Wednesday, August 26, 2009

Silver Short term technical view 260809

Silver made a high of 24250 in second week Of august later on fall sharply downwards to 22500 which was strong medium term support to Bounce back sub 23400 level , the Complete retracement was in a form a Channel which has height of almost 650 Points . Looking at different possibilities over short term and Patterns visible

case a) medium term trend Shows that the retracement was in Form a channel and Now will face strong resistance in the Zone of 23600-23750 Zone, a strong momentum close above the said levels can open upside target of 23750+ 650(channel height) i.e. 24400 .

Case b) If unable to Cross the resistance of 23600-750 and falls back to re test the support near 23250 and a Breach below same would open possible Downside targets of 23250-650 (channel height) i.e. 22600 and Over larger trend Possible downside targets of 21850-22100 .. Possible Extension of Previous Move

Important Levels : 23210--23265 Zone Downside
23600-23750 upsdie
Chart analysis : case a) marked with pink arrows
case b) Marked With yellow arrows
Channel marked with blue Lines

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Technical view 260809

Comex gold : Comex gold has been trading still in the triangle in medium term which is range of 926 & 972 $ , a Breach on any Side Would signal the next possible trend. In the short term its been Hovering in Small range of 935 $ & 960$ , Suggest good Consolidation a Decisive break on Any side with good volumes will lead to further trend which can be there For next 3-4 weeks

MCX gold : Gold Has been lot whipsaws Recently trading in larger channel of 14800 & 15025 , and on intraday Basis Breaching Both the levels in currently week, but managing to Close again inside the range same Day , A clear close outside range of 14800 on downside would open targets till 14450 & on upside a close above 15065 Would Open target of 15350
Trend Analysis : Sideways Range boundGold : 14940-14970-15010-15035-15070 Trend (Range bound sideways)

Comex Silver : Comex Silver Re-tested the medium term Resistance in Zone of 14.45$ & 14.55$ , a Breakout above same would Mean the start of fresh new up trend After consolidation opening upside target of 14.86--15.05 Shorts Can be taken for Short term with Closing Sl at 14.55 , with Again downside targets of 14.02--13.85 levels

MCX silver : Silver Will Face stiff resistance in the zone of 23500-23550 , a breakout above same with good volumes can open upside target of 23800-23940. Avoid Fresh long unless 23550 is taken off with volumes. on the downside supports are Seen at 23289-23210-23040
Trend analysis Silver: 23525 Important resistance Above that 23685, Support 23289-23210-23040 (buy only if sustains above 23525)

Crude oil Nymex : Crude corrected sharply From higher levels of 74.86 $ to close below 72$ , the intermediate support is seen at 70.45$ where traders can again look to buy with SL below 69.55 , On upside will face Resistance at 72.45$ & 73.80$ again
Trend Analysis : Buy on Dips till 69$ is held on closing basis

MCX crude : Crude oil will Find Support in range of 3432 levels Which is important Support level , below Which trend will reverse on upside Resistance is Seen at 3565 & 3600 , A firm Close above 3630 Will open upward targets of 3780Trend Analysis : Buy on Dips till 3420 is held on closing basis

Natural gas Nymex : Natural gas after bouncing of little From the oversold region is trading in a Bullish flag more on Sideways near the zone of 3.20 $ , a Move 3.385 Would open upside target of 3.68$ . on downside supports at 3.01 & 2.80 are Seen , Re-test Of recent lows Cant be ruled Out. On upside Strong resistance is seen at 3.530 & 3.65 levels is seen

MCX natural gas : Natural gas Price Bounced of from recent lows of 155, the oversold zone to test the first resistance at 165 , And Retracted back to consolidate again in range of 159 & 162 , on upside Breach of 165 would open targets till 172--174, On downside supports seen at 155-158

Base metals Levels :
Nickel : 927--931-938-946-954-968
copper 311.35-309.3-308.5-306.5
Lead :100.2-99.5-98.65-98
Zinc : 90-89.4-88.6-8T