Intraday MCX Commodity Market Daily Report and Trading Tips

GOLDMmcxMAY(m)
Technical Levels
R3 - 21150/21224
R2 - 21010/21070
R1 - 20915/950
Pivot - 20880
S1 - 20840/810
S2 - 20770/680
S3 - 20560/380

Technical Commentary

The 20910-30 region has kept upside under pressure for the last two day. Once it gives away expect short covering rallies towards 20950/21010 or even more for the day. However early attempts to break the region to be unsuccessful and drag prices lower till 20810/730 or even more.

Trends

Intraday -Consolidate
Near term - Up

SILVERmmcxAPR(m)
Technical Levels
R3 - 57000
R2 - 56400
R1 - 55700-55970
Pivot - 55580
S1 - 55010/54680
S2 - 54450
S3 - 54000-52000


Technical Commentary

A dip lower is favoured towards54750 initially, but inability to clear below the same likely for a consolidation and call for reaction rallies towards 56000 or more in the later session. A direct falls below 54700 would be required to negate the view and call for long liquidation pressure in near term.

Trends
Intraday -  Up
Near term - Up


COPPERmcxAPR
Technical Levels
R3 - 446/452-465
R2 - 438-442
R1 - 432/434.50/436
Pivot - 432.70
S1 - 426/423
S2 - 421/418.50
S3 - 412/410

Technical Commentary

As long as prices hold above 431.50, a higher momentum may see towards 438. Moreover, only consistent trade above 438 might see prices to push higher towards 442 then 446 levels. Conversely, a trade below 431 may retest the lower support at 426 levels.

Trends

Intraday - Consolidate

Near Term - Down

NICKELmcxAPR
Technical Levels
R3 - 1226/48
R2 - 1203/1212
R1 - 1182/89
Pivot - 1185
S1 - 1168/61
S2 - 1148/38
S3 - 1124

Technical Commentary

1176-74 expects to hold initially for a recovery towards 1192 or more. A direct fall below 1174 would extend the selling pressure towards 1166/58 followed by 1148. Prices have to close above 1200 to negate our broad bearish outlook.

Trends

Intraday - Down

Near Term - Down

LEADmcxAPR
Technical Levels
R3 - 127/131
R2 - 123.20/124
R1 - 122.70
Pivot - 122.10
S1 - 119.70/118.40
S2 - 117/116.20
S3 - 115/1134

Technical Commentary

Range bound with mild positive bias prevails as long as 119 hold, but break out above 124 would be required to trigger fresh short covering rallies towards 126 /129 levels. On the other hand, bearishness is seen below 119 towards 116 then 113 levels.

Trends
Intraday - Up
Near Term - Down

ZINCmcxAPR
Technical Levels
R3 - 111
R2 - 108.60
R1 - 107/107.80
Pivot - 105.40
S1 - 105.50/103.20
S2 - 102.60/101.70
S3 - 101/100

Technical Commentary

Prices holds a trend line support at 105.5, consistent trade above the same may prices to trade higher towards 107.50. However, a bullish trend sees only above 110 levels. Downside, a trade below 104 sees a sharp fall towards 101 then 98 levels.

Trends
Intraday - Consolidate
Near Term - Down

CRUDEmcxAPR
Technical Levels
R3 - 4900-5300
R2 - 4792
R1 - 4712/40
Pivot - 4698
S1 - 4674/4622
S2 - 4580/4490
S3 - 4700-4670

Technical Commentary

Even the broad trend looks for 4800, for intraday, while below 4700 the prevailing downside to continue with good support seen only at 4622. Sharp falls below the same would extend the sell off towards 4580/4500 in near term. Consistent trades above 4740 with sturdy volumes would be a strong bullish signal.

Trends

Intraday - Consolidate

Near Term - Up

NAT. GASmcxAPR
Technical Levels
R3 - 230
R2 - 204/212-15
R1 - 197/201
Pivot - 193.20
S1 - 192/188
S2 - 185
S3 - 182

Technical Commentary

While 191 hold the downside expect a recovery towards 197/201 for the day. It would be needed to close below 189 to extend the losses again.

Trends
Intraday - Consolidate
Near Term - Up