MCX Report: 7th January 2019

Insignia Consultants

New Delhi

Monday, January 7, 2019

TIME 8:26 AM IST                       

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MCX METALS AND ENERGIES MARKET VIEWS

TECHNICAL VIEW

Gold February 2019: (previous day close/CMP Rs.31456)

Bullish over 31550 with 31705 and 31834 as price target.

Bearish below 31440 with 31339 and 31197 as price target.

Neutral Zone: 31440-31550

One Support: 31339

One Resistance: 31550

  • Small sell off will be there below 31400.
  • Crash below 31300.
  • Gold needs to trade over 31550-31600 zone to zoom.

Silver March 2019:  (previous day close/CMP Rs.39173)

Bullish over 39425 with 39708 and 40147 as price target

Bearish below 39220 with 38921 and 38361 as price target.

Neutral Zone: 39220-39425

One Support: 39020

One Resistance: 39691

  • Small sell off will be there below 39020.
  • Crash below 38880.
  • Silver needs to trade over 39400-39600 zone today to see a quick rise.

Copper February 2019:  (previous day close/CMP Rs.409.60)

Bullish over 406.10 with 411.80 and 418.80 as price target.

Bearish below 403.60 with 401.70 and 397.60 as price target.

Neutral Zone: 403.60-406.10

One Support: 403.10

One Resistance: 411.80

  • Small sell off will be there below 406.10.
  • Quick rise will be there over 410.80.
  • Remain on the sidelines today.

Crude oil 18th January 2019: (previous day close/CMP Rs.3348)

Bullish over 3301 with 3408 and 3533 as price target.

Bearish below 3220 with 3196 and 3117 as price target.

Neutral Zone: 3220-3301

One Support: 3301

One Resistance: 3396

  • Quick rise will be there over 3361.
  • Small sell off will be there below 3301.
  • Trend is bullish.

Zinc January 2019: (previous day close/CMP Rs.171.60)

Bullish over 170.20 with 173.10 and 176.00 as price target.

Bearish below 169.10 with 167.80 and 166.60 as price target.

Neutral Zone: 169.10-170.20

One Support: 169.10

One Resistance: 173.10

  • Small sell off will be there below 170.20
  • Quick rise will be there over 172.20.

Lead January 2019: (previous day close/CMP Rs.136.60):

Bullish over 135.00 with 139.10 and 142.00 as price target.

Bearish below 133.70 with 131.90 and 130.40 as price target.

Neutral Zone: 133.70-135.00

One Support: 135.00

One Resistance: 139.00

  • Small sell off will be there below 135.40
  • Quick rise will be there over 137.30.

Nickel January 2019: (previous day close/CMP Rs.773.10):

Bullish over 760.10 with 796.10 and 809.90 as price target.

Bearish below 750.00 with 744.10 and 726.60 as price target.

One Support: 760.00

One Resistance: 777.10

  • Quick rise will be there over 776.10.
  • Small sell off will be there over 760.00.
  • Trend is bullish.

Natural gas 28th January 18 (previous day close/CMP Rs.210.10):

Bullish over 212.10 with 219.80 and 230.60 as price target.

Bearish below 206.90 with 202.90 and 198.70 as price target.

Neutral Zone: 206.90-212.10

One Support: 206.90

One Resistance: 212.10

  • There can be very sharp rallies as long as NG trades over 198-202 zone.
  • Quick rise will be there over 212.10.
  • Small sell off will be there below 208.10.
  • Remain on the sidelines today.

Aluminum January 2019 (previous day close/CMP Rs.130.15)

Bullish over 129.00 with 131.10 and 133.00 as price target.

Bearish below 127.90 with 125.90 and 124.90 as price target.

Neutral Zone: 127.90-129.00

One Support: 129.00

One Resistance: 131.10

  • Small sell off will be there below 129.60 today.
  • Quick rise will be there over 130.60.
  • Watch 130. Aluminum can move 3-4 either side anytime from 130.
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 Chintan Karnani
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NOTES TO THE ABOVE REPORT
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
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 REPORTTHE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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