Saturday, January 14, 2012

Natural Gas medium term Update -- Supports & Resistance


Natural gas Started the Last leg of Major downfall From 4.954 in month of may Falling more than 45 % currenty trading at 2.71 $ , the Complete Downfall Looks like a clear 5 wave structure where at this point of time we  are in v of 5 of C ,
The possible pattern targets where Natrual gas Could find support is Currently at 2.55 $ (wave 5 = 1.618% of wave 1) , The Complete downfall is in a Clear Downward Channel Which has important channel support at 2.62--2.65 $ zone  $
Hence This Current Zone of 2.55$ --- 2.67$ Zone is Very important Support Zone for Longterm ,                 On daily charts the RSI 14 is currently at 29 Which is almost approaching the oversold Zone. at This point of time we Dont have any reversal pattern visible which May indicate that the prices have bottomed out , but it Clearly is not a Place to go Shorts for medium term Unless these Supports are broken , If broken we May head to immediate Next support at 2.38
 
Looking at the Long term weekly charts We may be in Process of Making a B wave Low and a High probability of Major reversal From current Levels For Next 6--9 Months cant be rulled out




But before taking Any Longs one has to wait For Confirmation of Price reversal as price is King and Once confirmed the Upside Projected targets would be 3.65--4.25 Immediately and Much Higher If this Levels are taken out again

Thursday, September 15, 2011

Silver Possible head & shoulder



Silver is making a potential Head & shoulder Pattern with neckline near 39.5 $ , if we see daily close Below same for next two three Days we could See a sharp Fall till 35 $ , The importnat 55 DMA is also near 39.5 $ a improntat place to watch . Looking at the wave Counts we still have the Same previous bearish counts open with cureent move as 1 of 3 of c with Final targets till 29 $ 




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Sunday, August 7, 2011

Gold & Silver Charts , Gold Could be near a short term top

Gold Makes a Run away , Exhausation gap at open today and manges to Cross the Longterm weekly Resistance of 1684 which was very Crucial level For bears , Expecting  high Volatility in Intraday Now coz of short Covering Which can take prices up will 1707--1716 , which Co-incides with wave Levels of 5=1 . A Failure to close abv 1716 Could be indiaction of Medium term top in Close and Push Prices DOwn till 1525 which would be 23.6 % retracement of Complete Move of decade , if we C the Prices pushing Higher abt 1716 could be a extended 5th which can go higher till 1781 than




Silver : Explanation on Charts

Saturday, July 23, 2011

Copper Weekly Medium term Update

Copper Prices After topping out For medium Term at 10150 LME prices Corrected till 8400 Levels in wave A of 2 , Now Looks like to have Completed the Corrective   Wave B at 9640 of wave (2) . Failure to Cross The Recent highs Could Push price Again Down till 8400 & 7700 in Medium term as wave C which mark end of Wave (2)

Wednesday, July 13, 2011

Monday, June 27, 2011

Daily Trading Levels , MCX Supports And Resistance , Commodities , Base Metals


BASE METALS 

Copper : Trend Sideways - Range Bound - 
Important Resistance 411-412 ,Close above same one can expect levels of 419-420.
On downside 398-399 Important Support range. Below which we can test 385/390
Levels on upside   405-408.5-411-413

Lead : Trend Up
Lead reverses from major resistance zone given earlier  Major Resistance zone remains at 116-116.5
Sustained move above 116-116.5 can do 118.5-119 on upside
On downside 112.5-113 support for intraday.. 107.5-108 Major Support range for the comm


Zinc : Trend Slightly Bullish
Zinc reverses from major resistance zone given earlier  Major Resistance zone remains at 116-116.5 
ABove 101.5 if sustains then may do 103-103.5
MInor Support at 98-98.5. On downside 95-95.5 Important Support range

Nickel : Trend Sideways 
Important Support near 955-960 Levels , Major Resistance zone 1000-1005 on Upside
Nickel buy above 1000-1005 range with stop of 990, can do 1035/1040 on upside 
Trend Reversal if it closes above 1010.. Levels on downside 980-960-950


Thursday, May 12, 2011

Silver update



Silver Looks to have Completed 5 waves down From Recent High of 49.7 & looks like time For Seriously Sharp Pull back , if the 5th wave gets extended Breack of 32 $ would be a confirmation of same , than Can Extend till 28.4 ..but When we Look at other Precious metals Charts Along with it Should See a bottom near these levls and again pull back to 44 Levels in coming days 

Sunday, April 24, 2011

Mcx trading Levels For Day

Support & Resistance For The day

Gold 21835--21960-22040-22210-22333-22486

Silver 68300-69180--70400--71650

Copper 428.6-435--439-442-445
Lead 115.4--116.8-118.2-199.6-121
Zinc  102.4--103.6-105-106.6-108
Nickel 1188-1210-1234-1252--1284

Crude Oil 4850-4934-5010-5160-5240
Natural gas 192.5-195.6-197-200.4-204

Tuesday, April 5, 2011

#Silver medium term view

Looking at silver weekly charts for past decade the rally which started from almost 3.50 $ to current price of 38.5$,it clearly looks likes near end of extended massive bull run of 5 waves and now could get into corrective phase (wave 2 a-b-c ) for next few months. Any new high on silver would be a good sell opportunity or a break of 36 dollar would confirm a medium term top and we could look at short term downside targets of 32.5 $ and 27 $

Snapshot :

#silver break of 36$ could confirm a medium term top & correct down till 32.5$ and than 27$ , $slv , Good sell on rise #askchirag any new highs or rallies good setup to create shorts

Wednesday, March 23, 2011

#copper , #gold , #silver Trading Levels For short term

Copper (MCX) Looks Strong -- till time prices holding the Key Level of 430 --- One Can expect An Further upside till 442--445--449  , Downside Below 430 Support at 426.5 ---410

Gold  & silver Faceing Resistance near Previous week's high on Comex , a Sustained trade Above Same Can Push prices Further up on Gold till 1447$ --1465 $--1489 $ and on Silver 36.5 $---37.2 $--38.4$
On downside Important Support on Gold now at 1415 $ & silver 35.2 $