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Adjacent chart shows the price movement of MCX Lead continuous contract. Lead has witnessed a sharp recovery from the low of 137.25. It has broken resistance line thereby reversing the short-term downtrend. In the near term, lead has resistance around 148 – 149.20 on the way up. If it closes above 149.20 then the rise can extend higher towards 151.35. However, if it fails to break above 149.20 then some consolidation is possible. On the way down, 143 – 141 will act as support in the near term. The short-term outlook remains bullish as long as it is trading above the swing low of 137.25. The daily momentum indicator is bullish. broken resistance MCX Trend

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Below chart shows the price movement of MCX Zinc continuous contract. MCX Zinc Bears back in action Zinc is forming a lower top lower bottom pattern and is trading below the daily moving averages indicating downtrend in the short term. In addition, zinc has given flag breakdown, thereby continuing its downtrend. On the way down, zinc is likely to drift lower towards 170 and subsequently towards 167. Bounce towards 177- 178 shall be considered as selling opportunity as long as it is trading below the swing high of 185. The daily momentum indicator has turned bearish. MCX Zinc Bears  
MCX Zinc Bears back in action Zinc निचले तल के पैटर्न का निर्माण कर रहा है और कम अवधि में डाउनट्रेंड का संकेत देने वाले दैनिक चलने वाले औसत से नीचे कारोबार कर रहा है। इसके अलावा, जस्ता ने झंडा तोड़ दिया है, जिससे इसके डाउनट्रेंड जारी रहे हैं। रास्ते में, जस्ता 170 की तरफ गिरने की संभावना है और बाद में 167 की तरफ बढ़ने की संभावना है। 177- 178 की तरफ उछाल 185 के स्विंग उच्च के नीचे व्यापार कर रहे हैं, जब तक कि बिक्री गति के रूप में माना जाता है। दैनिक गति संकेतक मंदी हो गया है।

NYMEX Crude Oil retraced in last week’s trade but overall chart structure indicates buy on dips. On the daily charts, it took support on the 20 DMA and is moving higher. On the way up, it is likely to inch higher towards the upper end of the channel which is currently pegged at 79. On the way down, 68 will be a crucial support zone in the near term, which is 61.8% of the recent rise. A pullback towards the support zone can be considered as a buying opportunity. The daily momentum indicator is negative but weekly the momentum indicator is still in the positive mode.
  Buy on dips

Gold Re-testing breakdown level


Gold corrected towards 1282 post the range breakdown. Currently, it has witnessed a bounce from 1282 and has re-tested the breakdown level. On the way up, the index has multiple resistances at 1305 – 1317 zone. In Friday’s trading session, the yellow metal touched 20 DMA and closed lower. The yellow metal can start its next leg of down move towards 1282 and subsequently towards 1260, if it fails to close above 1317. Traders must keep a close watch as it is trading around the resistance zone. The daily momentum indicator is bullish.
  Gold Re-testing breakdown level

Gold was trading in the range of 1300 – 1366 since the past many weeks. However, in the previous week, the yellow metal broke the range on the downside. Therefore, the trend has turned bearish. On the way up, 1300 – 1317 will act as resistance in the near term. Rise towards the resistance level shall be considered as a selling opportunity. On the way down, the yellow metal is likely to drift lower towards 1275 – 1260 level in the forthcoming trading session. The daily momentum indicator is bearish.


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