On yesterday’s trade almost all base metals closed positive except Copper-closed flat. It is expected that all the base metals may rise further one and a half percent from where selling pressure may again come into picture as the intermediate term trend for base metals is negative.
MCX Crude Oil is continuously under pressure and is expected to fall further where the resistance is at 5720 & 5770 which can be used as selling-opportunities. Crude Oil may hold the support for 5570 & 5490 for the time being but on larger picture it is expected to fall further.
MCX Natural Gas exactly took support of 245 levels on Friday’s trade from where-it bounced sharply rising more than 6% from Friday’s lows. Even if it is acorrection of the previous down move, it is still expected to rise till 265 levels.But if the new impulse wave has started which we are expecting the commoditycan further test the levels of 270 & 279 in the coming trading sessions
This post is really useful to all the traders and investors on commodity market.
ReplyDeleteExtremely good, very useful and informative blog.
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