Monday, 25 May 2015

Update on Mentha oil, CPO, Dhaniya, Jeera, Turmeric and Guarseed









Mentha oil



Support at 870 and Resistance at 920

Close below 870 will take to 830---800 mark else it could test its resistance level of 920 mark

Above 920 will see dead cat bounce in Mentha oil till 955---970 mark

Trade with levels only



CPO



 Support at 440---425 and Resistance at 460

It looks choppy and has no clear direction... So traders can trade in a range with strict stop loss and wait for confirmation

Anything seems will update via SMS



Dhaniya



Our initial target of 12300 achieved successfully. We recommened positional buying around 10800---10500 mark

Now what to expect???

Support at 11800 and Resistance at 12350---12480

Still looks positive and could test its resistance level of 12350---12480. Two consecutive closes above 12480 will take to 13200---13500+ mark in days to come

Bias remain positive but trade with levels only



Turmeric


Support at 7900 and Resistance at 8200---8650

Close below 7900 will take to 7600---7300 mark in days to come else it could test its resistance level of 8200 and then to 8500---8650 again

Further upside rally seen only weekly close above 8650 mark

Trade with levels only



Jeera

 
Support at 17000 and Resistance at 19000

Close below 18500 will take to 17800---17300 else it could test its resistance level of 19000 again

Further upside rally will see only close above 19000 mark. Two consecutive closes above 19000 will take to ???

Trade with levels only



Guarseed



Support at 4950 and Resistance at 5200

Close below 4950 will take to 4800---4650 and then to ???

Else it could test its resistance level of 5200 again

Three consecutive closes + weekly close above 5200 will see fire in Guarseed till ???

Trade with levels only


























More will update soon...

Update on Soyabean, Soyaref, Chana, Rmseed and Castorseed








Soyabean



Support at 3960 and Resistance at 4100---4180

Soyabean is forming head and shoulder pattern on daily chart and below 3960 it confirm selling in Soyabean
 
Two consecutive closes below 3960 will take to 3730---3650 mark in days to come else it could test its resistance level of 4100---4180 again

Further upside rally seen only weekly close above 4180 mark



Soyaref



Support at 590 and Resistance at 600

Two consecutive closes below 590 will take to 580---570  and then to ???

Else it could test its resistance level of 600 and then to 607---610 again

Further upside rally seen only weekly close above 610 mark

Trend looks choppy and has no clear direction.. Till then traders can trade in a range with strict stop loss and wait for confirmation. Anything seems will update via SMS



Chana



Support at 4650 and Resistance at 4800

Two consecutive closes below 4650 will take to 4530---4450 mark in days to come else could test its resistance level of 4800 again

Further upside rally seen only close above 4800 mark

Trade with levels only



Rmseed



Skyrocketed and made a high of 4280 and now trading around 4250

Now what to expect???

Support at 4220 and Resistance at 4280

Close below 4220 will take to 4140---4100. Further panic seen only close below 4100 mark else it could test its resistance level of 4280 again

Decisive break and close above 4280 will see further upside rally till 4350---4420+ mark

Trade safely with levels only and be cautious at upper level

Anything seems will update via SMS



Castorseed


Castorseed is forming rounding bottom pattern on weekly chart. It has support at 3800---3500 and Resistance at 3960. CMP 4050

Three consecutive closes + weekly close above 3960 will take to 4400---4500+ mark in days to come

Any sharp panic will be buying opportunity for positional traders... Stop loss intact initial 3800 and positional 3500

Just trade with levels only

























 


 More will update soon...

Weekly Update on Bullion, Base Metal and Energy









Image result for weekly update





News Roundup




Gold futures fell mildly last week amid downbeat economic data in the US, Europe and China, as metal traders digested Wednesday's release of the Federal Reserve's April meeting, which provided further indications of a delayed interest rate hike. In the U.S., new jobless claims inched up last week by 10,000 to 274,000, after the figure remained in the 260,000 range over the previous three weeks. Still, the four-week average fell by 5,500 to 266,250, moving lower for the fourth straight week. By comparison, the four-week average peaked above 285,000 in mid-April. Continuing claims declined by 12,000 to 2.21 million for the week ending May 9, nearing a 15-year low. When the Federal Open Market Committee released the minutes from its April meeting on Wednesday, the majority of its members did not support a June interest rate, according to the minutes. The Fed reiterated that it will take a "data-driven" approach to its when it is reasonably confident it has seen significant improvements in the economy. The Fed blamed weak first quarter GDP growth on "largely transitory factors" such as severe winter weather and a West Coast port slowdown that dented exports. Historically, economic growth has been comparatively weak in the first quarter in recent years, the FOMC added. Investors await the release of Friday's Consumer Price Index for more hints on the Fed's next move. In April, the FOMC said consumer price inflation continued to fall below its long-term targeted goal of 2%. Medium-term forecasts for inflation, which the Fed generally defines as the next two years, projected to "move closer but remained" below the FOMC's 2% goal. Economists expect the CPI to increase modestly for April on a monthly basis by 0.1%. Gold, which is not attached to dividends or interest rates, struggles to compete with high yield bearing assets in periods of rising rates. In Latvia, Greece Prime Minister Alexi Tsipras arrived for the latest round of talks with the nation's euro zone creditors. An extension to the Greek bailout, which expires next month, is expected to be discussed at the summit in Riga, The Guardian reported. Elsewhere, the Chinese HSBC-Markit manufacturing PMI index for May increased slightly to 49.1, below forecasts of 49.3. A reading below 50 signals contraction in the sector. The reading also provided indications that deflationary pressures are increasing, fueling speculation of the possibility for additional stimulus measures by the People's Bank of China.
Copper prices fell to the lowest level in nearly three weeks on Friday, as a broadly stronger U.S. dollar dampened the appeal of the red metal. A stronger dollar reduces demand for raw materials as an alternative investment and makes dollar-priced commodities more expensive for holders of other currencies.
 
The greenback was boosted after data on Tuesday showed that U.S. housing starts in April rose to the highest level in nearly seven-and-a-half years, while building permits also jumped. The upbeat data boosted hopes for a rebound in second quarter economic growth after a sharp slowdown in the first three months of the year. Market players looked ahead to the minutes of the Federal Reserve’s April meeting, due for release later Wednesday, as well as a speech by Fed Chair Janet Yellen on Friday, for fresh indications on the timing of an initial rate hike. The single currency plunged on Tuesday after senior European Central Bank policymaker Benoit Coeur said the bank is planning to speed up the pace of its bond-buying stimulus program before the summer, in order to avoid lower market liquidity in late July and August. Concerns over the prospects of a Greek default continued to dominate market sentiment ahead of a critical June 5 deadline for Athens to reach a deal with its creditors. Greece is scrambling to reach an agreement with its international lenders over economic reforms they say must be implemented before the final €7.2 billion tranche of the country's €240 billion bailout is released. The debt-strapped nation is due to make a €305 million payment to the International Monetary Fund on June 5, but will default if a deal is not reached by then.

In this week, traders have close watch on Consumer confidence data from the house of US, three days G-7 meet along with this week US unemployment claim for further direction.




Gold



Last week, Gold unable to breach the resistance level of 27700 and crashed vertically to 27053 mark and settled at 27082 along with it closed below 21DEMA but above 55DEMA which is at 27099 and 26875 respectively.

This week. Gold has support at 27000 and resistance at 27400. Two consecutive closes below 27000 will take to 26600---26450 mark in days to come else it could test its resistance level of 27400 again. Two consecutive closes above 27400 will take to 27700---27850 mark. Further upside rally seen only weekly close above 27850 mark. Traders can trade in a range with strict stop loss and wait for confirmation as trend looks choppy and has no clear direction.




Silver



Last week, Silver too unable to breach its resistance level of 40600 and crashed vertically to 38773 and settled at 38928 but closed above 21DEMA and 55DEMA which is at 38493 and 37745 respectively.

This week, Silver has support at 38800 and resistance at 39700. Two consecutive closes below 38800 will see sharp panic till 37800---37300 mark in days to come else it could test its resistance level of 39700 again. Close above 39700 will take to 40600---41300 mark. Further upside rally seen only weekly close above 41300 mark. Here chances are bright for Silver to test its lower target of 37800---37300. So traders can sell Silver on rise around 39000---39200 with stop loss of 39700 on closing basis for the initial target of 37800---37300.



Crude oil



Last week, we have seen zigzag move in Crude oil at upper levels though traded with negative bias and settled at 3813 also closed above 21DEMA and 55DEMA which is at 3736 and 3540 respectively.

This week, Crude oil has support at 3720 and resistance at 3900---3960. Close below 3790 will take to 3750---3720. Two consecutive closes below 3720 will take to 3520---3450 mark in days to come else it could test its resistance level of 3900---4000 mark again. Further upside rally seen only weekly close above 4000 mark. Till then traders can trade in a range with strict stop loss and wait for confirmation.
 

Natural Gas


Last week, we recommended buying in Natural gas above 193 for the initial target of 198---206. It made a high of 198.30 and crashed vertically to 183.40 mark. Below 188 our target was 183---180. Natural gas finally settled 184.50 but closed above 21DEMA and 55DEMA which is at 181.40 and 177 respectively.

This week, Natural gas has support at 183 and resistance at 193. Two consecutive closes below 183 will take to 177---173 mark in days to come else it could test its resistance level of 188---193 again. Three consecutive closes + weekly close above 193 will see sharp upside rally in Natural gas till 206---213+ mark in days to come. So traders can trade in a range with strict stop loss and wait for confirmation.



Copper

 
Last week, we recommended selling in Copper below 408 for the downside target of 402---397 and then to 388. It made a low of 394.65 and settled at 396.50 also closed below 21DEMA but above 55DEMA which is at  403 and 392 respectively.

This week, Copper has support at 392 and resistance at 405. Looks weak and could test its support level of 392. Close below 392 will take to 386---380 mark. Further panic seen only weekly close below 380 else it could test its resistance level of 405 again. Close above 405 will take to 410---415 and then to 423 mark. Further upside rally seen only weekly close above 423 level. Traders can sell Copper on rise around 400 with stop loss above 405 on closing basis for the initial target of 392



Nickel

 
Last week, we recommended selling in Nickel below 870 for the initial target of 845---830. It crashed vertically to 805.40 and settled at 810 also closed below 21DEMA and 55DEMA which is at 858 and 859 respectively.

This week, Nickel has support at 790---765 and resistance at 845. Close below 805 will take to 790---780 and then to 765 mark. Two consecutive closes below 765 will see free fall in Nickel else it could test its resistance level of 845 again. Two consecutive closes above 845 will take to 870---880 and then to 905+ mark in days to come. Traders can trade in a range with strict stop loss and wait for confirmation
 
 
Symbol
Contract
Close
R1
R2
Pivot
S1
S2








GOLD
05 JUN2015
27082
27494
27905
27273
26862
26641
SILVER
03 JUL 2015
38928
40077
41226
39425
38276
37624
CRUDEOIL
19JUN2015
3813
3894
3976
3810
3728
3644
NATURALGAS
27MAY2015
184.50
194
204
188.70
179
174
COPPER
 30JUN2015
396.50
409.40
422.30
402
389.10
381.70
NICKEL
29MAY2015
810.50
865
919
835
781
751
LEAD
29MAY2015
123.10
126
128.90
123.90
121
118.90
ZINC
29MAY2015
138
144
150
140.80
135
131
ALUMINIUM
29MAY2015
110.30
114.90
119.50
112.30
107.70
105.10
 





 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
More will update soon...