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Commodities Weekly Technical Report
28.07.2014 to 01.08.2014
Content
Weekly Technical Levels
Strategy / Recommendations
MCXSX/NSE USDINR AUG (CMP – 60.43)
MCXSX/NSE USDINR Aug as seen in the weekly chart above has opened the week at 60.71 levels and made a high of 60.7550
levels. As expected price could not able to breach the resistance zone of 60.75 – 60.80 levels and corrected sharply towards the 60.30 levels. During this week price are able to close below the previous week’s low of 60.4425 and finally closed 0.53% lower at 60.43 levels. Technically, prices have formed “Bearish candlestick pattern” which is the sign of pessimism.
For the next week we expect USDINR prices to find support in the range of 60.00 – 59.90 levels. Trading consistently below 59.90 levels would lead towards the strong support at 59.70 levels and then finally towards the major support at 59.30 levels.
Resistance is now observed in the range of 60.75 – 60.80 levels. Trading consistently above 60.80 levels would lead towards the strong resistance at 61.00 levels, and then finally towards the major resistance at 61.40 levels.
MCXSX / NSE USDINR Trading levels for the week
Trend: Down
S1 – 60.00 R1 – 60.70
S2 – 59.70 R2 – 61.00
Weekly Recommendation:
MCX GOLD AUG (CMP – 27,938 / $ 1,307)
MCX Gold August as seen in the weekly chart above has opened the week at 28,015 levels and made a high of 28,217 levels. During this week price could not able to breach the resistance zone of 28,250 - 28,300 levels and corrected sharply towards the low of 27,602 levels. At the end of the week price bounced back from the lower levels and finally closed 0.20% lower at 27,938 levels. Technicall, as per the candlestick pattern prices have formed “Doji formation” indicating range bound trend between support and resistance levels. For the next week we expect gold prices to find support in the range of 27,600 – 27,500 levels. Trading consistently below 27,500 levels would lead towards the strong support at 27,300 levels and then finally towards the major support at 26,800 levels. Resistance is now observed in the range of 28,250 – 28,300 levels. Trading consistently above 28,300 levels would lead towards the strong resistance at 28,800 levels, and then finally towards the major resistance at 29,300 levels.
MCX / Spot Gold Trading levels for the week
Trend: Sideways
S1 – 27,500 / $ 1,285 R1 - 28,300 / $ 1,324
S2 - 27,300 / $ 1,275 R2 - 28,800 / $ 1,347
Weekly Recommendation:
MCX SILVER SEPT (CMP – 44,281 / $ 20.70)
MCX Silver Sept as seen in the weekly chart above has opened at 45,011 levels and made a high of 45,535 levels. During the week prices could not able to breach the resistance zone of 45,600 – 45,700 levels and corrected sharply towards the low of 43,728 levels. This week prices are able to close below the previous week’s low of 44,371 levels and finally closed 1.45% lower at 43,728 levels. Technically, prices have formed “Bearish candlestick pattern” which is the sign of pessimism.
For the next week we expect silver prices to find support in the range of 43,200 – 43,000 levels. Trading consistently below 43,000 levels would lead towards the strong support at 42,400 levels and then finally towards the major support at 41,700 levels.
Resistance is now observed in the range of 45,600 – 45,700 levels. Trading consistently above 45,700 levels would lead towards the strong resistance at 46,600 levels, and then finally towards the major resistance at 48,000 levels.
MCX / Spot Silver Trading levels for the week
Trend: Down
S1 – 43,200 / $ 21.20 R1 - 45,600 / $ 21.30
S2 - 42,600 / $ 20.80 R2 - 46,600 / $ 22.80
Weekly Recommendation:
MCX COPPER AUG (CMP – 431.95 / $ 7,183)
Commodities Weekly Technical Report
28.07.2014 to 01.08.2014
Content
Weekly Technical Levels
Strategy / Recommendations
MCXSX/NSE USDINR AUG (CMP – 60.43)
MCXSX/NSE USDINR Aug as seen in the weekly chart above has opened the week at 60.71 levels and made a high of 60.7550
levels. As expected price could not able to breach the resistance zone of 60.75 – 60.80 levels and corrected sharply towards the 60.30 levels. During this week price are able to close below the previous week’s low of 60.4425 and finally closed 0.53% lower at 60.43 levels. Technically, prices have formed “Bearish candlestick pattern” which is the sign of pessimism.
For the next week we expect USDINR prices to find support in the range of 60.00 – 59.90 levels. Trading consistently below 59.90 levels would lead towards the strong support at 59.70 levels and then finally towards the major support at 59.30 levels.
Resistance is now observed in the range of 60.75 – 60.80 levels. Trading consistently above 60.80 levels would lead towards the strong resistance at 61.00 levels, and then finally towards the major resistance at 61.40 levels.
MCXSX / NSE USDINR Trading levels for the week
Trend: Down
S1 – 60.00 R1 – 60.70
S2 – 59.70 R2 – 61.00
Weekly Recommendation:
MCX GOLD AUG (CMP – 27,938 / $ 1,307)
MCX Gold August as seen in the weekly chart above has opened the week at 28,015 levels and made a high of 28,217 levels. During this week price could not able to breach the resistance zone of 28,250 - 28,300 levels and corrected sharply towards the low of 27,602 levels. At the end of the week price bounced back from the lower levels and finally closed 0.20% lower at 27,938 levels. Technicall, as per the candlestick pattern prices have formed “Doji formation” indicating range bound trend between support and resistance levels. For the next week we expect gold prices to find support in the range of 27,600 – 27,500 levels. Trading consistently below 27,500 levels would lead towards the strong support at 27,300 levels and then finally towards the major support at 26,800 levels. Resistance is now observed in the range of 28,250 – 28,300 levels. Trading consistently above 28,300 levels would lead towards the strong resistance at 28,800 levels, and then finally towards the major resistance at 29,300 levels.
MCX / Spot Gold Trading levels for the week
Trend: Sideways
S1 – 27,500 / $ 1,285 R1 - 28,300 / $ 1,324
S2 - 27,300 / $ 1,275 R2 - 28,800 / $ 1,347
Weekly Recommendation:
MCX SILVER SEPT (CMP – 44,281 / $ 20.70)
MCX Silver Sept as seen in the weekly chart above has opened at 45,011 levels and made a high of 45,535 levels. During the week prices could not able to breach the resistance zone of 45,600 – 45,700 levels and corrected sharply towards the low of 43,728 levels. This week prices are able to close below the previous week’s low of 44,371 levels and finally closed 1.45% lower at 43,728 levels. Technically, prices have formed “Bearish candlestick pattern” which is the sign of pessimism.
For the next week we expect silver prices to find support in the range of 43,200 – 43,000 levels. Trading consistently below 43,000 levels would lead towards the strong support at 42,400 levels and then finally towards the major support at 41,700 levels.
Resistance is now observed in the range of 45,600 – 45,700 levels. Trading consistently above 45,700 levels would lead towards the strong resistance at 46,600 levels, and then finally towards the major resistance at 48,000 levels.
MCX / Spot Silver Trading levels for the week
Trend: Down
S1 – 43,200 / $ 21.20 R1 - 45,600 / $ 21.30
S2 - 42,600 / $ 20.80 R2 - 46,600 / $ 22.80
Weekly Recommendation:
MCX COPPER AUG (CMP – 431.95 / $ 7,183)
MCX Copper August as seen in the weekly chart above has opened at 427 levels and in the starting of the week price have made a low of 424.85 levels but could not able to sustain on support levels and bounced back from these levels towards the weekly high of 436.85 levels. During the week prices have tested the previous low of 424.75 levels but bounced from these levels and made a “Double Bottom” formation which is supportive for the bullish trend. At the last trading session of the week prices corrected from higher levels and finally closed 1.36% higher at 431.95 levels. Technically, as per the candlestick pattern prices have formed “Bullish candlestick pattern with Double Bottom” indicating strength.For the next week we expect Copper prices to find support in the range of 424 – 422 levels. Trading consistently below 422 levels would lead towards the strong support at 419 levels and then finally towards the major support at 414 levels.
Resistance is now observed in the range of 438 - 440 levels. Trading consistently above 440 levels would lead towards the strong resistance at 445 levels, and then finally towards the major resistance at 450 levels.
MCX / LME Copper Trading levels for the week
Trend: Up
S1 – 427 / $ 7,110 R1 – 440 / $ 7,330
S2 – 419 / $ 6,980 R2 – 445 / $ 7,420
Weekly Recommendation:
MCX CRUDE AUG (CMP – 6,150 / $ 101.89)
MCX Crude oil Aug as seen in the weekly chart above has opened the week at 6,160 levels and prices made a high of 6,254 levels. As expected during this week price could not able to breach the resistance zone of 6,250 – 6,260 levels and corrected towards the low of 6,086 levels. At the last trading session of the week prices bounced from the lower levels and finally closed 0.36% lower at 6,150 levels. During this week we saw that prices have moved between the support and resistance levels and as per technically it made a “Doji formation” which indicates the range bound trend.
For the next week we expect Crude oil prices to find support in the range of 6,050 – 6,000 levels. Trading consistently below 6,000 levels would lead towards the strong support at 5,900 levels and then finally towards the major support at 5,850 levels.
Resistance is now observed in the range of 6,250 - 6,260 levels. Trading consistently above 6,260 levels would lead the rally towards the strong resistance at 6,360 levels, and then finally towards the major resistance at 6,480 levels.
MCX / NYMEX Crude Oil Trading levels for the week
Trend: Sideways
S1 – 6,000 / $ 99.40 R1 – 6,260 / $ 103.70
S2 – 5,900 / $ 97.80 R2 – 6,360 / $ 105.40
Weekly Recommendation:
MCX NATURAL GAS AUG (CMP – 228.70 / $ 3.78)
MCX Natural Gas Aug as seen in the weekly chart above has opened the week at 238.60 levels and open and high levels were the same levels. During this week prices could not able to sustain on the resistance zone of 238 – 240 levels and sharply corrected towards the weekly low level of 227.60 levels. This week prices finally closed 4.67% lower at 228.70 levels. Technically, prices have formed “Bearish candlestick pattern” which is the sign of pessimism.
For the next week we expect Natural Gas prices to find support in the range of 224 - 222 levels. Trading consistently below 222 levels would lead towards the strong support at 218 levels and then finally towards the major support at 214 levels.
Resistance is now observed in the range of 234 - 235 levels. Trading consistently above 235 levels would lead towards the strong resistance at 240 levels, and then finally towards the major resistance at 246 levels.
MCX / NYMEX Natural Gas Trading levels for the week
Trend: Down
S1 - 222 / $ 3.65 R1 - 235 / $ 3.90
S2 - 218 / $ 3.55 R2 - 240 / $ 4.05
Weekly Recommendation:
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