WEEKLY COMMODITY OUTLOOK(26-07-10)
CRUDE:- The up move which commenced from the 71.09 is in the terminal stage of completion. At max it may make one more spike above 79.60 & which is not likely to go beyond 80.50 & then a downswing to 75.30 is likely. NATURALGAS:- We see it testing the resistance at 4900 first & then start descending again towards 4300. COPPER:- The move which began from 292.50 in all probabilities has terminated the five wave sequence at 322.60.The confirmation of this will come on breach of 316.30.We see it initially stopping at 305 & then finally at 295. LEAD:- Lead is likely to react to 1920 level during the initial part of the week. It is then expected to open a strong up move which has the potential to go to 2075 in the weeks to come. NICKEL:- We see it correcting to 19900-20000 19900-20000 level & then commence the strong up move which is likely to attempt for 22000 over next few weeks. ZINC:- Zinc has strong momentum & may touch 2000 levels.
GOLD:- Gold has strong support at 1165 & is not likely to be breached. However the bounce from the range of 1165 -1185 does not show enough momentum for upside. We see it trading for some more time in the 1165-1220 range before breaking out mostly on upside.
SILVER:- Silver is forming the flat correction as reported last week. It made the low of 17.44 against our expectation of 17.195 & started rising. However the rise had not enough momentum to carry beyond 18.50 level so we are of the view that it may consolidate for some time within 17.50-18.50 range before taking directional move.
Categories: WEEKLY COMMODITY OUTLOOK
Tags: WEEKLY COMMODITY REPORT
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