9th January: MCX Mid Day Update
Tuesday, January 09, 2018
TIME: 4:27 pm IST
MCX MID DAY TECHNICAL UPDATE
As long as the Indian rupee continues to weaken against the US dollar, metals and energies will not fall by much. Just trade in the technical and ignore everything.
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. I am against going long in gold unless it breaks and trades over 29329 with a trailing stop loss below 29231.
MCX Silver March 2018: Support: 38676-38892. Resistance: 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: 3910.Resistance 3977. Crude oil needs to trade over 3910 to rise to 3977 and 4055. Sell off will be there only below 3910 with 3866 as key support till tomorrow.
MCX Zinc January 2018: Support: 214.10. Resistance: 217.20. Zinc can rise to 218.10 and 221.30 as long as it trades over 214.10. Sellers will be there only below 214.30.
MCX Lead January 2018: Support: 164.40 Resistance: 167.10. Lead needs to trade over 163.30 to rise to 165.90- and 168.40. Sellers will be there only below 163.30.
MCX Nickel January 2018: Support: 790.40 Resistance: 809.10. Nickel needs to trade over 795-800 zone to rise to 815.50 and 830.90. Sellers will be there below 795.
MCX Natural Gas January 2018: Support: 180.20 Resistance: 188.10. It can rise to 190.10 and 201.30 as long as it trades over 180.10. Sellers will be there only below 180.10.
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