Technical Views - Commodities 16th May 2011
MCX SILVER1
TREND : After touching 49766 silver has bounced back suggesting that the bottoming out process has started. There is a 40% chance that the low might break. We expect Silver to consolidate at these levels for a few days before making its next move. For today 51900 - 55430 are important levels to watch
SIGNAL : Use buy signals only for the day
MCX GOLD1
TREND : Unlike Silver gold did not break its low. We feel this is the stronger as compared to Silver. Buy side trades can be taken with a target of 22250.
SIGNAL : Both buy and sell signals of TDI - BS can be used for the day.
MCX Crude1
TREND : Buy Crude only above 4520.
SIGNAL: Both buy and sell signals of TDI - BS can be used for the day.
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