commodity outlook technical’s report
mcx bullion outlook
mcx gold April future today closed at 30790 with gains.today after gap down opening mcx gold future hit low of 30500 while closed near intraday high of 30800.for tomorrow if closed above 30800 then higher tops and bottom cycle will start and we may see higher level till this week end.or tomorrow above 30800 targets are 30900 and then 31060.below 30800 trend will resume on downside.
mcx silver march future closed at 58380 with loss.today mcx silver made low of 58060 while high was 58800.given heavy volatility but very range bound move.watch 58200 support care fully if slips below that then go on sell for downside targets of 58000 and then 57600.
mcx base metals outlook
mcx aluminum future closed at 111.45 with loss.today with gap down opening aluminium prices remain under pressure and given lows near 111.2 while intraday high was 112+.very narrow range and some consolidation,above 111 stay long and hold longs.
mcx copper April future closed at 449.7 with gains.today mcx copper made low at 447 while high was near 451.here we may see 455 to 461 level if hold 445 on closing basis.strategy remain buy on dips as momentum is strong bullish.
mcx lead feb expiry future closed at 130.35 with loss.today mcx lead future hit low near 129.5 while high was 130.7.still consolidating but momentum is losing out and may show dips upto 127 support zone.on upside 130.5 to 131.5 is strong supply zone.
mcx nickel feb future closed at 994.9 with gains.today mcx nickel future hit low near 987 while closed at day high of 995.below 989 is first support below that next comes at 972 so trail profit with 989 as stoploss level.on every upside we seeing sharp supply from market which may turn into sharp drop in prices.
mcx zinc feb future closed at 115.15 lat.today mcx zinc future hit high neat 115.5 while low was near 114.5.very narrow range suggesting consolidation and we may see sharp selling if slips below 114.8 till 113.5.look like lead,nickel and zinc futures topped out and may show correction?
mcx energy outlook
mcx crude oil feb future closed at 5143 with loss.today mcx crude oil future hit high of 5160 while low was near 5125.trend and momentum is weak on chart and may continue lower tops and bottom cycle.trend will change if closed above 5190 till stay short and sell on rise on downside still expecting bigger targets of 5100-5040.
mcx natural gas feb future closed at 179.2 with gains.today mcx natural gas price made low of 177 while high was near 180.on chart look like forming base for big upside rally.traders those have medium term view must accumulate in between 174-178 with stoploss 168 and expect 196-200-210 level till expiry for sure.