WEEKLY COMMODITY OUTLOOK (11-10-2010)

GOLD:- Gold has made the high of 1362.80 against our expected upper range of 1352.We see a good support at 1340 & very strong one at 1313.On the upside 1366,1391 & 1432 are resistance level. We are expecting a parabolic rise & should accelerate as the week passes. Conservative trader should stay away & high risk trader can follow the call. We recommend buying around 1340  with the stop of 1330 for the target of 1366 &1391.In rupee terms buy at 19450 with the stop of 19370 for 19750-20100.




SILVER:-  Silver made the high of 23.505 against our expectation of 22.35.This clearly indicates that it is more bullish than what we are thinking about it. On the similar lines to gold we are expecting a parabolic rise in silver too. We advise to  go long around 23.10 with the stop of 23.00 for the initial target  of 23.65& later 25.20. In rupee terms go long around 34450 with the stop of 34250 for the initial target of 35500 & then 37500.




CRUDE:- Crude made the high of 84.43 against our expected target of 83.80 & shown the strength of its bullish power. Next resistance is expected in the range of 87.00-87.50. We recommend going long at 81.00-81.10 with the stop of 80.50 for the initial target of 83.80 & then 87.00. In rupee terms buy around 3650 with the stop of 3625 for the target of 3775 & 3890 in OCT Future at MCX..



NATURALGAS:- Natural gas has exhibited  slowdown in downward momentum. It had held on to 3700 level till Wednesday & broke out on Thursday. We are expecting a strong support at 3320 on downside. We recommend holding the short position with the stop of the 3750 for the target of 3400.In rupee terms hold short position at MCX OCT FUT with the stop of 177 for the target of 152.

 



COPPER:- Copper has made the low of 364.60 & reversed for upside. This is a very strong bullish signal. We recommend going long  around  378 with the stop of 372 for the target of 395. In rupee terms go long Nov Future MCX around 369 with the stop of 363 for the target below 387 in next two  weeks.



LEAD:- Lead has shown very good support at 2200 & reversed swiftly. We recommend to going long at any decline around 2270  with the stop of 2250 for the target range of 2370. In rupee terms we recommend long position in OCT Future MCX around 101 with the stop of 99.50 for the target of 106.50 in next two weeks.

 



NICKEL:- Nickel  has shown very good support at 23600 & reversed   swiftly.  We recommend going long at 24300-24400  with the stop of 24100 for the target range of 25700-25800.We recommend a going long on OCT Future MCX around 1085 with the stop of the 1065 for the target of 1140.

 



ZINC:-  It has shown good support at 2225 last week & reversed swiftly. We recommend going long at   2285 with the stop of 2250 for the target  of 2420.In rupee term we recommend a long on OCT Future MCX around 101.50 with the stop of 100 for the target 105.10.


 

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