Nickel Weekly update

Nickel Prices have been consolidating in small range for last two weeks , after hammer formed two weeks , the low hasn't been breached yet and prices continued to Consolidate . with positive engulfing candle last week , expecting a bounce now till the level of 900/921 , once the prices are able to sustain above immediate resistance of 875

Gold setting stage for a Possible Large downside correction

Gold prices show a clear 5 down from top of 32780 levels and than bounced back sharply now facing Resistance at 78.2 RT fib .  the RSI is also at imp resistance . Medium term if we see a possible  zig zag 5-3-5 correction we could be headed as low as 23000 again --- please ignore the current week candle which looks like doji as Snap take mid week

MCX Gold Weekly 

Copper medium term view

Copper Medium term view LME : Cmp 8350

A)     Pattern view: Possible Head & shoulder with a small head & shoulder In right Shoulder – A bearish pattern starting to Unfold

Copper has been forming a head Shoulder pattern on weekly charts With left shoulder formed between July2009--Jun2010

And Head Formation From june 2010-- Sep2011

 & right Shoulder From Sep2011 to current away , Interesting to Know is each Shoulder--head-shoulder has roughly taken anywhere between 50-54 weeks interesting on time cycle  with The neck Line at  6800

Looking at short term charts the right shoulder is also Developing into a smaller head & shoulder pattern With each time taking of roughly 16 weeks The Neckline is Currently at 7500 and immediate upside Resistance is at 8600

So till weekly prices Are not able to Close above 8600 levels and We See a Fall back below 7300 , first The bearish indications will play for downside targets of 6400 level , Which would be Roughly near the Neckline of The larger head & shoulder

The wave counts also Suggest that we are in corrective down trend in medium term with the larger C wave starting to Unfold with Possible targets of 6200, To see Complete wave counts  plz find attached chart

Hence on upside the potential upside as if now is range of 4-10 % with many important resistance on the way and probabilities of heading down for a correction of 25 + % is getting higher in next  12—18 Months

The above reco would be negated if we have a Weekly close above 9200 Lme

Natural Gas medium term Update -- Supports & Resistance

Natural gas Started the Last leg of Major downfall From 4.954 in month of may Falling more than 45 % currenty trading at 2.71 $ , the Complete Downfall Looks like a clear 5 wave structure where at this point of time we  are in v of 5 of C ,

The possible pattern targets where Natrual gas Could find support is Currently at 2.55 $ (wave 5 = 1.618% of wave 1) , The Complete downfall is in a Clear Downward Channel Which has important channel support at 2.62--2.65 $ zone  $

Hence This Current Zone of 2.55$ --- 2.67$ Zone is Very important Support Zone for Longterm ,                 On daily charts the RSI 14 is currently at 29 Which is almost approaching the oversold Zone. at This point of time we Dont have any reversal pattern visible which May indicate that the prices have bottomed out , but it Clearly is not a Place to go Shorts for medium term Unless these Supports are broken , If broken we May head to immediate Next support at 2.38

 

Looking at the Long term weekly charts We may be in Process of Making a B wave Low and a High probability of Major reversal From current Levels For Next 6--9 Months cant be rulled out

But before taking Any Longs one has to wait For Confirmation of Price reversal as price is King and Once confirmed the Upside Projected targets would be 3.65--4.25 Immediately and Much Higher If this Levels are taken out again

Silver Possible head & shoulder

Silver is making a potential Head & shoulder Pattern with neckline near 39.5 $ , if we see daily close Below same for next two three Days we could See a sharp Fall till 35 $ , The importnat 55 DMA is also near 39.5 $ a improntat place to watch . Looking at the wave Counts we still have the Same previous bearish counts open with cureent move as 1 of 3 of c with Final targets till 29 $ 




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Gold & Silver Charts , Gold Could be near a short term top

Gold Makes a Run away , Exhausation gap at open today and manges to Cross the Longterm weekly Resistance of 1684 which was very Crucial level For bears , Expecting  high Volatility in Intraday Now coz of short Covering Which can take prices up will 1707--1716 , which Co-incides with wave Levels of 5=1 . A Failure to close abv 1716 Could be indiaction of Medium term top in Close and Push Prices DOwn till 1525 which would be 23.6 % retracement of Complete Move of decade , if we C the Prices pushing Higher abt 1716 could be a extended 5th which can go higher till 1781 than

Silver : Explanation on Charts

Copper Weekly Medium term Update

Copper Prices After topping out For medium Term at 10150 LME prices Corrected till 8400 Levels in wave A of 2 , Now Looks like to have Completed the Corrective   Wave B at 9640 of wave (2) . Failure to Cross The Recent highs Could Push price Again Down till 8400 & 7700 in Medium term as wave C which mark end of Wave (2)

What next on Silver ? A Contradict Move to Massive Up Move

Failure to CLOSE ABOVE 39.2 $ On Daily closing Basis Could Lead to MASSIVE reversal downside 

Daily Trading Levels , MCX Supports And Resistance , Commodities , Base Metals

BASE METALS 

Copper : Trend Sideways - Range Bound - 
Important Resistance 411-412 ,Close above same one can expect levels of 419-420.

On downside 398-399 Important Support range. Below which we can test 385/390
Levels on upside   405-408.5-411-413

Lead : Trend Up

Lead reverses from major resistance zone given earlier  Major Resistance zone remains at 116-116.5
Sustained move above 116-116.5 can do 118.5-119 on upside
On downside 112.5-113 support for intraday.. 107.5-108 Major Support range for the comm

Zinc : Trend Slightly Bullish

Zinc reverses from major resistance zone given earlier  Major Resistance zone remains at 116-116.5 
ABove 101.5 if sustains then may do 103-103.5

MInor Support at 98-98.5. On downside 95-95.5 Important Support range

Nickel : Trend Sideways 

Important Support near 955-960 Levels , Major Resistance zone 1000-1005 on Upside
Nickel buy above 1000-1005 range with stop of 990, can do 1035/1040 on upside 
Trend Reversal if it closes above 1010.. Levels on downside 980-960-950

Silver update

Silver Looks to have Completed 5 waves down From Recent High of 49.7 & looks like time For Seriously Sharp Pull back , if the 5th wave gets extended Breack of 32 $ would be a confirmation of same , than Can Extend till 28.4 ..but When we Look at other Precious metals Charts Along with it Should See a bottom near these levls and again pull back to 44 Levels in coming days