Commodity forecast for 19 March 2014

Mcx commodity forecast, outlooks, premarket, intraday levels, technical analysis, chart analysis, price trends for 19 March 2014.

Commodity forecast for 19 March 2014

MCX GOLD April expiry future last closed at 30,235 with loss. In intraday mcx gold future’s high was at 30,350 while low was at 30,112. Total 250-rupee intraday range and closed with loss. Correction and heading towards supports but above 30k hold long view.

MCX SILVER May expiry future last closed at 45,840 with loss. In intraday mcx silver future’s high was at 46,600 while low was at 45,555. Total almost 1000-rupee intraday range and closed with loss. Silver may test 43k on downside if trend continues.

 

MCX ALUMINIUM March expiry future last closed at 104.15 with gain. In intraday mcx aluminium, future hit high at 104.45 while low was at 103.6. Total 1-rupee intraday range and closed with gain. Bounce back from lows but below 107 stay short.

MCX COPPER April expiry future last closed at 402.3 with gain. In intraday mcx, copper future made high at 405 while low was at 400. Total 5-rupee intraday range and closed with gain. Bounced back but below 408-410 zones keep short view.

MCX LEAD March expiry future last closed at 126.4 with gain. In intraday mcx lead future’s high was at 126.4 while low was at 124. Total 2-rupee intraday range and closed gain. Technical bounce back but below 128 keeps short view.

MCX NICKEL March expiry future last closed at 989.5 with gain. In intraday mcx nickel future’s high was at 991 while low was at 974. Total 27-rupee intraday range and closed with gain. Support a 980 and heading towards 1020.

MCX ZINC March expiry future last closed at 120.9 with loss. In intraday mcx zinc, future hit high at 121 while low was at 119. Total 2-rupee intraday range and closed with gain. Short covering from oversold zone but below 124 remains sell.

 

MCX CRUDEOIL April expiry future last closed at 6068 with gain. In intraday mcx crude oil, future hit high at 6078 while low was at 5980. Total almost 100 rupee intraday and closed with gain. Crude has given reversal signal for target 6200+.

MCX NATURALGAS March expiry future last closed at 273.1 with loss. In intraday mcx natural gas, future made high at 278 while low was at 273. Total 5-rupee intraday range and closed with loss. On downside, watch 265-260 is target zones for this fall.

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Pramod Baviskar

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