Thursday 27 September 2012

Weekly Commodity News : from 24-28 sept.



MCX GOLD Technical Trend
     MCX GOLD on its weekly chart forms an upward channel pattern and last week gave closing below the upper band of channel, now some correction is expected below 31450 and may find next support around 31150. On other hand if it gives closing above 31750 than this bull rally continuous and may break resistance level of 32100 above this we expect it makes new highs.

Strategy
Better strategy in the MCX GOLD is to sell below 31450. For the target of 31100, with stop loss of 31850.

MCX SILVER Technical Trend
      MCX SILVER last week showed sideways movement and consolidated around the upper band of channel. Now 62500 is act as strong support for it below this it is weak towards level of 61400-60500. On higher level 64850 is act as resistance for it if able to break this resistance than it may find next resistance around level of 65750-67000.

Strategy
    Better strategy in the MCX SILVER at this point of time is to buy above 64850. For the target of 65750-67500, with stop loss of 62500.

MCX CRUDEOIL Technical Trend
     Crude  oil last week broke upward channel pattern and showed downward trend now 4950 is act as strong support for it below this it may find next support around level of 4820. On higher level 5060 is act as resistance for it only above this some correction is expected towards level of 5180.

Strategy
      Better strategy in MCX CRUDEOIL is to sell on highs, for the targets of 4820.  With stop loss of 5120.

MCX Copper Technical Trend
     MCX Copper last week broke strong support of 448 and gaves closing below this now if it break level of 445 which is its 38.2% retracement than it may find next support around 50% retracement i.e. around 440 below this it is too weak. On other hand correction is expected only above 452.50.

Strategy
     Better strategy in the MCX COPPER will be sell below 445, with the stop loss of 456 for the targets of 436.




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