PRECIOUS METALS:
Supplies has been noted in the mcx Gold Jun contract after a bull run that has taken prices.The prices closed at Rs 29922 per 10 grams on 6 May 2016, against Rs 29991 per 10 grams on 3 May 2016. Gold is forming an evening star pattern that is bearish reversal and means that the prices can see further downside.
The prices moved below important levels of Rs 30000 per 10 grams. A further move away from Rs 30K would be bearish for Gold as the bears will grow strong.
ENERGY:
MCX CrudeOil futures faced gains after fourth consecutive day of declines. The prices have seen downtick in the last four outings from breakout stage which means that the breach of Rs 3000 per barrel as resistance again gets tough. The formation of three black crows in Crude Oil is indicator of trend reversal and minor recoveries will not be fruitful to tame this fall.
The commodity is expected to move towards Rs 2850 per barrel that is again a important level because breach of this will open new avenues of selling. For medium term, supports for Crude Oil are at Rs 2853 and 2820 per barrel. Last night prices closed at Rs 2948 per barrel down 1.62%. Resistance is so far intact at Rs 2985 per barrel. The prices tested a high of Rs 2959 per barrel and a low of Rs 2944 per barrel.
BASE METALS:
A bearish reversal pattern is in the making in the prices of Copper. Copper declined from the resistance zones yet again and the trend continued till Thursday. MCX Copper on Thursday ended at Rs 319.10 per kg, down 2% against levels of Rs 325 per kg seen in the trading close on Wednesday.
The trend reversal in Copper is confirmed with breach of Rs 320 on the lower side. Copper is expected to get resisted at Rs 320 and 322 per kg. Supports for Copper are at Rs 315 and 312 per kg. Breaching this level will mean further towards Rs 306 per kg. The prices tested levels of Rs 325.35 per kg as highs and Rs 318.5 per kg as a low.
SoyBean Jun NCDEX - Sell at 4067-4069, Target-4020, Stoploss-4090
SoyBean Jun NCDEX - Sell at 4067-4069, Target-4020, Stoploss-4090
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