Friday, 12 October 2012

Commodity Weekly News, 8th - 12th Oct.

MCX GOLD Technical Trend
MCX GOLD DEC last week showed downtrend it moves in a downward channel pattern, took support around the psychological level of 31000 we expect if it break this level than it may find next support around lower band of channel i.e. 30650. Breakout of channel pattern is expected above 31350 after that next resistance is seen around 31650.
Better strategy in the MCX GOLD is to sell below 31000 for the target of 30650-30450, with stop loss of 31500.
MCX SILVER Technical Trend
MCX Silver last week showed down trend it took strong resistance of trend line from high of this contract now if it able to break 62600 on higher level than the breakout of trend line is expected. On other hand if this down trend continuous than it will find next support around 60500 below this it is too weak towards level of 59000.
Better strategy in MCX SILVER at this point of time is to buy above 62600 for the target of 63800-64700, with stop loss of 61000.
MCX CRUDE OIL Technical Trend
Crude  oil last week showed downtrend on weekly charts it broke trendline and gave closing below this. Now we expect this down trend is continuous if it able to break crucial support of 4570 below this it may find support around 4450. Some correction is expected only if it able to give closing above 4765.
Better strategy in MCX CRUDEOIL is to sell on highs, for the targets of 4570 with stop loss of 4825.
MCX Copper Technical Trend
MCX Copper last week showed downward trend on weekly chart it moves in an upward channel pattern and found strong support around 430 if it able to break this support than this week it may touch lower band of channel i.e. around 420. On daily charts it found strong resistance of 442 only above this correction is expected.
Better strategy in the MCX COPPER will be sell below 432, with the stop loss of 442 for the target of 420.


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