mcx gold weekly forecast for 25 feb to 1march 2013
mcx gold future this week closed at 29487 with loss of almost 2.5%.this is second week of sharp selling and gold prices slipped below 12 month average and heading towards 24 month average of 27800.
on chart mcx gold future medium term trend is down and momentum is seems to be at bottom as indicators are in oversold state on weekly chart.
mcx gold future weekly cci is –220 and heavily oversold.while weekly rsi is at 45 with bearish divergence.on upside 29800 and then 30600 are major resistances.
for next week outlook remain negative but fresh shorts not suggested as cci is oversold and may trigger short covering rally here.also if equity markets tumbles then rupee will add up premium buying for gold.technical bounce back rally has target of 29800.
mcx silver weekly forecast for 25 feb to 1march 2013
mcx silver future this week lost almost 5% and closed below 2 years long term average at 53304.this week mcx silver high was 56415 while low was 53304 so almost 3000+ points downside rally.this was sharp selling second week and in last 2 weeks silver prices lost 8000+ rupee in price.
on chart,mcx silver medium to long term trend si defiantly down but momentum is at bottom.mcx silver weekly cci is –213 and in heavily oversold state.while rsi is at 41 and still with bearish divergence.
on upside 54000 is major resistance and below that trend remain down and targets remain open at 52000-50800.but do not suggest fresh shorts here as oversold state,if short covering rally triggers we may see sharp 4-5% jump suddenly!!above 54000 next resistance comes at 57000!
mcx aluminium weekly forecast for 25 feb to 1march 2013
mcx aluminium future this week cracked down by 6% and closed at 109.2.this week mcx aluminium future high was 116.2 and low was 109.1.so almost 7 rupee drop in week which is huge!!
now mcx aluminium prices trading below 6 and 12 month average and just above 2 years average.for next week 2 years average of 108.3 is strong support and on upside 109.5 and 110.5 are major resistances.
medium term trend broke on downside and momentum also on bearish side.mcx aluminium weekly cci is +33 and with bearish divergence and rsi is 49 with fresh sell signal and bearish divergence.
below 110.5 traders may hold shorts and expect 104-102 levels as critical sharp selling targets in upcoming weeks.
mcx copper weekly forecast for 25 feb to 1march 2013
mcx copper future this week tumbled by 6% and closed at 423.55.this week mcx copper high was 448 while low was 423 so prices dropped by 25 rupee which also suggest sharp selling+heavy profit booking by investors+fresh shorts.
mcx copper prices also slipped below 6 and 12 month averages and trading just above 2 years average.for next week 418 is final support of long term bull trend and on upside 430 and 438 are strong resistances.
mcx copper prices momentum s clearly on bearish side and rsi hit fresh sell signal on weekly chart.
for next week below 418 watch 410-400 levels as targets but closed below 400 may set big downside targets of 360-340.430 is trailing stoploss for shorts positions.
mcx lead weekly forecast for 25 feb to 1march 2013
mcx lead future this week slumped by 6% and closed at 124.75.follow base metals selling momentum,mcx lead future this week made high near 132.25 while low was 124.6.total almost 8 rupee downside move in week suggest heavy volume selling.
as compared to others mcx lead still outperformer and still trading way above all medium to long term average.122 is 6 month average,116 is 12 month average and 113 is 2 years average and major supports for next week .top of 132 is major resistance on weekly chart.
mcx lead cci given fresh sell signal with downside breakout below +100 but rsi still above 50 so here watch and then take action.short covering rally may show up 130-132 levels in no time.
mcx nickel weekly forecast for 25 feb to 1march 2013
mcx nickel future this week almost dumped with 8% drop and closed at 917.this week high was 994 and low was 901 so 93 rupee downside move from top to bottom which is 10%+ fro nickel prices.
this week downside move was downside breakout on all time frame charts.mcx nickel prices trading way below all short to long term average.
and on momentum side,cci and rsi given fresh sell signal so next week rally more likely to see follow up selling and we may see nickel future near 880-860 again.
mcx zinc weekly forecast for 25 feb to 1march 2013
mcx zinc future also joined base metal pack group with 5% drop in week and closed at 112.3.this week mcx zinc high was 117 while low was 112.2.total 5 rupee drop and sharp correction?
here same like mcx lead future mcx zinc still holding all average by huge margins.on downside 110 is 6month average then 107 is 12 month average and in last 105 is 24 month average and all these levels are next week supports.
mcx zinc weekly rsi still above 50 and cci is at +77 with fresh sell signal.
mcx crude oil weekly forecast for 25 feb to 1march 2013
mcx crude oil future this week take hit and closed down by 3% at 5069.this week mcx crude oil prices made high at 5290 while low was 5040.almost 250 points drop which is resemble 5% of price.
on weekly chart mcx crude oil price near supports.on downside 5010 is 6 month average,then 4980 is 12 month average and in last 4780 is 2 years average and next weeks supports.
mcx crude oil weekly cci hit fresh sell signal while rsi at verge of fresh sell signal.in bearish environment 4780 will be sure shot target.
mcx natural gas weekly forecast for 25 feb to 1march 2013
mcx natural gas future this week closed at 117.7 with gains over 3%.as expected taken support of 24-12 month average and moving upwards above 6 month average.for next week trend and momentum is bullish and risk reward is mist favorable.
on upside expect 194 and then 215 as targets while 170 on weekly closing basis stoploss.
mcx natural gas weekly cci and rsi both given fresh reversal buy signals here.above 180 on closing basis we may see boost in short coverings.