commodity outlook technical’s report
mcx bullion outlook
mcx gold feb expiry future today closed at 30335 with flat loss.gold continues downtrend on profit booking only rupee weakness supporting somewhat.for tomorrow outlook remain bearish and on downside expect 30200 to 30100 as target levels.buying suggested above 30450 only if sustains.
mcx silver march expiry future today closed at 57764 with loss.silver given reversal from major averages and that was fresh sell signal now on downside medium targets seems to be at 57000 to 56000 levels and if slips below 56000 then 54000 will be absolute target.for intraday 57000 looks achievable on upside 58600 is moving resistance and buying suggested above this level only.
mcx base metals outlook
mcx aluminium feb future closed at 110.25 with loss.tried to breakout in intraday but failed to do so as fed decision was awaited.for tomorrow 110.65 is resistance and momentum is mixed but if gives breakout then buy for targets of 112.5 + appositionally.
mcx copper feb expiry future closed at 438.35 with gains.today we seen lows near 436 while high was near 440.on chart trend and momentum look bullish and near support.on chart 435.5 is bottom and on upside may show bounce back upto 442-445 on weak rupee.
mcx lead feb expiry future closed at 128.85 with sharp gains.after weak opening dips below support and then again sharp short covering pressure steamed rally and we closed at day high.for tomorrow expect 130+ levels here.127.6 remain moving support and trailing stoploss for all longs.
mcx nickel feb expiry future closed at 955 with sharp gains on short covering.today rally triggered at support 940 and closed near day high suggested underlying short trapped exits.for tomorrow trend and momentum bullish and buy near support 944 for targets 960-980.
mcx zinc feb future closed at 112.6 with gains.today we seen highs near 113 while low was near 111.6.momentum bullish and strong buyer holding the trend.for tomorrow buy on correction near 112 with stoploss and expect 113-114 on upside.
mcx energy outlook
mcx crude oil feb future closed at 5216 with gains.with flat opening given consolidation then sharp run upto 5235 and then again dip on sharp selling and recovery.showing trapping moves in bullish momentum.for tomorrow on upside expect 5250 to 5280 while 5180 remain as stoploss and strong support levels.if middle east/African tension persist or deeps then nymex may show 100 to 105 and on domestic level weak rupee and 5400-5600 levels again??
mcx natural gas feb expiry future closed at 184.5 with almost 4% drop.today we seen lows near 184 while high was near 190 and closed near lows.if equity markets remain up then natural gas remain under pressure and expect 170-160 in feb expiry if pressure continues.for tomorrow expect 181 to 178 on downside below 188.5 resistance levels.