commodity outlook technical’s report
mcx bullion outlook
mcx gold feb expiry future 30231 with loss.today with gap down opening gold continues to tumble down and closed near lows.for tomorrow outlook is positive as indicators now showing fall is near bottom and if rupee slips and comex gold hold intraday breakout then expect 30500 to 30800 on upside.below 30200 support next major targets are on downside so watch for support of 30200.
mcx silver march expiry future closed at 57938 with flat loss.today we seen lows near 57700 while high was just above 58000.for tomorrow outlook is positive and on upside expect 58500 to 58800 as target level on downside 57700 bottom will act as support.
mcx base metals outlook
mcx aluminium feb future closed at 109.95 with gains.with gap down opening we seen low near 109 and that was bottom and recovered all losses in later half and closed near day high.now 109 is stoploss and on upside expect 110.5-111.5 and 112 as target levels.
mcx copper feb expiry future closed at 437.85 flat.today copper remain volatile and given dips upto 435 highs on upside we seen highs near 439.still trading range bounding and creating base near 435-436 if sustains here then see bounce back upto 442 to 445.434 will be revised stoploss for all longs.
mcx lead feb future closed at 128.8 with gains.today we seen lows near 128 while closed near highs.128 remain support and stoploss for day traders and expect 129.5 to 131 on upside.for positional longs stoploss will be 126.8.
mcx nickel feb future closed at 958.5 with gains.today mcx nickel made lows near 948 while day high was near 960 so total 12 rupee intraday volatility.day and eod both trend now on long side and expect 965 to 980 in next 3-4 session.950 is closing basis and intraday trades stoploss.
mcx zinc feb future closed at 112.45 with gains.today mcx zinc hit highs near 113 while low was near 111.7.trend and momentum both strong bullish and expect 113.5 to 114 level tomorrow if sustain above 111.4.
mcx energy outlook
mcx crude oil feb expiry future closed at 5228 with gains.today mcx crude oil future made lows near 5190 while high was near 5250.on upside now targets get revised to 5280 and then 5310 on downside 5180 is intraday support and 5170 is eod support.crude oil concern still there and steaming th prices.
mcx natural gas feb future closed at 175.45 with loss.here as we suggested earlier and suggesting that every upside in equity markets will put lot of pressure here and may show lower circuits.now heading towards 168-160 historical support if slips below that on monthly closing basis then surely long term sell call and again watch 130-110 levels in long terms.