commodity trading tips 21 nov 2014
MCX Bullion view
MCX GOLD Dec. expiry future on 20 Nov 2014 closed at 26486 with loss of 225 rupees. In intraday gold prices, touched high around 26600 while low was near 26300. Total 300-rupee intraday swing was seen and prices closed near lows on profit booking. Here expect some downside, which might be used for buying as weak rupee and recovering comex gold, may push domestic prices on upsides.
Mcx silver future closed at 35840 with loss of 532 rupees. Today silver prices swing in 600 rupees range and closed near days low. Here expect downside up to 35 to 34.800 where short to medium term traders can buy but with strict stop loss as that will be against the trend call.
MCX metal view
MCX ALUMINIUM Nov. expiry future last closed at 126.5 with gains. In intraday aluminium, future given 1.5 rupee swing and closed with gains near high. Here rally will slowly approaching toward top of 128-129 which can be expect until expiry if hold 124 rupee strong support.
MCX COPPER Nov. expiry future last closed at 412.65 with loss. Copper is stuck in range of 400 rupee to 420 rupee. Traders must buy on lower range with stop loss and sell near upper range with stop loss. Best trading play for short terms.
MCX LEAD Nov. expiry future last closed at 125.85 with loss. Here today we seen 1 rupee plus range and closed with loss on profit booking. Here keep long view but with strict stop los below support 123.5.
MCX NICKEL Nov. expiry future last closed at 1007 with gain. In intraday mcx nickel future’s high near 1016 while low was at 996. Once again momentum back for nickel prices and might show rally towards previous top of 1200 rupees.
MCX ZINC Nov. expiry future last closed at 139.1 with loss. In intraday we seen 1.5 rupee range and closed with loss of profit booking. Here traders watch 138 levels and on reversal signal from that level will be intraday buying opportunity for zinc future.
MCX Energy view
MCX CRUDEOIL Dec. expiry future last closed at 4683 flat. Here expect bounce back to continue in upcoming trading sessions on weak rupee as well as speculating longs as well as short covering ahead of OPEC meeting.
MCX NATURALGAS Nov. expiry future last closed at 265.7 with loss. Here we has seen high volatility of 14 rupee in intraday. However, above 258 medium term outlook still bullish so medium term investors can buy near it with stop loss for target 280 to 290 target. In upcoming time, expect strong short squeeze in market.