Thursday 20 December 2012

MCX Weekly Upadates and Technical Trends - 17th dec. - 21 dec. 2012


MCX GOLD Technical Trend
MCX GOLD last week showed choppy movements from last two sessions and took reversal from 38.2% retracement and it is consolidating around trend line. Now if it gives closing below 31000 then bearish rally is expected towards the level of 30500. On other hand 31500 is seen as strong resistance for it only above this some upward movement is expected.

Strategy
Better strategy in MCX GOLD is to buy above 31500 for the targets of 31900-32400 with stop loss of 30900.

MCX SILVER Technical Trend
MCX SILVER last week showed downward movements found strong support around 61000. Now if it gives closing below this support then we expect some bearish movement in it. On daily charts it moves in a downward channel pattern and may find resistance around upper band of channel i.e. 62500 and above this breakout of channel pattern is expected.

Strategy
Better strategy in MCX SILVER at this point of time is to sell below 60950 for the target of 60000-59000, with stop loss of 62300.

MCX CRUDEOIL Technical Trend
Crude oil last week showed downward movements and got strong support of trendline i.e. around 4650 if it break this then next support is seen around 4550 below this it is too weak. On higher levels 4950 is seen as strong resistance for it closing above this may take it towards next resistance level of 5055.

Strategy
Better strategy in MCX CRUDEOIL is to sell below 4650, for the target of 4600-4550 with stop loss of 4790.

MCX Copper Technical Trend
MCX Copper last week showed sideways movement moves in an upward channel pattern and took support of 23.6% retracement i.e. 443. On lower side 443 is act as support for it below this break out of channel pattern is expected.On higher side 450.50 is act as strong resistance for it.

Strategy
Better strategy in the MCX COPPER will be buy on dips, with the stop loss of 442 for the targets of 450-455.

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