10th January: MCX Mid Day Update
Wednesday, January 10, 2018
TIME: 4:08 pm IST
MCX MID DAY TECHNICAL UPDATE
Do not aggressively short metals and energies. If you are short, use some trailing stop losses. Crude oil will zoom if it trades over 4080 after 9:45pm. Trade very carefully till 8:30pm in all metals.
Gold February 2018: Support: 29079-29164. Resistance: 29329 & 29401. Gold needs to trade over 29160 for the rest of the day to rise to 29329-29387 and 29567. Sell off will be there if gold trades below 29160 to 29106-29057 and 28996. MCX Silver March 2018: Support: 38436-38892. Resistance: 39236 and 39489. Silver needs to trade over 38892 to rise to 39364 and 39545. Sell off will be there only below 38892 for the rest of the day.
MCX Copper February 2018: Support: 451.80-454.00.Resistance: 461.80 Copper needs to trade over 453.80 to rise to 460.90 and 465.60. Sell off will be there below 453.80 to 450.90 and 447.60.
MCX Crude Oil January 2018: Support: 3975.Resistance 4077. Crude oil will zoom if it trades over 4077 after the release of US weekly crude oil inventories to 4115 and 4318. Resistance of 3975 now becomes the support. Sellers will be there below 3975.
MCX Zinc January 2018: Support: 212.20. Resistance: 215.10. Zinc needs to trade over 213 for the rest of the day to rise to 215.50 and 217.80. Sellers will be there below 213 with 211.20 as key support.
MCX Lead January 2018: Support: 161.90 Resistance: 164.60. Lead can fall to 161.90 and 159.40 as long as it trades below 164.60. Rise will be there only over 164.60.
MCX Nickel January 2018: Support: 804.60 Resistance: 815.70. Nickel can rise to 830.30 and 852 as long as it trades over 804.60.
MCX Natural Gas January 2018: Support: 185.10 Resistance: 193.20. There will be a technical breakout over 193.20 to 197.10 and 203.60. On the lower side as long as natural gas trades over 185.10, downside risk will be limited.
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. Prepared by Chintan Karnani
Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.
NOTES TO THE ABOVE REPORT
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
PLEASE USE A STOP LOSS OF MINIMUM RS.5000-RS.8000 PER LOT ON ALL INTRA DAY TRADES
ALL PRICES ARE IN INDIAN RUPEE UNLESS OTHERWISE SPECIFIED
APPROPRIATE STOP LOSSES PER LOT IN INDIAN RUPEEES ON THE TRADING CALLS GIVEN IN THIS REPORT
Indian Standard Time (IST): +5:30 GMT