WEEKLY COMMODITY OUTLOOK (11-07-2011)
SILVER:- Last week silver made the low of 33.47 against our estimated range of 32.50-32.30.In our view it has resistance at 37.50-37.20 & support at 36.00-35.70.We expect it to confine within this for the first half of the week & then move up for higher targets. We recommend going long around 36.00 with the stop of 35.50 for the target range of 37.50-37.20 & 38.80-38.50. In rupee terms we recommend long position in SEPT MCX future above 53600 with the stop of 53400 for the targets of 56300 & 57800.
CRUDE:- Last week it
made the low of 93.45 & high of 99.40.In our view it is in the trading
range of 99.40-94.40 & it is likely to confine in this range for the large
part of the week. Though we are having the positive bias, we would wait for the break of trading range. We recommend going
long around 94.70 or with the stop of 94.00 for the target of 99.40
& above. In rupee terms we recommend going long in the range 4230-4250 with
the stop of 4210 for the target of 4360 & above at MCX JULY 2011 FUTURE.
NATURALGAS:- Last week natural gas made the low of 4064 & high of 4411 against our estimate of low in range of 4075-4100 & high in the range of 4425-4450.For the coming week we see 4275-4250 as the resistance zone & downside 4025-4000.We recommend going long around 4050 with the stop of 4000 for the target above 4400. In rupee terms go long JULY 2011 MCX future around 180 with the stop of 178 for the target of 194 & higher.
COPPER:-Copper made the high of 445 last week against our estimate of 441.Since then it declined to 437,we see 445-425 as trading range & for large part of week to confine within this range & later commence surge for the high above 445. We recommend going long around 428 with the stop of 423 for 445 & 460. In rupee terms go long at 425 with the stop of 421 for 438 in AUG 2011 MCX future.
LEAD:- Last week it made the high of 2730 & low of 2656 against our estimate of 2770 & 2650 respectively..Our bias is positive as strong uptrend is prevailing. In our view there is strong support at 2680-2650 & on upper side it may hit the target of 2850 on crossover of 2730. We recommend going long around 2680 with the stop of 2640 for the target of 2850. In rupee terms go long JULY 2011.MCX future around 119 with the stop of 118 for the target of 128.
NICKEL:- Nickel made the high of 24299 against our estimate of 24500 .In our view it has entered a corrective phase & may prolong for the coming week. We see major resistance at 24100-24200 & support at 23200-23100. We recommend going short above 23900 with the stop of 24100 for the target of 23200-23100.In rupee terms go short above 1060 with the stop of 1075 for the target of 1035 in JULY 2011 MCX future.
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