MORE UPDATES COMING UP -......Looking at base metals moment last week.....it is possible either side moments.....Traders should watch for last week high and low in base metals.....and trade only at breakout of these levels in these commodities.....WE MAY SEE BEARISH MOMENTUM IN BASE METALS....but still we may see bounce back at some levels.....so keep booking profit at support levels mentioned below.........
GOLD and SILVER can retrace for some time and then continue upside rally for next week......SL and TGT ??
Aluminium Technical View - 17 Nov 2014
Above is Aluminium weekly chart
Aluminium has formed cup and handle pattern, but failed to break its top at 129....last week it has formed negative candle and previous week negative dojji candle....
Now since it has failed to break 129 and surviving below it.....stay short below 129 with SL above 129 and expect TGT near between 121-122 level....we might see bounce back from these levels.......if break 121 then next TGT near 119,118,116....break below 116 can confirm trend reversal.....
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Lead Technical View - 17 Nov 2014
Above is Lead weekly chart
Long term trend in lead is negative......
Lead has broken the white trend line and trading above it.....but in previous weeks it has formed bearish 3 black crows candle pattern which it has failed to break in last 3 weeks.....and surviving below 126....which is major resistance....this is a negative indication for lead and down trend may continue....but has major support at near 120.30 level...we may see bounce back from these levels....
Now watch 126-127 zone.....If it is trading below it with SL 127 then stay on sell side for TGT near 124,122.70....we may see bounce back... and if it break 122.70 then watch for break out below 120......break below 120 can take lead to 112,98,85 and much down....keep booking partial profits at 124,122.70,120.50 level....
If this negative pattern fail then watch for break above 127 for much higher TGT near 150+ levels in long term.....
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Zinc Technical View - 17 Nov 2014
Above is Zinc Weekly chart
Zinc is trading below its white trend line .....Zinc is also forming a descending triangle pattern which is Negative signal and possibly down trend indication.....also last 2 weeks has formed bearish harami candle pattern......previous weeks also showing negative indication but this bearish harami pattern has confirmed the bearish move.....
Now sell on rise below 144 and watch for break below 137 for targets 134,133 ..we may see bounce back ....but break below 133 can take zinc to 130.50 .....watch 130.50 ....we may see bounce back ....if not break below 130.50 can eventually show lower levels than 101 in long term....
But if this bearish pattern fail and break above 144-147 zone, then Zinc can go to 150, 160+ levels.....
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Nickel Technical View - 17 Nov 2014
Nickel is surviving below its trend line resistance at 968-971 levels....
Watch break out above 972 ......for much higher TGT.....
Below 972 with SL above 972 stay short we might see break down for TGT near 885-882.5 levels and we may see bounce back at this level......if break 882 on weekly closing basis then much below till 850 minus
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Copper Technical View - 17 Nov 2014
Above is Copper weekly chart....following is longggg term view on copper...
Copper has bounced back from its inner channel support (Yellow lines) and trading near trend line resistance (white line) at 418 level now ....
Above is Copper weekly chart....following is longggg term view on copper...
Copper has bounced back from its inner channel support (Yellow lines) and trading near trend line resistance (white line) at 418 level now ....
Please note Copper is trading in its upper zone of Green Channel and long term trend is Up trend....Also copper is sustaining above its inner channel ( yellow channel).....It is also trading in a triangle pattern ( Yellow base line and white trend line) ....It is also surviving above 23% Fibbo level of previous swing High of 512.65 and Low 366.35....
Now for next week onwards 407 is trend line support....watch for 420-422 zone as breakout zone.....(SL below 407 on weekly closing basis)....Once this zone is broken copper can retest 438-439 levels....break above it can take copper to 456,481 levels....break above 481 can confirm the up trend continuation and we can see 512, 552 and 603 levels.....
But break below 407 on weekly closing basis can take copper to 401, 385.10, 366.40 levels...and if break 365 then we can see deep down moments......
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Crude Technical View - 17 Nov 2014
Above is Crude weekly chart....Please note : Long term trend in Crude is Up Trend....BUY CRUDE ABOVE 4685
Crude is trading in support zone at 4770-4448 (red area) ....
Crude is trading near its trend line (Yellow line) support at 4600 level.......RSI(2) is in oversold area and MACD is showing positive divergence.....but MACD in monthly,weekly and daily chart is below zero.....
Now crude has tested its resistance at 4521 .(this is 62%) level of privous swing....level and bounced back.....it has touched this level after privious high at 7800+ levels....(this is 127%) level of privous swing....If we assume that long term up trend is still intact then this is a possible level of reversal of retracemet.....
Now watch 4440 level....If crude survives above this for next few weeks then we may see reversal and next longgggg term TGT 9200+ levels ....in between watchout for breakout at 5300, 6300 and 7600....there are strong indications of reversals....RSI is in oversold, MACD showing divergence ......
But if 4400 level is broken and sustained then possible TGT on down side 3980, 3420, 2735.....
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Natural Gas Technical View - 17 Nov 2014
Above is Natural Gas Weekly Chart......Following is LONGGGG TERM VIEW for investors....
NG has tested its trend line resistance at 276 and dropped back to test its channel support at 244 and bounced back again above white channel support. It has closed above this support too....
Please watch Fibbo levels of previous High 591.8 and low 101.....
NG has bounced back from 101 level to its 38.2% (288) level and from there till 23.6% (217).....
Watch out for 238 level as crucial support. Till it is above 238 with SL 238 maintain buy positions....If it breaks its trend line support (green line) then next TGT 285-288-291 levels.....If sustain above 291 on weekly closing basis then next TGT levels near 301,317, 346, 404, 486 levels...above 486 watchout for 533 and 592 level.....above 592 it may see new highs ........
But if it breaks 238 level then it may go till 230,217 levels and weekly closing below 216 will take NG to 198,183, 164 levels....if it trades below 163 level for 1 week then NG will fall deep down and confirm the down trend is continuing......