CRUDE OIL:- Weekly Technical Report 30.04.2012 to 05.05.2012

In the last week, MCX May crude oil prices opened the week at Rs 5440/bbl, initially trade lower but found strong support at Rs 5394/bbl. Later, prices bounced back from low and touched a high of Rs 5519/bbl and finally closed at Rs 5516/bbl (April 28, Saturday) with a gain of Rs 72/bbl as compared with a previous close of Rs 5444/bbl.


On the above Weekly Charts, Crude Oil prices breached 3 week’s high and closed above its 10 & 20 week EMA (Exponential Moving Average) which indicates bullish market sentiments.


For this week, we expect MCX May Crude oil prices to find support at 5400 levels. Trading consistently below 5400 levels would trigger a correction initially towards 5350 levels, and then finally towards the major support at 5300 levels.


Resistance is now observed at 5560 levels. Trading consistently above 5560 levels would further extend the current rally towards 5620 levels

Recommendation: Buy MCX Crude May between 5400-5420, SL-5345, Target -5560/5620.


NEAL BHAI:- 9999974733, 9899900589

COPPER:- Weekly Technical Report 30.04.2012 to 05.05.2012

COPPER:- In the last week, MCX June Copper prices opened the week at Rs 429/Kg, initially traded mildly lower and found strong resistance at 424.75/Kg. Later prices bounced back from low and touched a high of Rs 448.10/Kg, and finally closed at Rs 446.55/Kg (April 28, Saturday) with a gain of Rs 16.65/Kg as compared with previous week’s close of Rs 429.90/Kg.


On the above Weekly Charts, Copper prices breached contract high and closed above its 10 & 20 week EMA (Exponential Moving Average) which indicates bullish market sentiments.

For this week, we expect Copper prices to find resistance at 455 levels. Trading consistently above 455 levels can lead towards 464 levels. Strong support is now observed at 435 levels. Trading consistently below 435 levels would trigger correction initially towards 430 levels.

Recommendation: Buy MCX Copper June between 435-437, SL-429, Target -455/463.  
 
NEAL BHAI:- 99999747, 9899900589

SILVER:- Weekly Technical Report 30.04.2012 to 05.05.2012

In the last week, MCX July Silver prices opened the week at Rs 57,950/Kg, initially traded sharply lower and found strong support at Rs 56,050/Kg. Later prices bounced back from low and finally closed at Rs 57,568/Kg (April 28, Saturday) with a loss of Rs 586/Kg as compared with previous week’s close of Rs 58,154/Kg.


On the above Weekly Charts, Silver prices breached 13 week’s low and closed below its 10 & 20 week EMA (Exponential Moving Average) which indicates bearish market sentiments.


For this week, we expect Silver prices to find major resistance at 58,780 levels. Trading consistently above 58,780 levels would open the door for a new leg up initially towards 59,400 then 59,700 levels.


Strong Support is observed at 56,050 levels. Trading below 56,000 levels would give correction initially towards 55,500 and then finally towards the Major support at 55,000 levels.

NEAL BHAI:- 9999974733 & 9899900589

Weekly Technical Report 30.04.2012 to 05.05.2012

In the last week, MCX June gold prices opened the week at Rs 28,685/10 grams, initially traded mildly lower and found strong support at Rs 28,622/10 grams. Later, prices bounced back and touched a high of Rs 29,131/10 grams and finally closed at Rs 29,109/10 grams (April 28, Saturday) with a gain of Rs 408/10 gram as compared with previous week’s close of Rs 28,701/10 grams.


On the above Weekly Charts, Gold prices breached 6 week’s high and closed above its 10 & 20 week EMA (Exponential Moving Average) which indicates bullish market sentiments.


For this week, we expect gold prices to find resistance at 29,320 levels, if prices will close and trade consistently above 29,320 levels, would trigger further rally upto 29,580 levels. Support is observed at 28,740 levels and then 28500 levels.

Recommendation: Buy MCX Gold June between 28740-28800, SL-28490, Target -29320/29570.