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From: Munnabhai Analyst <manish9820555212@ymail.com>
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Sent: Thu, 10 June, 2010 3:38:33 PM
Subject: MCX & COMEX EXPECTATIONS FOR 10TH JUNE 2010
From: Munnabhai Analyst <manish9820555212@
To: 10paisa@yahoogroups
Sent: Thu, 10 June, 2010 3:38:33 PM
Subject: MCX & COMEX EXPECTATIONS FOR 10TH JUNE 2010
MCX & COMEX EXPECTATIONS FOR 10TH JUNE 2010 ::
MCX Gold Aug: As expected saw target at 18980 being met. Corrective decline from there could see support in 18660-18675 zone.
Daily close below 18660 could drag price even lower.S1 18720 S2 18640 R1 18860 R2 18940
Daily close below 18660 could drag price even lower.S1 18720 S2 18640 R1 18860 R2 18940
MCX Silver July: Support at 29000 could hold for rise toward 29645. This is favored view. Unexpected fall below 28890 to dent bullish
expectation. S1 29060 S2 28880 R1 29400 R2 29560
expectation. S1 29060 S2 28880 R1 29400 R2 29560
MCX Copper June: Support seen at 296-297, failing which another round of consolidation or test of recent low look likely. However,
if support hold in 294-296 zone, expect rally to continue higher toward 313-315 level. S1 292.50 S2 288.50 R1 299.50 R2 303.50
if support hold in 294-296 zone, expect rally to continue higher toward 313-315 level. S1 292.50 S2 288.50 R1 299.50 R2 303.50
MCX Zinc June: Corrective dip expected toward 80.75 followed by 79.50. Ideally, support to cushion dip for push higher toward 85 level.
Unexpected close below support at 79.50 could dent bullish expectation. S1 81 S2 80 R1 83 R2 84
Unexpected close below support at 79.50 could dent bullish expectation. S1 81 S2 80 R1 83 R2 84
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MCX Lead June: Support at 76.70 followed by 75.00. Failure to hold support to drag price lower again below recent low.S1 77 S2 76 R1 79 R2 80
MCX Nickel June: Dip to 882 followed by 875 to hold for rally toward 930-935. This is favored view. Fall below 860 to cause doubt on view
S1 887 S2 875 R1 909 R2 919
S1 887 S2 875 R1 909 R2 919
MCX NG June: As expected saw a fall towards 219. Further dip to 215 looks likely while 227 caps AND MOVE HIGHER. S1 220 S2 218 R1 236 R2 242
MCX SILVER TRADERS STRATEGY ::
Exit long positions on the rise to 29169-29333 as the opportunity arises.
Re-enter long on rise and close above 29600.
Traders can take chances to sell on rise to 29169-29333 with a stop loss of 29600 or wait for a breakout to trade long
MCX GOLD TRADING STRATEGY ::
Exit long positions on rise to 18827-18958 as the opportunity arises.
Sell on rise to 18827-18958 with a stop loss of 19000.
Buy above 19000 with low of the day stop loss.
A sideways volatility under 19200 is likely to be seen.
Expect lower range of 18656-18354 can be tested.
The level of 18260 holds the key from long term angle. The wide volatility can be 19000-18200.
SPOT GOLD ::
Fresh long positions can be undertaken on rise and close above 1252 with low of the day stop loss.
Use rise to 1230-1239 to exit long positions and take profit.
SPOT SILVER ::
A breakout and close above 18.7$ can bring about a rally subsequently.
Resistance will be at 18.16$-18.25$.
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Lower range can be TESTED 17.98$-17.71$
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COPPER LME ::
A trend line breakdown can be seen. A 3 Buddha Pattern is visible along with the breakdown.
Expect the slide towards the projection shown on the chart towards 5381$.
Sell on fall below 6040$.
Resistance will be at 6480$-6658$.
Sell on rise to the resistance with a stop loss of 7039$. Alternatively, try to sell on rise as near the stop loss to minimize risk.
The 14 week RSI as shown is the chart is falling and could move towards the 30 mark from current level of 37.94
ZINC LME ::
The low channel line has been tested.
A recovery candle has been witnessed this week.
If the low registered of 1570$ is not violated and close as higher as possible from current level of 1765$ then we could see that the low of 1570$ as the important near term bottom.
Expect a rise towards 1935$ at least in the immediate near term.
Traders can take chance to go long with a stop loss of 1570$.
Sell on fall below 1570$. If a fall below 1570$ is witnessed then Zinc can move down to test the level of 1452$, 1325$ and 1064$.
The 61.8% retracement has been tested and recovery has been witnessed in the current weak
ALLUMINUM LME ::
The 50% of the rise from 1270$ to 2481$ has been tested which was at 1880$. The low registered in the current week is 1825$ and a recovery has been witnessed to close at 1937$.
Support cluster is at 1920$.
If the support of 1920$ is violated then a sustained fall could be seen.
But a rise and minor pull back from current level can be expected towards 2154$-2232$.
Resistance will be at 2070$.
A rise and close above 2070$ will confirm a rise towards 2154$-2232$.
Immediate corrective dip from current price or below can be used for buying for the pull back with a stop loss of 1920$.
NICKLE LME ::
A trend line breakdown can be seen.
But Nickel has cluster of support at lower levels of retracements at 18475$ and 16341$.
The earlier higher bottoms are placed at 16875$ and 15100$.
Minor recovery seen in the current week from the low and if closes above the trend line in this week or next week then a pullback rise towards 22463-23688 is possible.
The trend line value is placed at 19320$ for this week and for next week 19490$. Nickel has to maintain above the trend line in order to prove a false trend line breakdown. Otherwise, we could find support of 16875$ and 15100$ will be tested in due course of time.
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LEAD LME ::
The 61.8% retracement of the rise from 850$ to 2685$ has been tested this week.
A recovery seen this week from the low and further weakness can be seen only below 1530$ from here on.
Resistance will be at 1860$-1870$.
If the same resistance gets crossed in days to come then a pull back to 2116$-2249$ is possible.
A fall and close below 1530$ can take the price heavily down towards 850$. Therefore, strong recovery and rise from current levels is a must.
TIN LME ::
TIN holding the support of 14775$ and a fall below the same can show a slide.
TIN seems to be unaffected by the other metal slide.
Resistance will be at 17225$-18200$. If the resistance is not crossed at the earliest then it is a matter of time before a slide is witnessed
MARKET TALK (SPOT GOLD) ::
Bearish prospects:
As long as 1233 holds, the trend may lean towards
1212 with yesterday's low of 1221.75 attempting to
slow down the proceedings.
As long as 1233 holds, the trend may lean towards
1212 with yesterday's low of 1221.75 attempting to
slow down the proceedings.
Bullish prospects:
A direct rise above 1233 would thwart some bearish
presumptions and call for 1237 and 1251.2, the life
time high.
Medium Term Prospects:
A close above 1254 is required before launching on to
the 1330 view, with intermediate pause likely in the
1275-80 region.
A direct rise above 1233 would thwart some bearish
presumptions and call for 1237 and 1251.2, the life
time high.
Medium Term Prospects:
A close above 1254 is required before launching on to
the 1330 view, with intermediate pause likely in the
1275-80 region.
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