GOLD
Chances
are bright for a dead cat bounce from lower levels, trade safely
Last week, we have seen negative bias trading in Gold.
It unable to breach its resistance level of 28900 and crashed vertically to
28305 and finally settled with a weekly loss of 0.47% at 28466 along with it
closed below 21DEMA but above 55DEMA which is at 28766 and 28359 respectively.
Gold
has support at 28450---28200 and resistance at 28900. Close below 28450 will
take to 28200. Two consecutive closes
below 28200 will see further downside panic till 27600---27450 mark else it
could test its resistance level of 28650---28900 again. Further upside rally
will see only weekly close above 28900 mark. Three consecutive closes + weekly
close above 28900 will see sharp upside move in Gold till 29050 and then to
29650+ mark in days to come. MACD and RSI are showing negative diversion on
daily as well as on weekly chart. On Comex division, Gold has support at $1200
and resistance at $1225---$1240. Either side break or close with volume will
decide further. This week, we will expect Gold to trade in a range though bias
remains negative. Traders can trade in a range with strict stop loss and wait
for confirmation.
Recommendation
Traders
can trade in a range with levels only and wait for confirmation
SILVER
Overall trend looks weak and on rise sell it, be
cautious at upper levels
Panic continues in Silver and made a low of 35416
mark. We recommended positional selling on rise with stop loss above 38800 on
closing basis and finally settled with a weekly loss of 2.04% at 35922 along
with it closed below 21DEMA and 55DEMA which is at 36777 and 36444
respectively.
Silver has support at 35900 and resistance at
36400---37000. Three consecutive closes + weekly close below 35900 will see
free fall in Silver till 34600---33800 and then to 33000 mark In days to come
else it could test its resistance level of 36400---37000 again. Further upside
rally will see only above 37000 mark. Three consecutive closes + weekly close
above 37400 will see fire in Silver till but chances are unlikely to breach its
resistance level of 37000 in near terms. On Comex division, Silver has support
at $14.60. Close below $14.60 will see downside panic till $13.80---$13.20 in
days to come. Hurdle intact at $15.30---$15.80. MACD and RSI shows negativity
on charts and chances are bright for downside move in it. Any sharp panic will
be selling opportunity in Silver but trade with strict stop loss.
Recommendation
Sell
Silver on rise around 36400 with stop loss above 37000 for the downside target
of 34600---33800---33000
CRUDE OIL
Panic
continues in Crude oil, trend still looks negative but trade with levels only
Last week, we have seen negative bias trading in Crude
oil. It crashed vertically and made a low of 2453. We recommended selling below
2740 mark and finally settled with a weekly loss of 7.34% at 2463 along with it
closed below 21DEMA but above 55DDEMA which is at 2533 and 2438 respectively.
This week, Crude oil has support at 2430 and
resistance at 2560. Two consecutive closes below 2430 will take to 2280---2230
mark in days to come else it could test its resistance level of 2560 again.
Further upside rally will see only close above 2560 mark. Close above 2560 will
take to 2620---2680 and then to 2750+ mark in days to come. Further upside
rally will see only weekly close above 2840 mark. Now down side and upper side
seems limited in Crude oil and we will expect a long consolidation phase in
Crude oil for next few weeks in the range of 1800---2800. MACD and RSI too not
indicating clear direction on charts. Here traders can try to trade safely with
levels only. Nimble traders can try to get an opportunity to trade with in and
out strategy until and unless any major clear direction seen in it or news
comes out from developed economics. Positional traders can sell Crude oil below
2430 with stop loss above 2560 for the downside target of 2280---2230.
Recommendation
Positional
traders can sell Crude oil below 2430 with stop loss above 2560 for the
downside target of 2280---2230.
NATURAL GAS
Upper
side seems limited, so be cautious at upper levels
Last week, Natural gas traded in a range of 128---135
and finally settled with a weekly gain of 2.13% at 123.30 along with it closed
above 21DEMA and 55DEMA which is at 126.00 and 129.80 respectively.
This week, Natural gas has support at 128 and
resistance at 135. Close below 128 will take to 124---121 and then to 118 mark.
Further downside move will see only weekly close below 118 mark else it could
test its resistance level of 135 again. Further upside rally will see only
close above 135 mark. Two consecutive closes above 135 will take to 139---142+
mark in days to come.. Last time we clearly indicated that we will expect dead
cat bounce in Natural gas from lower levels and our expectation proven great. Now
natural gas is showing some weakness on daily chart and chances are unlikely to
breach its resistance level of 135 mark but trade safely with levels only and
wait for confirmation.
Recommendation
Traders
can sell Natural gas around 132 with stop loss above 135 for the downside
target of 128
COPPER
We will expect high volatility in Copper, trade safely
with levels only
As expected, Copper crashed vertically and made a low
of 317.70. We recommended selling below 328 level and finally settled with a
weekly loss of 4.07% at 318.55 also closed below 21DEMA and 55DEMA which is at 327.60
and 323.50 respectively.
Copper has support at 317 and resistance at 324. Close
below 317 will take to 312---306 mark. More and more panic will see only weekly
close below 306 else it could test its resistance level of 324 again. Further
upside rally will see only weekly close above 324 mark. Two consecutive closes
above 324 will see sharp upside rally till 329---334+ mark in days to come. Here
chances are bright for downside move and any sharp rise will be selling
opportunity in Copper but trade with levels only. Traders can sell Copper below
317 with stop loss above 324 for the downside target of 312---309---306.
Recommendation
Sell Copper below 317 with stop loss above 324 for the
downside target of 312---309---306.
NICKEL
Trend looks weak and on rise sell it….
Last week, Nickel too traded with negative bias. It
unable to breach its resistance level of 600 and crashed vertically to 554.60 and
finally settled with a weekly loss of 4.32% at 555.90 also closed below 21DEMA
and 55DEMA which is at 574.10 and 579.65 respectively.
This week, Nickel has support at 540---525 and
resistance at 580. Still looks weak and could test its support level of
540---525 mark. More and more downside panic will see only weekly close below
525 mark else it could test its resistance level of 570---580 mark. More and
more upside rally will see only close above 580 mark. MACD and RSI too
indicating negative diversion on charts and chance are unlikely to breach its
resistance level of 580 mark but trade with levels only. Nimble traders can
sell Nickel on rise around 560---570 with strict stop loss above 580 on closing
basis for the downside target of 540---525.
Recommendation
Sell
Nickel on rise around 560---570 with strict stop loss above 580 on closing
basis for the downside target of 540---525.
Soyabean
Rally remain continue, any sharp panic will be buying
opportunity in it
We have seen mind blowing rally in Soyabean from
3845---4125 mark. We recommended buying in Soyabean above 3845 and finally
settled with a weekly gain of 3.37% at 4105 also close above 21DEMA and 55DEMA
which is at 3962 and 3847 respectively.
Soyabean has support at 4000 and resistance at
4130---4180. Looks positive and could test its resistance level of 4130---4180
mark. Two consecutive closes above 4180 will see further upside rally till
4280---4350+ mark in days to come. Soyabean formed triangle pattern on daily
chart and its target looks 4430 mark. Below 4000 it could test 3930---3850. More
and more panic will see only weekly close below 3850 mark. On seeing
fundamental and technical outlook, chances are bright for upside move in
Soyabean along with it MACD and RSI too shows strength on daily chart but trade
with levels only. Those are holding long as per our level can book part profit
and revise stop loss below 4000 on closing basis. Others can buy Soyabean in
panic around 4080---4050 with stop loss below 4000 on closing basis for the
initial target of 4130---4150
Recommendation
Buy Soyabean in panic around 4080---4050 with stop
loss below 4000 on closing basis for the initial target of 4130---4150
More will be update soon time to time. Keep watching this space.
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