Thursday, 1 November 2012

Commodity Weakly News and Updates

MCX GOLD last week showed upward trend it moves in a downward channel pattern and faced strong resistance of upper band of channel, now if it able to break resistance of 31520 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 MCX GOLD is to buy above 31520 for the target of 31750-32000 with stop loss of 31000.

MCX SILVER last week showed down trend and moves in channel pattern on daily chart. Now 59350 is seen as immediate support for it below this it may touch lower band of channel i.e. around 58500. On higher level 61050 is act as resistance for it only above this we expect some correction in it.

Better strategy in MCX SILVER at this point of time is to sell below 59600 for the target of 58500-58000, with stop loss of 61100.

MCX Copper 
MCX Copper last week showed sideways movement consolidates around its strong support, and form head and sholder pattern if it breaks support of 431 than it will be in weak zone towards level of 420. On higher level if it give closing above 445 than some correction is expected in it.

Better strategy in the MCX COPPER will be sell below 432, with the stop loss of 445 for the target of 420.

Crude  oil last week broke strong resistance of 5010 but not able to closed above this and form 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 5010.

Better strategy in MCX CRUDEOIL is to sell on highs, for the targets of 4800 with stop loss of 5050.


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