As mentioned before base metals have taken full retracements....Now it is interesting to see if it has reversed from these levels....
It might pullback little from Thursday's low but I feel it will trade sideways for some time ......
I will book all buy positions taken on Thursday with small profits and wait for break on either side.....Most likely the Break will come on upside for new high.....lets see.....how far up it goes....
Example: I will still hold my fresh bought Zinc with SL 97.50 on daily closing basis TGT 103+.... Copper with SL 298.50 on daily closing basis....Now copper needs break out at 308-309 on daily closing basis....If not I will sell at 298.40 for TGT near 276
Lead Call: Buy above 111.25 TGT 112.25-112.60.......Sell at 112.60-112.25 OR Sell below 108...TGT 105.4-104.10-100.66-99.25......................( Zinc may fall till 96.20-96.50 levels.....above 101.35 it can take 103 levels and then fall to 96.20-96.50 levels.....either sell at 103.30 or sell below 99.40)
Crude
Crude has much more room to fall further deep deep down....A small pull back was seen on friday and now It will fall more deep down .....(Comex $18 or more).....
But I will watch 2120-2130 zone carefully as this is big reversal zone....Crude may bounce back sharply from here ......
It might pullback little from Thursday's low but I feel it will trade sideways for some time ......
I will book all buy positions taken on Thursday with small profits and wait for break on either side.....Most likely the Break will come on upside for new high.....lets see.....how far up it goes....
Example: I will still hold my fresh bought Zinc with SL 97.50 on daily closing basis TGT 103+.... Copper with SL 298.50 on daily closing basis....Now copper needs break out at 308-309 on daily closing basis....If not I will sell at 298.40 for TGT near 276
Lead Call: Buy above 111.25 TGT 112.25-112.60.......Sell at 112.60-112.25 OR Sell below 108...TGT 105.4-104.10-100.66-99.25......................( Zinc may fall till 96.20-96.50 levels.....above 101.35 it can take 103 levels and then fall to 96.20-96.50 levels.....either sell at 103.30 or sell below 99.40)
Crude
Crude has much more room to fall further deep deep down....A small pull back was seen on friday and now It will fall more deep down .....(Comex $18 or more).....
But I will watch 2120-2130 zone carefully as this is big reversal zone....Crude may bounce back sharply from here ......