WEEKLY COMMODITY REPORT 03-MAR TO 08-MAR-2014
WEEKLY COMMODITY REPORT 03-MAR TO 08-MAR-2014
BULLIONS WEEKLY TECHNICAL LEVELS GOLD(APR) MCX 4 HOURLY CHART
TRADING STRATEGY: Gold headed for the first back-to-back monthly gain since August as concern that the U.S. recovery may be losing momentum and turmoil in emerging markets boosted having demand. Last week Gold advanced in the Comex marginally though the gains were limited amidst the better than expected US economic data on durable goods order whereas additional pressure came in from the comments of Fed Chair Yellen who said the bank might look for tapering only if US economy sees significant downside from current levels. Gold return after taking resistance at 30400. We expect, before going to test 30500 level gold may correct up to 29800 level.
1. Buy GOLD MCX Above 30280 TGT 30400/30600 SL 30030 2. Sell GOLD MCX Below 29750 TGT 29600/29400 SL 30000
WEEKLY PIVOTAL S1
29847
S2
29605
CLOSE
30090
R1
30366
R2
30643
WEEKLY COMMODITY REPORT 03-MAR TO 08-MAR-2014
BULLIONS WEEKLY TECHNICAL LEVELS SILVER (MAY) MCX 4 HOURLY CHART
TRADING STRATEGY: Silver as a commodity did not performed much last week compare to gold. Though looking at the current tight scenario, we are not advising any trend for Intra-day. Overall for silver, have a moderately bullish bias for coming week though suggest strict stop loss based trading approach as mentioned below.
1. Buy SILVER MCX (MAY) Above 48000 TGT 48350/48850 SL 47500 2. Sell SILVER MCX (MAY) Below 46750 TGT 46400/45900 SL 47250
WEEKLY PIVOTAL S1
46577
S2
45877
CLOSE
47277
R1
48581
R2
49885
WEEKLY COMMODITY REPORT 03-MAR TO 08-MAR-2014
ENERGY WEEKLY TECHNICAL LEVELS CRUDE OIL (MAR) MCX 4 HOURLY CHART
TRADING STRATEGY: A mixed trading scenario seen in Crude Oil last week. Due to monthly advance amid speculation demand may slow in the U.S., the world’s biggest oil consumer. Brent swung between gains and losses in London. We expect price can test 6280 level before going back to 6440 level. 1. Buy CRUDE OIL MCX Above 6440 TGT 6520/6640 SL 6340 2. Sell CRUDE OIL MCX Below 6275 TGT 6200/6100 SL 6380
WEEKLY PIVOTAL S1
6290
S2
6210
CLOSE
6371
R1
6436
R2
6502
WEEKLY COMMODITY REPORT 03-MAR TO 08-MAR-2014
ENERGY WEEKLY TECHNICAL LEVELS NATURAL GAS (MAR) MCX 4 HOURLY CHART
TRADING STRATEGY: The above chart of Natural Gas suggest that prices have reversed after taking support of 276.50 level and closed at 288.10. Now ng has completed buying swing and it can correct up to levels of 274. While buying bias seen only above 300 level. 1. Buy NATURAL GAS MCX Above 295 TGT 305/320 SL 280 2. Sell NATURAL GAS MCX Below 275 TGT 265/250 SL 391
WEEKLY PIVOTAL S1
268
S2
247.9
CLOSE
288.1
R1
446.77
R2
253.33
WEEKLY COMMODITY REPORT 03-MAR TO 08-MAR-2014
BASE METALS WEEKLY TECHNICAL LEVELS COPPER (APR) MCX 4 HOURLY CHART
TRADING STRATEGY: The above chart of Copper suggest that prices are trading near the crucial support of 439 level. RSI is building strength. We expect prices to go up to levels of 446. But a firm recovery seen only above 448 level. 1. Buy COPPER MCX Above 448 TGT 453/461 SL 440 2. Sell COPPER MCX Below 438 TGT 433/422 SL 446
WEEKLY PIVOTAL S1
436.37
S2
432.53
CLOSE
440.2
R1
446.77
R2
453.33
WEEKLY COMMODITY REPORT 03-MAR TO 08-MAR-2014
BASE METALS WEEKLY TECHNICAL LEVELS LEAD (MAR) MCX 4 HOURLY CHART
TRADING STRATEGY: Lead closed marginally higher in the Friday trading session, recovering from its low after Fed chair Janet Yellen said that the central bank might change its strategy if the US economy weakens further in the medium term. We expect prices to go up to levels of 135. 1. Buy LEAD MCX Above 132.5 TGT 134/136 SL 130.50 2. Buy LEAD MCX Above 130 TGT 128.5/1126.5 SL 132.20
WEEKLY PIVOTAL S1
130.87
S2
129.93
CLOSE
131.8
R1
133.02
R2
134.23
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