1st July: MCX futures report

Insignia Consultants

Friday, July 01, 2016

TIME: 10:45 am IST             

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MCX DAILY REPORT                                              

Silver has the best chance to rise to 49000 by next week. European central bank and bank of England may adopt further quantitative easing measures. Federal Reserve is expected not to raise interest rates in July. I still expect June nonfarm payrolls to beat street expectations. The effects of UK exit on US economy will be felt more in July than in June. Technically gold, silver and copper are all bullish. Monday US markets are closed. Eid is also there next week. Volatility will rise next week.

 

 

MCX METALS AND ENERGY DAILY TECHNICAL ANALYSIS

COMMODITY

PIVOT

SUPPORT

RESISTANCE

 

key price

S4

S3

S2

S1

R1

R2

R3

R4

METALS

GOLD - AUGUST 16

31515

30786

3023

31063

31176

31512

31686

31983

32223

SILVER -- SEPTEMBER 16

46178

43512

44132

44812

45100

45858

46178

46868

47604

COPPER -- JUNE 16

333

318.80

321.10

323.70

327.80

333.30

335.80

339.00

348.00

ZINC -- JULY 16

145.5

135.50

136.80

139.40

141.90

145.20

146.20

148.30

152.20

LEAD -- JULY 16

122.5

115.10

117.60

119.70

121.10

122.70

124.80

127.10

129.60

NICKEL -- JULY 16

647.3

603.10

619.00

622.00

634.00

649.20

654.30

663.20

692.00

ENERGIES

CRUDE OIL  20TH July

3290

2972

3103

3153

3212

3313

3343

3391

3516

NATURAL  GAS July 16

203.2

184.00

189.00

191.00

197.00

203.20

212.70

229.30

243.00

All prices are in Indian Rupees Above

 

 

TECHNICAL VIEW

Gold August, 2016: (previous day close/CMP Rs.31465)

Bullish over 31200 with 31858 and 32345 as price target.

Bearish below 31010 with 30912 and 30656 as price target.

Neutral Zone: 31010-31200

·  Gold is bullish but needs to trade over 31520 till Monday to rise to 32200.

·  Initial support is at 31360. There will be sellers only below 31360 or in case gold does not break 31860 today.

·  A daily close over 31530 today will be bullish for next week.

Silver September, 16:  (previous day close/CMP Rs.45666)

Bullish over 44500 with 46178- 47071 and 47877 as price target.

Bearish below 43900 with 43100 and 42220 as price target.

Neutral Zone: 43900-44500

·  There is a technical congestion between 45850 and 46200. Only a break of this zone will result in another wave of rise to 47604 and 48834 by next week

·  Initial support is at 44812. There will be sellers only below 44812 or in case silver does not trade over 46200 today.

·  Use sharp dips to buy for next week.

Copper August, 16: (previous day close/CMP Rs.331.25)

Bullish over 327.10 with 333.80 and 341.10 as price target.

Bearish below 324.80 with 319.90 and 315.50 as price target.

Neutral Zone: 324.80-327.10

·  Copper has the best chance to rise to 348 by next week as long as it trades over 319-323 range.

·  Today there will be another wave of rise only if copper trades over 333 today.

·  Today jobbers watch 330.00 all the time.

Crude oil July 16: (previous day close/CMP Rs.3288)

Bullish over 3276 with 3433 and 3556 as price target.

Bearish below 3233 with 3176 and 3110 as price target.

Neutral Zone: 3233-3276

·  I will prefer to wait and watch in crude oil for now. It needs to fall below 3270 or break and trade over 3417 for direction.

·  Technically crude oil is in a neutral zone.

·  Jobbers watch 3290.

Zinc July, 16: (previous day close/CMP Rs.143.30).

Bullish over 139.00 with 143.60 and 146.20 as price target.

Bearish below 136.00 with 134.30 and 132.30 as price target.

Neutral Zone: 136-139

·  Zinc needs to trade over 141.50 today for another wave of rise to 146.20 and 150.50

·  Initial support is at 139.60 with 135.50 as the key support.

Lead July, 16: (previous day close/CMP Rs.121.90):

Bullish over 119.10 with 122.70 and 125.50 as price target.

Bearish below 117.40 with 116.10 and 113.90 as price target.

Neutral Zone: 117.40-119.10

·  This is the best chance for lead to rise to 125.50 as long as it trades over 117-119 zone.

·  Initial support is at 119.70.

Nickel July, 16: (previous day close/CMP Rs.644.60): A break of 655 will trigger another wave of rise to 686-712. Initial support is at 641 with 629 as key support.

Natural gas July 16 (previous day close/CMP Rs.200.10): Natural gas targets 207 and 232 in short term as long as it trades over 189.

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

Print this report only if absolutely necessary. Save Paper. Save Trees.

NOTES TO THE ABOVE REPORT

UK session starts around 1:30 pm Indian Standard Time (+5:30 GMT) -- after the release of LME daily inventories

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.

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

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

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