gold weekly tips for 11 to 15 march 2013
mcx gold future this week closed at 29345 with loss of 1.33%.this week mcx gold future made high near 29800 while low was near 29100.total 700 points volatility and weakness on account of profit booking in comex gold and stronger rupee.on above weekly chart we can see that gold future now trading below 6 ad 12 month average and heading towards 2 years average of 27900.on upside 29800 and 30200 remain as strong resistances as well as stoploss for short positions.
for next week mcx gold outlook remain negative and expect 28500 and then 27900 as revised downside targets on upside 29800 and 30200 are strong resistances.
mcx gold weekly cci is –193 and in oversold state while rsi is 45 and clearly bearish.
silver weekly tips for 11 to 15 march 2013
mcx silver future this week closed at 54855 with gains of almost 2%.this week mcx silver made low near 53587 while high was 55550 so total 2000+ points run.on weekly chart mcx silver future trading just above 2 years average level of 54500 so longer term trend still intact.
on upside 57000 and 57800 are 12 and 6 month averages respectively and targets if hold 54500.on indicators side cci is –158 and still oversold and off the lows so upside rally can be expected in next week.
while rsi is 44 and off the lows and taken support at 30.below 54000 on weekly closing basis expect sharp downside upto 50500 to 48000.
aluminium weekly tips for 11 to 15 march 2013
mcx aluminium future this week closed with 2% loss at 105.7.this week mcx aluminium future high was 108.2 while low was 105.5.almost 3 rupee move and continuation of downtrend.this was 3rd week of weakness and in this period aluminium future lost almost 12 rupees.for next week outlook remain negative but with caution as indicators oversold.
on downside expect 103-101 as target levels while on upside 106.5 and 109 are strong resistances.aluminium weekly cci si –67 and near support while rsi is 45 and clearly with sell signal.
copper weekly tips for 11 to 15 march 2013
mcx copper future this week closed with loss of 1.36% at 425.25.this week mcx copper future made high near 432 while low was near 424 so total 8 rupee move and profit booking by investors.
for next week outlook remain positive if holds 418 and expect short covering+value buying rally upto 435 to 438.on downside 418 is major support as well as stoploss for longs and 2 years average levels.
on upside 430 and 438 are resistances and 12 and 6 month averages respectively.on indicators side,mcx copper weekly cci is –74 and near support while rsi is 47 and clearly with sell signal.
lead weekly tips for 11 to 15 march 2013
mcx lead future this week closed at 119.9 with almost 4% drop.this was 3rd week on weakness and mcx lead future moving towards major supports.long term uptrend still intact only going through solid correction or profit booking phase.
for next week mcx lead future may continue to correct as still seems to be overprices in base metal pack.on downside 117 and 113 are 12 and 24 month averages and targets.on upside 123 is 6 month average and first major resistance as well as stoploss for short positions.
mcx lead future weekly cci is –25 and with bearish divergence while rsi is still above 50.
nickel weekly tips for 11 to 15 march 2013
mcx nickel future this week closed with loss of 1.35% at 909.last 2 weeks prices consolidating after fall /downside breakout.on chart mcx nickel future long term trend and momentum still strong bearish.
but as showing consolidation one can expect bounce back rally and indicators also supporting that.this week mcx nickel future high was 920 while low was 901 so narrow range.
on indicators,mcx nickel weekly cci is –54 with bearish divergence while rsi is 46 with same.on downside below 900,880 and 850 will be strong supports.
zinc weekly tips for 11 to 15 march 2013
mcx zinc future this week lost 4% and closed at 107.this week mcx zinc future high was 111.2 while low was 106.9.almost 4+ rupee move and strong correction phase/rally like lead future.
on downside 105.2 is 2 years average and last support while on upside 107.5 is 12 month average and then 110 is 6 month average and both are strong resistances.
for next week outlook remain negative but with caution as near long term support and may trigger sharp short covering run.
mcx zinc future weekly cci si –9 and with bearish divergence while rsi is at 48 and with same.
crude oil weekly tips for 11 to 15 march 2013
mcx crude oil future this week closed with 0.5% loss at 4990.this week mcx crude oil future made high at 5010 while low was 4925.this was 3 rd week of weakness and corrective phase from long term view.
on chart on downside 4950 is 12 month average and 4780 is 24 month average and both strong supports.on upside 5010 and 5150 are strong resistances.on indicators mcx crude oil cci is +12 and near support while rsi is 50 and exact at support.
next week outlook remain negative but watch support if hold support then expect short covering+buying rally upto 5150!below 4950 on weekly closing may show sharp move and 4700 to 4600 levels as immediate targets.
Natural gas weekly tips for 11 to 15 march 2013
mcx natural gas future this week closed with almost 3% gains at 197.4.this was 3rd week of rally after taking support at 24 month average.this week mcx natural gas future made low at 188 while high was near 198 so total 10 rupee move and continuation of long term uptrend.
on indicators side,mcx natural gas weekly cci is +46 with bullish divergence while rsi is 56 and continues buy signal.
for next week outlook remain bullish and expect 205 and then 218 as target levels while on downside 189 and 182 are supports and stoploss for investors.