Saturday, 20 October 2012

Weekly Commodity Report : for this Week

MCX GOLD Technical Trend
MCX GOLD last week showed downtrend it moves in a downward channel pattern and faced strong resistance of upper band of channel, now if it able to break this resistance than we expect bull trend in it towards the level of 31750. On other hand if it breaks psychological support of 31000 than it may find next support around 30750.

Better strategy in the MCX GOLD is to buy above 31510 for the target of 31750-3200, with stop loss of 31100.

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 62350 on higher level than the breakout of trend line is expected. On other hand if it breaks 61000 than this down trend continuous and find next support around 59900 below this it is too weak towards level of 58500.

Better strategy in MCX SILVER at this point of time is to sell below 61000 for the target of 59900-58500, with stop loss of 62350.

MCX CRUDEOIL Technical Trend
Crude  oil last week broke strong resistance of 4910 but not able to closed above this and from a reversal pattern on daily charts, now if it take reversal from here than it may find strong  support around 4800 below this it is weak towards level of 4600. Correction is expected only if it able to give closing above 4910.

Better strategy in MCX CRUDEOIL is to sell on highs, for the targets of 4600 with stop loss of 4970.

MCX Copper Technical Trend
MCX Copper last week showed sideways movement consolidates around its strong support of 431 if it breaks this support than it will be in weak zone towards level of 420. From last two weeks it moves in range of 431-442. On daily charts it face resistance of trendline from its high, above 442 breakout is expected and some corection is seen in it.

Better strategy in the MCX COPPER will be sell below 431, with the stop loss of 440 for the target of 420.


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