gold weekly report 25-29 march 2013
mcx gold future this week closed with gains of 1% at 29693.this week mcx gold future made high at 29900 while low was near 29400.on weekly chart mcx gold prices just hovering above yearly average which is good signal.
on upside 30200 is now 6 month average as strong resistance while on downside 29650 is 12 month average and then comes 27900 which is 2 years average level and last support of gold bull market.
for next week above 29650 hold long view on closing basis and expect 30200 to 30800 as upside targets.as rupee tumbling down and comex gold recovering we still expect that this was health correction and gold may show new high in upcoming time as every time showing resilience to sell of which ultimately going to trigger buying and short covering in upcoming time.
silver weekly report 25-29 march 2013
mcx silver future this week closed flat negative at 54159.this week mcx silver future made high at 55100 while low was 53.972 and closed near it.on chart showing consolidation near 2 years average level.on upside 57000 and 57500 are 12 and 6 month average respectively while on downside 54000 is 2 years average levels long term support.on indicators mcx silver weekly cci is –134 while rsi si 44 and both off the lows but still bearish.
on downside 54k level is most important from here fall may show 50 to 48k levels while reversal from here will be hugely profit making investment opportunity.my view is negative here and silver may follow metals and show lower levels upto 52-51k in next week?
aluminium weekly report 25-29 march 2013
mcx aluminium future this week closed with flat gains at 104.95.this week mcx aluminium future made high at 105.05 while low was 102.8.on weekly chart mcx aluminium trend is absolute down but looks oversold while momentum also at bottom.
major averages still way upside at 107-109 range while on downside 103-101 are last bottoms support levels.on indicators cci is –109 and rsi is at 45and both with sell signal.
for next week we expect downside and then consolidation near bottom.in worst condition from Europe may show below 100 levels.
copper weekly report 25-29 march 2013
mcx copper future this week closed with 1% drop at 419.8.this week mcx copper future made low near 412 while high was near 424.this was 3rd week of weakness for copper prices.
on chart copper trading at 2 years average while on upside 428 and 432 are 12 and 6 month averages resistances.while on indicators mcx copper future cci is –121 and rsi is 46 and both still with bearish divergences.
for next week outlook remain bearish and below 418 we may see 408 to 398 levels in next week.in worst condition possibility of 360 level cant be ruled out.
lead weekly report 25-29 march 2013
mcx lead future this week lost half percent and closed at 119.this was 5th week of weakness and closed just above 12 month average level.this week mcx lead made high at 119.4 while low was 116.4 and closed near high on recovery.
on upside 124 is 6 month average and strong resistance level while on downside 117 is 12 month average and then 113 is 2 years average levels and strong supports.on indicators cci is –78 and rsi is 50 and both with bearish signals.
above 117 one can hold long view or long positions but as overall metal trend is down there is possibility of downside breakout here.we may see deeper correction upto 113 and if condition worsen then 110-105 levels on account of sharp sell off.
nickel weekly report 25-29 march 2013
mcx nickel future this week closed with almost 2% gains at 931.this week mcx nickel future made low at 895 while high was near 933 so total 38 rupee movement from bottom to top and closed near top on account of technical bounce back rally.
on chart major averages are in range of 945 to 960 as remain as strong supply zone while on downside 920 and 860 will be major bottom for now.on indicators side mcx nickel weekly cci is –32 and with bearish divergence while rsi is at 49 and showing recovery signs.
for next week trend remain weak and strategy remain sell near resistances and expect 920 to 890 levels on downside as targets.
zinc weekly report 25-29 march 2013
mcx zinc future this week closed with gains of almost 1% at 105.7.this week mcx zinc future made low near 102.45 while high was 105.75 and closed near highs as look like took support of 2 years average.
on chart 104.5 is 2 years average and last support of this rally while on upside 107.5 is 12 month average and 109 si 6 month average level.if slips below 104.5 then expect downtrend cycle and targets levels of 101-98on downside.
on indicators mcx zinc future weekly cci si –78 and with bearish divergence while rsi is below 50 and showing some retraction.for next week above 104.5 one can hold long view and expect 107-108 levels on upside.
crude oil weekly report 25-29 march 2013
mcx crude oil future this week closed at 5118 with gains over 1%.this week mcx crude oil future made high at 5123 while low was 4973.almost 150 rupee movement and continuation of rally after taking support at 12 month average.now trading above 6 month average and in absolute uptrend.
on downside 5005 is 6 month average then 4980 is 12 month average and in last 4800 is 2 years average level and all are major supports zones.while on upside 5280 and 5400 remain as strong resistances as well as target zones.
on indicators mcx crude oil weekly cci is +47 with bullish divergence while rsi is at 53 and continues buy signal given at bottom.
Natural gas weekly report 25-29 march 2013
mcx natural gas future this week closed with almost 3% gains near 215.this week mcx natural gas future made high at 218.9 while low was 209.7.total almost 90 rupee move and new top on chart.this was 5 th straight week of gains after took support at 2 years average.
on downside major averages supports are way down in between 185 to 175 while on upside 220 and then 235 will be major target zones.on indicators mcx natural gas weekly cci is +170 and overbought while rsi is 61 and still bullish.
for next wee we may see some cool off on correction as indicators are overbought zones but overall trend and momentum strong bullish and strategy remain buy on dips and expect targets at new highs.