Technical Views - Commodities 6th Jan 2012
TREND : Gold remained in the range of 27500 - 27850. Thus we follow the same strategy today also.
There is an interesting pattern which is visible and confirmed chart of Gold1. This pattern suggests a target of 28400-500 in the next couple of days.
For today's trading, we will stick to the strategy of trading the buy signals in full quantities and 50% size for sell signals.
Support and Resistance - 27500 / 27850
SIGNAL : Use buy and sell signals of TDI BS
MCX SILVER1
TREND : Silver on the other hand went below its support of 52250, but finally closed above. Unless 52200 is breached with confidence we do not see any big downside. For today we will look to go long on the buy signals and short small quantities on sell signals
Support and Resistance - 52000 - 53500
SIGNAL : Use buy and sell signals of TDI BS
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| Crude Oil 60min Chart 4th Jan 2012 |
TREND : We see a divergence on the charts and yesterday's high is the 4th top on the same trend line. With our experience we feel Crude is being over stretched in its rise and there is a pending deep correction. The position sell trade was initiated yesterday below 5410. But we closed the same as Crude could not sustain at the lower range. We will today again short crude below 5410 for a positional move
For today's trading, very small quantities on buy signals and double quantities on sell signals
Support and Resistance - 5410 / 5475
SIGNAL : Double positions on sell signals and very small positions on buy signals
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