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mcx live price Commodities Weekly Technical Report 16.06.2014 to 20.06.2014

Content
Weekly Technical Levels
Strategy/Recommendations
MCXSX/NSE USDINR JUNE (CMP – 59.8975)
MCXSX/NSE USDINR June as seen in the weekly chart above has opened the week at 59.14 levels and prices made a low of 59.00 levels. Towards the end of the week prices sharply moved higher from lower levels and closed above the previous week’s closing of 59.2575 levels and finally closed 1.08% higher at 59.8975 levels. The price pattern being formed indicates bullish candlestick which shows strength in markets.
For the next week we expect USDINR prices to find support in the range of 59.50 – 59.40 levels. Trading consistently below 59.40 levels would lead towards the strong support at 59.00 levels and then finally towards the major support at 58.64 levels.
Resistance is now observed in the range of 60.40 – 60.50 levels. Trading consistently above 60.50 levels would lead towards the strong resistance at 60.95 levels, and then finally towards the major resistance at 61.40 levels.
MCXSX / NSE USDINR Trading levels for the week
Trend: Up
S1 – 59.40 R1 – 60.50
S2 – 59.00 R2 – 60.95
Weekly Recommendation: Buy MCXSX/NSE USDINR June between 59.50 – 59.40, SL- 58.95, Target – 60.40 / 60.50

MCX GOLD AUGUST (CMP – 26,627 / $ 1,277.30)
MCX Gold August as seen in the weekly chart above has opened the week at 25,825 levels and made a low of 25,811 levels. During this week prices bounced back sharply higher from lower levels and made high of 26,660 levels and finally closed 2.95% higher at 26,627 levels. As per the candlestick pattern prices has formed “bullish candlestick pattern” indicating strength.
For the next week we expect gold prices to find support in the range of 26,250 – 26,200 levels. Trading consistently below 26,200 levels would lead towards the strong support at 25,600 levels and then finally towards the major support at 25,000 levels.
Resistance is now observed in the range of 26,900 – 27,000 levels. Trading consistently above 27,000 levels would lead towards the strong resistance at 27,400 levels, and then finally towards the major resistance at 27,600 levels.
MCX / Spot Gold Trading levels for the week
Trend: Sideways
S1 – 26,200 / $ 1,260 R1 - 27,100 / $ 1,295
S2 - 25,600 / $ 1,240 R2 - 27,400 / $ 1,310
Weekly Recommendation: Buy MCX Gold August between 26250 – 26,200, SL- 25,600, Target – 27,000 / 27,100

MCX SILVER JULY (CMP – 41,875 / $ 19.673)
MCX Silver July as seen in the weekly chart above has opened at 39,980 levels. This week’s open and low was same. During this week prices rallied sharply higher towards the weekly high of 41,900 levels and finally closed 4.70% higher at 41,875 levels. This week prices closed above three weeks high levels. Technically, Prices has formed a “Bullish candlestick pattern” which is sign of positive move.
For the next week we expect silver prices to find support in the range of 41,000 – 40,900 levels. Trading consistently below 40,900 levels would lead towards the strong support at 39,950 levels and then finally towards the major support at 39,400 levels.
Resistance is now observed in the range of 42,500 – 42,600 levels. Trading consistently above 42,600 levels would lead towards the strong resistance at 43,400 levels, and then finally towards the major resistance at 44,000 levels.
MCX / Spot Silver Trading levels for the week
Trend: Up
S1 – 41,000 / $ 19.25 R1 - 42,600 / $ 20.00
S2 - 39,950 / $ 18.80 R2 - 43,400 / $ 20.35
Weekly Recommendation: Buy MCX Silver July between 41000 – 40900, SL- 39900, Target – 42600 / 43000

MCX COPPER JUNE (CMP – 400.85 / $ 6,642)
MCX Copper June as seen in the weekly chart above has opened at 396.55 levels and as expected during this week prices made a low of 394.55 levels. During this week prices made a high of 403.30 levels and finally closed 0.51% higher at 400.85 levels. For last couple of weeks prices have been seesawing between support and resistance levels
For the next week we expect Copper prices to find support in the range of 394 – 392 levels. Trading consistently below 392 levels would lead towards the strong support at 384 levels and then finally towards the major support at 378 levels.
Resistance is now observed in the range of 404 - 405 levels. Trading consistently above 405 levels would lead towards the strong resistance at 410 levels, and then finally towards the major resistance at 417 levels.
MCX / LME Copper Trading levels for the week
Trend: Down
S1 – 390 / $ 6,700 R1 – 403 / $ 6,950
S2 – 384 / $ 6,600 R2 – 409 / $ 7,060
Weekly Recommendation: Buy MCX Copper June between 394 - 392 , SL- 388, Target – 404 – 405 - 408

MCX CRUDE JULY (CMP – 6,384 / $ 106.77)
MCX Crude oil July as seen in the weekly chart above has opened the week at 6,054 levels and during this week price made a low of 6,052 levels. During this week prices could not able to sustain lower levels and rallied sharply higher towards the weekly high of 6,397 levels. This week prices have closed at highest levels in 13 weeks and finally closed 5.61% higher at 6,384 levels. As per the candlestick pattern it formed a “Bullish Candlestick Pattern” which represents the bullish trend for coming trading session.
For the next week we expect Crude oil prices to find support in the range of 6,280 – 6,290 levels. Trading consistently below 6,280 levels would lead towards the strong support at 6,200 levels and then finally towards the major support at 6100 levels.
Resistance is now observed in the range of 6,430-6,440 levels. Trading consistently above 6,440 levels would lead the rally towards the strong resistance at 6,480 levels, and then finally towards the major resistance at 6,560 levels.
MCX / NYMEX Crude Oil Trading levels for the week
Trend: Up
S1 – 6,280 / $ 105.00 R1 – 6,430 / $ 107.50
S2 – 6,200 / $ 103.70 R2 – 6,480/ $ 108.40
Weekly Recommendation: Buy MCX Crude Oil July between 6280 – 6260, SL- 6200, Target – 6430 / 6480

MCX NATURAL GAS JUNE (CMP – 284.70 / $ 4.754)
MCX Natural Gas June as seen in the weekly chart above has opened the week at 279.60 levels. During this week prices made a low of 268.30 levels. As expected prices could not able to sustain on lower levels and bounced back sharply higher towards the weekly high of 286.90 levels. At the same time price have breached preceding three week’s high and trading above it and formed a “Bullish candlestick pattern” which is the sign of optimism. Finally prices have closed 2.04% higher at 284.70 levels.
For the next week we expect Natural Gas prices to find support in the range of 278 - 277 levels. Trading consistently below 277 levels would lead towards the strong support at 272 levels and then finally towards the major support at 268 levels.
Resistance is now observed in the range of 288 - 289 levels. Trading consistently above 289 levels would lead towards the strong resistance at 295 levels, and then finally towards the major resistance at 305 levels.
MCX / NYMEX Natural Gas Trading levels for the week
Trend: Up
S1 - 278 / $ 4.60 R1 - 288 / $ 4.85
S2 - 272 / $ 4.50 R2 - 295 / $ 4.95
Weekly Recommendation: Buy MCX Natural Gas June between 278 - 277, SL - 271, Target – 289 / 295.

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