper, Crude Oil and Gold.
Refined zinc prices may climb by more than 50 percent in the next five years as growth in mine supply slows and leads to a global shortage of the metal used to galvanize steel.
MCX Zinc May -Technical Outlook:
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 EMA. The downside closing price reversal on the daily chart is somewhat negative.
Market is expected to remain positive and the resistance is seen at 91.8 levels. If market breaches 91.8 may see prices to take further upside towards 93.2 and 94.3 however if it holds back below 89.3 may see prices to fall further on today. Major support is seen at 88.2 and 86.8
Recommendations-MCX Zinc May: Sell at 91.30 Target 89.60 and 88 Stop loss at 92.40
Lead
Mcx Lead mostly traded up following other base metals, market-traded volatile in range of 103.75 –107 closed with minor gains.
MCX Lead May -Technical outlook:
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 negative as the close remains below the 9-day EMA. The upside closing price reversal on the daily chart is somewhat positive.
Market is expected to remain negative and the support is seen at 103.7 If market breaches below 103.7 may see prices to take further correction towards 102.1 and 100.5, However if it holds back above 107.0 may see prices to rise further on today. Major resistance is seen at 108.6 and 110.2
Recommendations –MCX Lead May: Sell at 105.20 Target 103 and 102 SL 106.10
Aluminium
MCX Aluminium May traded positive following gains in Copper and Nickel, while LME remained closed for the day on public holiday.
MCX Aluminium May traded in range of 117 – 118.65, closed with minor gains.
MCX Aluminium May -Technical outlook:
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 EMA. The downside closing price reversal on the daily chart is somewhat negative.
Market is expected to remain positive and the resistance is seen at 118.8 levels. If market breaches 118.8 may see prices to take further upside towards 119.6 and 120.5, however if it holds back below 117.2 may see prices to fall further on today. Major support is seen at 116.3 and 115.5
Recommendations–MCX Aluminium May: Buy at 117.80-118 Target 119.50 and 121 SL 117.10
MCXARUN
9994500540
Copper soared to a record inNew York, topping $4.26 a pound, as contract workers inChile, the world's largest producer of the metal, extended a strike, disrupting supplies. MCX Copper May traded as high as 361.20 (+6%) on Strike News despite the fact that LME remain closed for the day.
A union atChile's state-owned Codelco said the company's second-largest mine remains closed today. The strike that began on April 16 has disrupted output at three mines.
Before today, copper had jumped 26 percent this year as a slumping dollar boosted demand for commodities as a hedge against inflation. Falling copper inventories and labor unrest also spurred concerns that supplies will trail demand.
London Metal Exchange, the world's largest market for industrial metals, was closed today for a public holiday
MCX Copper June - Technical Outlook:
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 EMA. The downside closing price reversal on the daily chart is somewhat negative.
Market is expected to remain positive and the resistance is seen at 360.8 levels. If market breaches 360.8 may see prices to take further upside towards 371.0 and 380.8, however if it holds back below 340.9 may see prices to fall further on today. Major support is seen at 331.1 and 320.9
Recommendations-MCX Copper June: Buy at 346-347 Target 355 and 360 SL 342
Nickel
MCX Nickel traded volatile following movement in Copper, market traded as high as 1180, while LME remain closed for public holiday.
MCX Nickel May -Technical Outlook:
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 EMA. The downside closing price reversal on the daily chart is somewhat negative.
Market is expected to remain positive and the resistance is seen at 1180.5 levels. If market breaches 1180.5 may see prices to take further upside towards 1196.5 and 1213.0, however if it holds back below 1148.0 may see prices to fall further on today. Major support is seen at 1131.5 and 1115.5
Recommendations:MCX Nickel May: Buy at 1155 Target 1168 and 1182 SL 1139
Zinc
MCX Zinc May traded volatile in tight range of 89.50-92, while Lme remained closed for the day. Market mostly followed Copper, Crude Oil and Gold.
Refined zinc prices may climb by more than 50 percent in the next five years as growth in mine supply slows and leads to a global shortage of the metal used to galvanize steel.
MCX Zinc May -Technical Outlook:
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 EMA. The downside closing price reversal on the daily chart is somewhat negative.
Market is expected to remain positive and the resistance is seen at 91.8 levels. If market breaches 91.8 may see prices to take further upside towards 93.2 and 94.3 however if it holds back below 89.3 may see prices to fall further on today. Major support is seen at 88.2 and 86.8
Recommendations-MCX Zinc May: Sell at 91.30 Target 89.60 and 88 Stop loss at 92.40
Lead
Mcx Lead mostly traded up following other base metals, market-traded volatile in range of 103.75 –107 closed with minor gains.
MCX Lead May -Technical outlook:
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 negative as the close remains below the 9-day EMA. The upside closing price reversal on the daily chart is somewhat positive.
Market is expected to remain negative and the support is seen at 103.7 If market breaches below 103.7 may see prices to take further correction towards 102.1 and 100.5, However if it holds back above 107.0 may see prices to rise further on today. Major resistance is seen at 108.6 and 110.2
Recommendations –MCX Lead May: Sell at 105.20 Target 103 and 102 SL 106.10
Aluminium
MCX Aluminium May traded positive following gains in Copper and Nickel, while LME remained closed for the day on public holiday.
MCX Aluminium May traded in range of 117 – 118.65, closed with minor gains.
MCX Aluminium May -Technical outlook:
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 EMA. The downside closing price reversal on the daily chart is somewhat negative.
Market is expected to remain positive and the resistance is seen at 118.8 levels. If market breaches 118.8 may see prices to take further upside towards 119.6 and 120.5, however if it holds back below 117.2 may see prices to fall further on today. Major support is seen at 116.3 and 115.5
Recommendations–MCX Aluminium May: Buy at 117.80-118 Target 119.50 and 121 SL 117.10
MCXARUN
9994500540
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