CRUDE OIL Weekly Technical Report 16.07.2012 TO 20.07.2012

MCX Crude July as seen in the weekly chart above has opened at 4745 levels initially moved sharply lower, but found good support at 4692 levels. Later prices rallied sharply towards 4818 levels and finally closed higher from the previous weeks closing levels.

For the next week we expect Crude prices to find support at 4750-4730 levels. Trading consistently below 4730 levels would lead towards the strong support at 4654 levels. Multiple closing below 4650 levels would indicate that the previous rally has come to end and thereby new leg down can be expected initially towards 4575 and then finally towards the major support at 4475 levels.

Resistance is now observed at 4870-4890 levels. Trading consistently above 4895 levels would extend the previous rally initially towards 4955 levels, then 5046 and then finally towards the Major resistance at 5100 levels.  (NEAL BHAI)

COPPER Weekly Technical Report 16.07.2012 TO 20.07.2012

MCX Copper August as seen in the weekly chart above has opened at 424.50 levels initially moved sharply higher and as expected found resistance at 426.40 levels. Later prices fell sharply lower towards 417.55 levels and finally closed higher from the previous weeks closing levels.

For the next week we expect Copper prices to find strong support in the range of 421-419 levels. Multiple closing below 418 levels would indicate that a short term top has been posted and thereby major decline can be expected initially towards 410.25 and then finally towards 402.05 levels.

Strong Resistance is now observed in the range of 429-432 levels. Multiple closing above 432 levels would indicate that a short term bottom has been posted and thereby new leg up can be expected initially towards 440 then 446 and then finally towards the major resistance at 453 levels.  (NEAL BHAI)

SILVER Technical Report 16.07.2012 TO 20.07.2012

MCX Silver September as seen in the weekly chart above has opened at 53,260 levels initially moved sharply higher, but found resistance at 53,580 levels. Later prices fell sharply towards 52,202 levels and finally closed lower from the previous weeks closing levels.

For the next week we expect Silver prices to find support in the range of 52,200-52,100 levels. Trading consistently below 52,080 levels would trigger a sharp correction initially towards 51,500 levels and then finally towards the major support at 50,880 levels.

Resistance is now observed in the range of 52,950-53,050 levels. Trading consistently above 53,060 levels would lead towards the strong resistance at 53,490 levels. Multiple closing above 53,500 levels would indicate that a short term bottom has been posted and thereby new rally can be expected initially towards 54,225 and then finally towards the major Resistance at 56,200 levels. (NEAL BHAI)

GOLD Weekly Technical Report 16.07.2012 TO 20.07.2012

MCX Gold August as seen in the weekly chart above has opened at 29,603 initially made a high of 29,680 levels and then fell sharply lower, but found good support at 29,161 levels. Later prices recovered sharply towards 29,360 levels and finally closed lower from the previous weeks closing levels.

For the next week we expect gold prices to find Support at 29,060 – 29,030 levels and further below strong support is seen at 28,860-28,820 levels. Trading consistently below 28,820 levels would trigger sharp correction initially towards 28,752, then 28,584 and then finally towards the major support at 28,250 levels.

Resistance is now seen at 29,360-29,400 levels. Trading consistently above 29,400 levels would lead towards the strong resistance at 29,580 levels. Multiple closing above 29,600 levels would indicate that a short term bottom has been posted and thereby new leg up can be expected initially towards 29,890 then 30,150 and then finally towards the Major resistance at 30,430 levels.  (NEAL BHAI)