Market Update

Market Watch

Friday, 22 March 2013

Mcx Market Tips -Technical View & Suggestions


Today Mcx Market Wrap: ·          
  • Oil dropped as German manufacturing output unexpectedly contracted
  • Natural gas futures slid after trading at an 18-month high
  • Copper futures fell for the fourth time in five sessions
  • Gold climbed to a three-week high
  • Silver futures for May delivery jumped 1.4 percent
  • Aluminum, tin and lead dropped. Nickel and zinc gained.
 
Oil dropped as German manufacturing output unexpectedly contracted in March, signaling the euro zone debt crisis is slowing growth in the region’s biggest economy. Crude oil for May delivery declined $1.05 to settle at $92.45 a barrel on the New York Mercantile Exchange. Natural gas futures slid after trading at an 18-month high above $4 following a government report showing that U.S. stockpiles declined by less than expected last week. Copper futures fell for the fourth time in five sessions on signs of ample global supplies as a measure of inventory climbed to the highest in nine years. 

Technical View: 

GOLD(APR) 

Trend               • Consolidate 

Strategy           • Buy on dips
Resistance       • R2 - 30250 ;  R1 - 29950
support            • S1 – 29450 ; S2 – 29180

SILVER(MAY)
Trend          • Consolidate

Strategy      • Sell on high   

Resistance  • R2 -57750 ; R1 -55870                 
support       • S1 - 53350  ; S2 - 52200                    
 ZINC(APR) :

Trend          • Consolidate

Strategy      • Sell on high   

Resistance  • R2 -106.8 ; R1 -104.8                 
support       • S1 – 101.3  ; S2 – 98.5   

CRUDE (APR)      

Trend          • Consolidate

Strategy      • Sell on high   

Resistance  • R2 -5250 ; R1 -5165                
support       • S1 – 5030  ; S2 – 4950  

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