CRUDE intraday

Crude oil was little changed in New York after rising to a record yesterday as investors purchased commodities as an alternative to flagging equities markets. Now support for the crude is seen at 6177 and below could see a test of 6110. Resistance is now likely to be seen at 6305, a move above could see prices testing 6366.
Trading Ideas
• TRADING RANGE IS 6110-6366.
• SELL CRUDE @ 6245-6260 SL 6300 TGT 6220-6190-6145-6080.. MCX
• IMP IS 140$ IN INTERNATIONAL.


MCXARUN
9994500540

silver intraday

Silver opened at 1840/1843 in New York. The metal followed gold and plunged on the back of a weaker Euro. Prices reached a low of 1800/1803 but quickly rallied as oil strengthened, climbing higher most of the morning. Silver slipped near noon as the Euro continued to weaken, but received support around 1826/1829 where it range traded and finally closed. Now support for the silver is seen at 25375 and below could see a test of 25024. Resistance is now likely to be seen at 26114, a move above could see prices testing 26502.

Trading Ideas:
• BUY SILVER SEPT @ 25650-700 SL 25560 TGT 25812-880-980. MCX
• SELL SILVER BELOW 24460 SL 24570 TGT 24345-270-24180-24080. MCX
• BELOW 24000 IMP SUPPORT IS AT 23650-480. MCX
• TRADING RANGE IS 25024-26502.

MCXARUN
9994500540

gold intraday

Gold opened in New York at its high of 944.00/945.00. The dollar rallied on the back of more dovish than expected comments by ECB President Trichet, causing gold to plummet. Prices rallied slightly as oil recovered, but the rally was short lived with the metal spending the rest of the session ticking lower, finally closing at 932.00/933.00. Now support for the gold MCX is seen at 12948 and below could see a test of 12843. Resistance is now likely to be seen at 13213, a move above could see prices testing 13373.


Trading Ideas:

• BUY GOLD @ 13050-13060 SL BELOW 12990 TGT 13090-13128-13156-13180. MCX
• SELL GOLD BELOW 12980 SL 13080 TGT 12925-880-835-760. MCX
• US MARKET CLOSED SO MKT WILL BE EYE CRUDE FOR CLUE AND TRADING FLAT TO NEGATIVE.
• TRADING RANGE IS 12843-13373.


MCXARUN
9994500540

safe trade calls

GOLD

THIS WAS OUR WORDS "close abv 13050 towards 13300 in coming days" AND SHARP RALLY SEEN ABOVE 13050. we book profit on buy abv 12375/12640/12900/13000-25, for the day buy only abv 13250 S/L 13220 and T/p 13300-330/sustain abv towards 13500 OR buy ard 12960-65 S/L 12950 and T/p 13020 upto 13080, as long support of 13000/12830 & 12760 uprally likely to continue (any time close above 13330/13510 bullish while close below 12750/12150/11920/11775/11375/ 11200 bearish for medium term)


SILVER


"US market will remain close on Friday on US Independence Day Holiday" book profit on buy abv 24975, for the day buy only abv 25925 S/L 25850 and T/p 26000/26150/towards 26500-800 in coming days OR buy ard 25330-40 S/L 25300 and T/p 25425-25550 (any time close below 24340/ 23525/23075/21825 bearish rally while close above 25925/26900/28000 bullish for medium term)


CRUDE


THIS WAS OUR WORDS YESTERDAY "as long support of 6040 & 5990 uptrend likely to continue" AND PRICE TURN EXACTLY FROM LOW=6050. book profit on buy above 5945/6120/6150, for the day buy only abv 6220 S/L 6195 and T/p 6250-70 upto 6300 OR buy ard 6000-2 S/L 5990 and T/p 6040 upto 6100, anytime sustain below 5990 sharp correction expected (now crude need to close above 6215 for bullish rally while close below 5990/5635/5440/5215/5100/ 4415/3890 bearish for medium term)


COPPER


THIS WAS OUR WORDS YESTERDAY abv 374 look towards 380/383" ACHIEVED. book profit on buy abv 374, for the day buy only abv 388 S/L 386 and T/p 390-92/395/398, close abv 398 seen new uprally OR buy ard 375-375.2 S/L 374 and T/p 378.5/380.5 (upside strong rally only on close above 387.5/ 398 while close below 361/351.5/339/ 331.5-330.5/326/311 bearish for medium term)


MCXARUN
9994500540

long view calls

LEAD
LIKELY TO TEST 72 - 70 UPTO 68 WITH ANY BREAK & CLOSE BELOW 74.5, ONLY CLOSE ABOVE 85 SOME UPTREND
AGAIN

ZINC
LIKELY TO TEST 78 -75 UPTO 72 WITH ANY BREAK & CLOSE BELOW 80.9 - 79.5, ONLY CLOSE ABOVE 86/87.5 SOME UPTREND AGAIN


NICKEL
LIKELY TO TEST 875-80 UPTO 860 WITH ANY BREAK & CLOSE BELOW 920-915, ONLY CLOSE ABOVE 990 & 1085 UPTREND AGAIN(JULY)

MCXARUN
9994500540

GENERAL MARKET CONDITIONS

It’s more of a US dollar depreciation story and interest rates for metals and energies than anything else. As long as US dollar continues to fall, crude oil will remain firm and gold will find investment demand on dips. European central bank will likely raise interest rates by a quarter today and will signal on more inflation controlling measures to come in the future. This can result in euro/usd breaking the 1.60 mark today. Unless the US June payrolls comes in positive we expect the US dollar to trade with a weaker bias for the rest of the week. However considering the present situation, only the brave hearted will short on the long weekend.

Copper has been gaining as more and more mine workers in Peru join the strike. Zinc, Nickel and lead have fallen instead of rising. Here the fundamental comes up. Zinc and Nickel are not bullish hence lack of investment interest and fall in prices. Further copper is considered as a hedge against a US dollar decline whereas zinc and lead are not. In 2008 there has been more or less a direct relationship between copper prices and the US dollar. Copper and other commodities are about investment demand in 2008. Fund manager always go long they never short sell. Copper and other commodities will be dictated by investment demand for the remaining six months of the year. LME Copper has a possibility of nearing $10,000 mark if it floats over $9,000 for two consecutive weeks.

NYMEX CRUDE OIL -- FUTURE -- INTRA DAY PIVOT: $147.60

Bearish below $138. As long as crude oil holds $138 it will target $147 and $152.

PLATINUM OCTOBER

Intra day bullish over $2056 targeting $2096 and $2132.

MCX CARBON CREDIT --NOVEMBER (price in Indian Rupees)

1552 price target achieved. Carbon credit targets 1600-1650 by next week as long as 1516 and 1488 holds. Volatility will rise with rise in prices.


MCXARUN
9994500540

zinc intraday

Zinc resistance could be 85
02 July 2008 10:54:27

Zinc yesterday we have seen that market has moved 0%. Market has opened at 84 & made a low of 83.1 versus the day high of 85.15. The total volume for the day was at 7453 lots and the open interest was at 5319.Now support for the zinc is seen at 82.95 and below could see a test of 82.

Resistance is now likely to be seen at 85, a move above could see prices testing 86.1.

• TRADING RANGE IS 82.00-87.00.
• BUY ZINC @ 82-82.60 SL 81.40 TGT 83.40-84.20-85.50. MCX
• A BREAK OF 85.70 WILL RALLY TILL 88.60-89 LEVEL SOON.


MCXARUN
9994500540