Tuesday, April 17, 2012

MCX Commodity Tips and Trend For Today: 17th April '12

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MCX Gold Trend
Intraday direction most likely to be south bound, which could initially test the downside support of 28240/160 for a breath away. Although, major selling only by concrete trades below 28150 region. Despite in this drab picture, trade above 28470 region may invite buying interest with a target of 28530/590 or even to 28720. We suggest to sell MCX Gold June.

MCX Silver Trend
If prices hold the immediate support at 55400 would dilute hopes for further selling pressure and prices may see a pull back towards target of 56300/57200 levels. An unexpected turn lower below 55400 would target 54600/53500 levels. We suggest a Sell in MCX Silver May.

MCX Copper Updates
As long as 408 holds the downside support expect prices to push higher towards 414/418 region. Major weakness could creep in if below 408 towards 405/402 levels. Current position showing a buy signal in MCX Copper.

MCX Crude Updates
The prevailing positive bias is likely to extend towards 5380 region if able to trade consistently above 5350. Otherwise, expect an initial dip towards 5305/5285 levels. Above 5415, could open flood gates for prices to inch higher towards 5450/70. On the contrary, Slippage past 5280 levels could take prices lower targeting 5250/5230 levels. Our analyst team indicating a sell in MCX Crude.

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