Commodity Big Shot-Indian Market View, VOL-123

As expected, we have seen zig-zag move in bullion while copper and nickel bounced back sharply from lower levels again. A highly volatile movement in bullion because of tough fight between bull and bear. This is the price range or time where buyers and sellers are having same strength and want to pull the market to their sides; creates volatility.

Today's data and Event

US Prelim GDP q/q basis at 7 PM

US Unemployment claim data at 7 PM

US Pending Home Sales data at 8.3o PM

US Natural Gas storage at 9 PM

Bullion

Gold has resistance at 47000 while support at 46200---45800.

Traders can trade within a range wait for confirmation.

On the other hand, Silver too not able to breached it's resistance level of 70900 and crashed vertically. Today, Silver has support at 68500 and resistance at 70900.

Fresh upside rally we will see on a close above the resistance level of 70900 only else it could test it's support level of 68500 again

Fresh downside panic we will expect on a close below 68500 levels only.

Mcxbulldex

Support at 14800 and resistance at 15100

Catch above 15100... Target looks 15400+++

Support and stop loss below 14800.

Base Metal (March)

1) Copper has support at 700 and resistance at 735.

2) Nickel has support at 1400 and resistance at 1460.

3) Zinc has support at 222 and resistance at 227.

4) Lead has support at 168 and resistance at 172.

5) Aluminum has support at 170 and resistance at 174

(Hope you all enjoyed power of support and resistance level)

Energy

Crude oil has resistance at 4500 and support at 4300. 

Close above 4500 will take it to 4800+++ levels. Support and stop loss below 4300 on a closing basis.

Natural gas has support at 207---198 and resistance at 223. Buy around 207 will be the best trading strategy with stop loss below 198 for the upside target of 217---223.

Top Pick

Hope you all enjoyed our call of Copper. Today we will concentrate on Nickel and Lead. Don't jump to sell base metals, if any major reversal seems then surely we will update.

Read disclaimer before investing. For queries, contact your RM

www.indianmarketview.com

research@indianmarketview.com

Twitter- @imvtweet