commodity premarket : base metals might test lows

mcx commodity premarket overview and tips for tomorrow 16 june 2015

Mcx gold closed at 27020 with gains. On daily chart mcx gold is forming strong recovery pattern and given closing above major resistance of 27k. Here on weaker rupee and on note of global risk expect sharp buying as well as short covering rally for target 27500+.

Mcx silver closed at 37090 with gains. Here also today closing given signal of bottoming out. On downside 36400 will remain intraday support as well as stop loss. Here expect recovery rally up to 38300 on buying as well as short covering.

In metals aluminium is heading towards 103 target. Copper achieved its 374 target now below it watch 360-362 levels as support as well as next target. Below 360 expect panic selloff and margin call for 320 level.

Lead, nickel and zinc continue to drift down. Lead and zinc might shows sharp decline on fresh shorts as well as investors profit booking. These metals might fall sharp like they rallied in last quarters.

Mcx crude oil for tomorrow below 3840 will remain sell trade. On downside 3660 is extreme target level. In intraday below 3840 keep short sell target at 3700. Natural gas once again back to bull trend. Above 179 on closing basis keep buy and accumulate view. 189 and 208 are strong resistance for month as well as targets. Weekly chart now strong positive with 240-280 as target levels in next 3 to 6 months period.

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Pramod Baviskar

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