19th July: MCX Zinc, lead and Nickel report

Insignia Consultants

New Delhi

Monday, June 19, 2017

TIME 7:26 AM IST                       

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MCX METALS AND ENERGIES REPORT

There is no big economic data release this week. But there are a lot of Federal Reserve speakers. Geopolitical risk could be the focus if there is no other news. Qatar and North Korea will be watched closely. Direction of the currency markets will also affect metals and energies.

Technically gold, silver and crude oil are testing key supports.

TECHNICAL VIEW

Zinc June 17: (previous day close/CMP Rs.162.30)

Bullish over 160.30 with 163.40 and 169.60 as price target.

Bearish below 159.00 with 156.70 and 153.20 as price target.

Neutral Zone: 159.00-160.30

  • Key resistance is at 163.40. There will be another wave of rise over 163.40 to 169.60.
  • Trend is bullish. Sellers only below 160.30.
  • A daily close over 163.40 today will be very bullish for zinc for tomorrow.

Lead June 17: (previous day close/CMP Rs.135.35):

Bullish over 133.10 with 137.30 and 141.90 as price target.

Bearish below 132.10 with 130.40 and 128.30 as price target.

Neutral Zone: 132.10-133.10

  • Lead can rise to 137.30 and 141.90 as long as it trades over 133.10.
  • Buyers will be there only if lead trades over 135.60 today.
  • Remain on the sidelines today.

Nickel June 17: (previous day close/CMP Rs.574.70):

Bullish over 570.20 with 586.30 and 598 as price target.

Bearish below 563.10 with 558.70 and 549.60 as price target.

Neutral Zone: 563.10-570.20

  • Nickel needs to trade over 563.10 to rise to 583.70 and 599.80.
  • Initial support is at 570.20. Sellers only below 570.20.
  • Jobbers watch 574.60 all the time.

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. Website www.insigniaconsultants.in. Prepared by Manan Somani

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NOTES TO THE ABOVE REPORT

UK session starts around 1:00 pm Indian Standard Time (+5:30 GMT)

US session starts at 6pm pm Indian Standard Time (+5:30 GMT)

PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS

PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.

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

THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT

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