Thursday, November 12, 2009

Comex Silver Short term view

What Next On Silver ???

Case a) marked With Pink Round Arrows Showing possibility of making of head & shoulder pattern case b ) Marked with orange arrow --- big Move & flag bullish flag consolidation

Case a) Silver If breaks 17.1 than a strong case of it forming Head & shoulder pattern over short term arises ..with neckline at 16.35 & breach below Same Would open an downside target of 14.1
Case b ) Shows that silver is consolidations Mood up after the large up move From 16$ to 17.75 $ and would breakout Soon ..any close abv 17.8 Would open upside Possible targets of 18.4--19.6

Summary : So the Most important lvls For Silver in short term are 16.35---17.1---17.8--18.4
While 17.1 indicating breakdown of Flag and test of Neckline at 16.35 possible & close abv 17.8 would mean that the short term Bullish Trend is still continued

Monday, November 9, 2009

Crude Short Term view

Crude oil has been Consildating in sideways channel For past two weeks after the big move from 65 $ to Recent high of 82 $ --- Looking closely at the Consolidation Looks like a bullish Flag and could consilidate for some More Days before breaking on upside opening potential targets of 87$--92$ in the Cuming Weeks

traders Can Look to Buy on every Dip and maintain a SL below 74 $ closing Basis or enter in Fresh Trades When Crude Breaks out of the Channel above 81.25 $

Resistance on upside 84$--87.5$--92$

Supports on Downside 76.7$--75.4$-74 $

Natural Gas Short Term view

Natural Gas Comex : Natural gas made new monthly low of 4.470 at start of the week to Exactly take support near the 55 EMA (marked by aqua line) on daily charts & bounced back to close near 4.665 lvls

Closely Looking at the EOD charts , yesterday Closing was a hammer Which Signals possibility of trend Reversal or Atleast some Sideways consilidation With Retracemnt . The Close is also Exactly the Near the Resistance of Falling trend Line which is Cuming From Recent top of 5.940

Traders Can take Small risk to go Long here with a SL below 4.351 Which is medium term strong Support and Look for a Possible Bounce on upside to Fib Retracemnet lvls of Complete Move From 5.940 to Low of 4.470 Trend Reversal level == 4.820 (23.6 %) --

5.105(38.2%) -- 5.265 (50 % retracement)

Looking at Indicators RSI is around 30 lvls & Fast Stoch is below avg 20 lvls Clearly indicating that its in oversold Zone and a Bounce cannot be Rulled out