mcx india tips commodity calls technical’s report
mcx bullion outlook
mcx gold april future today closed at 29600 with gains.today we seen much up and down on news flow.today mcx gold future made low near 29450 while high was near 29700.on hourly chart still trend is down and below 29700 may continue to drift down.so one can hold shorts and still expect 29500 to 29300 as target.on intraday chart indicators still in bearish zones.
mcx silver may future today closed at 55086 with gains.today mcx silver future made lows near 54600 while high was 55400.on intraday chart silver intraday trend is bullish and trading near support.for tomorrow above 55,000 maintain long view and expect 55400 to 56000 as target levels.
mcx base metals outlook
mcx aluminium march future last closed at 106.3 with loss.today mcx aluminium future made high near 107.5 while low was near 106.on chart trend and momentum strong bearish but in oversold state.here we suggest counter trade and accumulate in small quantities and expect 107-108 level in next 1-3 session.this is applicable for all base metals as all seem to be in oversold state expect nickel.
mcx copper future last closed at 427.3 with loss.today mcx copper future made high near 430 while low was near 426.near 426 made double bottom on hourly chart and expect short covering rally here and targets at 430-434 on upside.below 426 may show 418.
mcx lead future last closed at 120 with loss.today mcx lead future made high near 122.5 while low was 120.here heavily oversold and follow above suggested strategy.bounce back rally has targets at 122.5 to 123.5.
mcx nickel future last closed at 911 with loss.today mcx nickel future made highs near 917 while low was near 909.on chart showing consolidation after coming in bullish zone.above 909 expect rally to kick start and expect 920-925 as intraday targets.
mcx zinc future last closed at 108.35 with loss.today mcx zinc future made highs near 110 while low was near 107.5.same picture and same suggestion.on downside look limited but trade with stoploss to protect loss.bounce back targets are 110-111.
mcx energy outlook
mcx crude oil april future last closed at 4989 with loss.today mcx crude oil future made highs near 5060 while low was near 4980.here trend and momentum is down for intraday below 5050 stay short for short term while on longer term weekly closing below 4980 definitely going to show 4780?for intraday expect 4950 to 4900 as targets.
mcx natural gas march future today closed at 192.4 with loss.today mcx natural gas future made high near 196 while low was near 191.for tomorrow below 191 trend change to bear side and expect 188 to 184 levels as correction targets on daily chart.indicators still holding bullish momentum only going through consolidation phase.