GOLDMmcxMAY(m)
Technical Levels:R3 - 21150/21224R2 - 20950/21010/70
R1 - 20880
Pivot - 20845
S1 - 20770/700
S2 - 20680
S3 - 20560/380
Technical Commentary:
The day’s bias should largely stay negative till 20780/720 as long as 20900 cap the upside. A direct fall below 20700 would stretch the trend towards 20500 in near terms. However a direct rise above 20980 to trigger fresh short covering rallies, but should attract long liquidation pressure if unable to sustain above 21150 later.
Intraday - Down
Near Term - Up
SILVERmmcxAPR(m)
Technical Levels:
R3 - 58300/59000
R2 - 57550/59000
R1 - 56600/57000
Pivot - 56420
S1 - 55010/54680
S2 - 54450
S3 - 54000-52000
Technical Commentary:
On a broad perspective 57500/59000 looks possible, but for the day we favour initial dips till 56100 before triggering such swing higher. However sustainable moves below 55900 may negate our broad positive outlook and call for a corrective move lower.
Intraday - Up
Near term - Up
COPPERmcxAPR
Technical Levels:
R3 - 432/438/440
R2 - 429
R1 - 425/426
Pivot - 422
S1 - 420/418
S2 - 416
S3 - 411/405/400
Technical Commentary:
Unable to break above 424.60 may see a mild initial correction towards 421 levels. More powerful rally may see if prices breaks and sustain above 426 towards 432/438 levels for the day. Weakness is seen below only 420 levels towards a target of 416 can be expected.
Intraday - Consolidate
Near Term - Down
NICKELmcxAPR
Technical Levels:
R3 - 1203/26/48
R2 - 1174/89
R1 - 1156/1166
Pivot - 1148
S1 - 1137
S2 - 1130/1120
S3 - 1105
Technical Commentary:
Moves 1141 may find support or a turn higher towards 1166/72 or even more for the day. A direct fall below 1137 would diffuse our bullish expectations and would continue the sell off till 1120 later.
Intraday - Up
Near Term - Down
LEADmcxAPR
Technical Levels:
R3 - 129/131
R2 - 126
R1 - 123.9
Pivot - 122
S1 - 120.60/119
S2 - 117/116.20
S3 - 115/113.4
Technical Commentary:
Prices broken a crucial resistance at 123.9 suggesting a bullish trend may continue towards 126 then 129 levels in the medium term. A corrective dips may expected towards 122.90 before commencing the uptrend for the day. Bearish sentiments only see below 119 towards 116 then 113 levels.
Trends:
Intraday - Up
Near Term - UpZINCmcxAPR
Technical Levels:
R3 - 115/116/120
R2 - 112
R1 - 108.6/109.4
Pivot - 107
S1 - 103.5/105.5
S2 - 102
S3 - 100/98/95
Technical Commentary:
Prices may edge higher towards 109.40 as long as 105.50 hold. Moreover, in the long term perspective, a continuous trade above 110 may required for a major rally has to kick start towards 112 then 116 levels. However, an intraday correction may see towards 107 levels before resuming the trend.
Intraday - Consolidate
Near Term - Down
CRUDEmcxAPR
Technical Levels:
R3 - 4980-5300
R2 - 4900
R1 - 4840-48
Pivot - 4828
S1 - 4778/4758/22
S2 - 4680/4490
S3 - 4700-4670
Technical Commentary:
Even though the broad trend looks for a target of 4900 intraday gains may be limited as long as 4840-48 caps the upside. Successive attempts to trades below 4780 with sturdy volume may continue the sell off towards 4710/680 later.
Trends:
Intraday - Consolidate
Near Term - Up
NAT. GASmcxAPR
Technical Levels:
R3 - 230
R2 - 204/207/215
R1 - 197/99/201
Pivot - 193.20
S1 - 192/188
S2 - 185
S3 - 182
Technical Commentary:
Expect to consolidate inside the range of 191-196 with mild positive bias. Prices have to close above 197 to extend the rally. Break below 189 would be a weak signal.
Trends:
Intraday - Consolidate
Near Term - Up
