Free MCX Commodity Daily Report and Trading Tips

GOLDmcxAPR(m)
Technical Levels:
R3 - 20200
R2 - 20990-21040
R1 - 20920/40
Pivot - 20875-920
S1 - 20825
S2 - 20800
S3 - 20740-20600


Technical Commentary:

Even though yesterday's fall has deflated a bold attempt to rally, the bounce back today from yesterday's low rekindles bullish hopes. However such bounce back is expected to take resistance in the 20920/40 region, pause, consolidate and would be inclined to slip again with eye on 20720. But direct rise above the same would usher in momentum to target 21200, provided 20990-21040 region also gives away.

Trends:
Intraday - Down
Near Term - Up

SILVERmcxAPR(m)
Technical Levels:
R3 - 57000
R2 - 56400
R1 - 55970
Pivot - 55900
S1 - 55300
S2 - 54880-700
S3 - 53900

Technical Commentary:

Despite yesterday's anticlimax with a late night slippage followed up with cascading of prices, the 57000 view is still intact. However, bounce back today should face stiff resistance from 55900 region, failure to clear which could prompt prices to dip as far as 54880-700 seeking support.

Trends:
Intraday - Consolidate
Near Term - Up

COPPERmcxAPR
Technical Levels:
R3 - 465/482
R2 - 446/452
R1 - 440/442/444
Pivot - 438.80
S1 - 436/434/430
S2 - 436/422
S3 - 410

Technical Commentary:

As long as prices hold the support at 435, prices to trade higher towards 440-442 levels. However, a minor lower correction may see towards 434 levels before resuming the uptrend. A sharp rally may take off if prices breaks above 442 towards 446/448 levels which may set a target to 465 then 480 levels in the near term. Weakness in prices is seen below 432 towards 426 then 417 levels.

Trends:
Intraday - Up
Near Term - Consolidate

NICKELmcxMAR
Technical Levels:
R3 - 1280/94
R2 - 1248/64
R1 - 1218/1244/1231
Pivot - 1212
S1 - 1208/1202/1191
S2 - 1182/1177
S3 - 1148

Technical Commentary:

Initial moves expect towards 1230. If consistently trades above 1232-35 regions expect sharp rallies till 1248/62 or more. A negative bias is prevailing consistent trade below 1198

Trends:
Intraday - Up
Near Term - Up

LEADmcxMAR
Technical Levels:
R3 - 131
R2 - 125.30/127
R1 - 123.9
Pivot - 122
S1 - 121 /119.50
S2 - 118.50/117
S3 - 106/104

Technical Commentary:

Lead mini prices traded sideways to higher as it holds the support at 121.50 in the near term. Moreover, break above 424 might see an upside towards 426/429 levels. Weakness in the counter is seen, if prices trade below 119 levels.

Trends:
Intraday -Consolidate
Near Term - Up

ZINCmcxMAR
Technical Levels:
R3 - 111
R2 - 109/109.90
R1 - 108.60
Pivot - 107.50
S1 - 106.40/105.50
S2 - 104.80/104
S3 - 103/101

Technical Commentary:

A broader view is still positive as it took a major support at 105.5 levels. However, unable to cross and sustain above 109 may see some correction towards 106 levels. However, any trade below 105 might see a fall towards 103 then 101 levels in the near term.

Trends:
Intraday - Consolidate
Near Term - Down

CRUDEmcxAPR
Technical Levels:
R3 - 4900-5300
R2 - 4792
R1 - 4775
Pivot - 4748
S1 - 4748
S2 - 4720
S3 - 4700-4670

Technical Commentary:

Though broad uptrend is intact, it would require a powerful rise above 4800, before a rise towards 4900 and thereafter 5300 materialise. Until expect feeble swings higher to face resistance int he 4775/92 region, and drift lower and settle at 4700 levels.

Trends:
Intraday - Consolidate
Near Term - Up

NAT. GASmcxMAR
Technical Levels:
R3 - 202
R2 - 196
R1 - 191
Pivot - 188
S1 - 188
S2 - 185
S3 - 182

Technical Commentary:

Even though broad trend targets 202, the recent rally has attracted long liquidation pressure from the Fibonacci resistance of 196. However, that the swing lower has not exceeded 185 is a positive, and should help prices higher especially if prices manage to float above 191.

Trends:
Intraday - Up
Near term - Up