US Crude Double Top Formation With Downside View In near term

Trading Strategy: Sell US Crude @ CMP 48.65 Stop @ 52 Expected Target 46 - 41.8 - 39 - 35.8 - 32

Gold Forming Inverted Flag pattern Formation

Trading Strategy : Sell Comex Spot Gold Below $1255 per ounce stop @ 1291 Target @ 1230 - 1205 - 1180 - 1154

Comex Silver Forming Bearish Pennant Formation

Trade Recommendation:  Sell Silver Below $17.5 per ounce with target of 16.85 - 16.2 - 15.55 - 14.91 
Expected stop advise at 17.9 on closing basis.

A Pennant (Bearish) is considered a bearish signal, indicating that the current downtrend may continue if price sustain below the lower support trend line at $17.5 per ounce.

A Pennant (Bearish) follows a steep, or nearly vertical fall in price, and consists of two converging trend lines that form a narrow, tapering flag shape. The Pennant shape generally appears as a horizontal shape, rather than one with a downtrend or uptrend.

Apart from its shape, the Pennant is similar in all respects to the Flag. The Pennant is also similar to the Symmetrical Triangle or Wedge continuation patterns however; the Pennant is typically shorter in duration and flies horizontally.

However, as with Flags, when the Pennant completes you will often observe a sharp spike in volume.

In his book, Technical Analysis of the Financial Markets, John J. Murphy identifies that Pennants and Flags are relatively short-term and should be completed within one to three weeks". He also notes that by comparison, the bullish patterns take longer to develop than the related bearish patterns.
  

MCX Zinc Prices May Correct If Fails To Cross Immediate Resistance

MCX Zinc March: CMP Rs 123.90/Kg
Strategy: Sell @ CMP | Stop @ 125 | Target @ 120.70 — 118.65 — 116.90

The MCX Zinc March contract is showing signs of Double Top Formation at 124.50, which indicates that prices may correct if the contract fails to cross this resistance level.

Zinc rose from 112.70 (Base Point) in mid-February to test the higher level of 124.50 (Point A) in early March. However, prices failed to sustain at higher levels due to profit booking and zinc fell to 116.9, which is the mid-point of Double Top Formation.

Zinc witnessed buying interest at lower levels and prices have firmed up in the past few trading sessions to touch 124.50 at (point C). The contract faces immediate resistance at 125 and if it fails to cross this level on closing basis then prices may correct to 120.70.

A further decline below this level could see zinc falling to 118.65-116.90 levels. If the contract breaks the mid-point support of 116.90 then prices could fall to the previous bottom of 112.70.

However, if zinc rises from the current level and crosses 125 on closing basis then prices may gain further to test 130 levels.

Zee ltd Sell Below 388 stop @ 398 tgt 352 - 316

Zee ltd Sell Below 388 stop @ 398 tgt 352 - 316

ACC positional Sell @ 1363 Stop @ 1390 tgt 1310 - 1270 - 1220

ACC positional Sell @ 1363 Stop @ 1390 tgt 1310 - 1270 - 1220,

Crossover above 1383 - 1390 clsoing basis higher target of 1440 stop @ 1350 advise

Yes Bank Positional Sell CMP 833 Stop @ 845 Target 800 - 770 - 730 - 680

Yes Bank Positional Sell CMP 833 Stop @ 845 Closing Basis Target 800 - 770 - 730 - 680 

EUR/USD near to the resistance level of 1.1340 - Outlook Weak

EUR/USD: Sell CMP 1.1310 | Stop @ 1.1400 | Target @ 1.1105—1.0900  OR

EUR/USD: Buy Above 1.1400 | Stop @ 1.1200 | Target @ 1.1830—1.2320

The technical chart of EUR/USD shows Symmetrical Triangle Pattern formation. EUR/USD is trading near the higher resistance trend line. Prices are still well within the range of Symmetrical Triangle Pattern and may give a fall from the falling resistance trend line. EUR/USD prices fell from 1.1495 (Oct 15) to 1.0515 on December 3 and thereafter went into the consolidation phase, forming the Triangle Pattern with higher bottom and lower top.

Height of the Triangle is 980 points, which is the difference from 1.1495—1.0515 levels. A breakout can be seen on either side. The prices are expected to move higher if the contract crosses 1.1340. However, if prices fails to cross the resistance level on closing basis, fall in prices are expected and short-term downtrend can bring the prices to the lower support level. 

If the contract crosses higher resistance level of 1.1340 then prices may test 1.1830—1.1220. But if the contract reverts from current level and sustain its trading below 1.1340 on closing basis, then prices could fall to 1.105—1.0900 levels, which is the lower trend line of the Triangle Pattern.

Breakdown in EURUSD is expected in long term if the prices trades below 1.0900 on closing basis. Positional lower target comes to level below 1 Dollar to 1 Euro and can test the level of 0.9920 level which is height of the triangle from the Apex point crossover at 1.0900.  However Sustain trading above 1.0340 — 1.0400 might bring higher level of 1.1830 — 1.2320 level in near term.

Crude Oil in Formation of Broadening Triangle - Resistance @ 41.5

NYMEX Crude OIL April CMP: $39.10/bbl
Sell Crude Oil  @ CMP 39.10 | Stop @ 41.25 | Target @ 35.8—32.1—28.4

NYMEX Crude Oil chart shows Broadening Triangle Pattern, with Higher Top and Lower Bottom Formation.  Crude Oil price has risen from 26.04 since 11th Feb and is trading near the rising trend line at 40.10 . Crude oil price are showing sign of reversal after testing the resistance level of 39.63 (Point E). The contract is now quoting at $39.10/bbl.

The Height of the Triangle comes to 3.7 (39.63-35.93) and if prices falls to trades above the resistance level then prices may touch 35.8 — 36 area which is the falling trend line support. Prices could decline further if Crude Oil breaks this level.

Considering the breakdown from 35.8, the next lower level target comes to 32.1 (35.8-3.7) which is 100% of the height of the triangle. Further trading below 32.1, Crude Oil prices may drop further and test the level of 28.4 which is 200% of the height of the triangle.

However, if Crude Oil sustains above the resistance level of 40.50 then prices could rise further and test level of 43 and 47.

Bank Nifty forming A-B-C Pattern - Sell @ 17110 CMP

Sell Bank Nifty @ CMP 15710 Stop @ 16150 Target 13550 - 12010

MCX Aluminum Breakdown Below 101.5 Resistance at 107 target 84.5

MCX Aluminum Breakdown Below 101.5 Resistance at 107 target 84.5

Banknifty Breakout of Consolidation is required, Expected a Fall

Self Explained Chart

HDFC Bank Resistance @ Falling Trend line & stop advise at 1045

Details explained in chart

COMEX Gold Sell Below 1242$ Closing basis

COMEX Gold Sell Below 1242 Closing basis, Stop advise @ 1285 Target 1170 - 1098 - 1026

Copper Sell Below 333 On Closing basis, Resistance @ 347

Copper Sell Below 333 On Closing basis, Resistance @ 347 - Tgt 320 and below

MCX Copper: Sell Below 332 Rs/kg (CMP 334) | Stop @ 344 | Target @ 320 — 305 — 292 

MCX Copper Resistance seen at 347 level.

The MCX Copper April contract is quoting at Rs 334/Kg after crossing the resistance of 320 and tested the higher level of 344 recently. The above technical chart shows formation of A-B-C Pattern, where prices have retraced by 61.8% distance from Point A to Point B. In short term move it has completed a-b-c marked in red with upside move.
In the A-B-C pattern, Wave C retrace by 61.8% and if prices fails to cross the same resistance level of closing basis short pull back in prices can be expected. Copper started to fall from 368 (Point A) in September 2015 and tested the support level at 292 (Point B) in the beginning of January 2016, thereafter prices retraced by 61.8% of the fall from Point A to Point B. The red metal is facing resistance at 344 (Point C) and showing sign of reversal. Immediate support is seen at 142 and further trading below the same further fall is expected.
The difference between Point A and Point B comes to 76 points. Considering 50% of this difference from Point C, the downside target comes to 206. Thereafter, the next target could be 292, which is was the support taken at Point B. Further trading below 292 on weekly closing basis we may look at 268 level which is 100% expansion of the fall from Point C.
However, the trend could reverse if copper trades above the resistance level of 347 on closing basis. If Sustain above 347 then only prices may rise towards 355 — 365 levels.

Short term Uptrend Expected in COMEX Copper

Short term Uptrend Expected in COMEX Copper

Rupee May Fall To 71.73/$ If Breaches Previous Record Low

USDINR Spot Buy @ 68.64 | Stop @ 64.40 | Target @ 69.12 — 71.73 — 75.78 — 77.68

Rupee May Fall To 71.73/$ If Breaches Previous Record Low

The Indian rupee, which has depreciated by about 4% against the US dollar since the start of 2016, is likely to continue its downtrend and may touch 71.73-75.78 levels in the medium term. The rupee closed at 68.64/$ on Friday.

The Indian rupee depreciated to test an all-time low of 68.84 (Point B) in August 2013 from 51.36 (Point A) level in October 2012. Thereafter, the rupee appreciated to test the level of 58.2 (Point C) in May 2014. The local currency fell again, moving in a Channel, and tested the low of 68.80 on Friday. The above chart shows that the rupee continues to be in A-B-C pattern.

The rupee is expected to cross its record low of 68.84 against the dollar and may further depreciate to test the level of 69.12 and 71.73, which are 61.8% and 76.4% expansion of Point A-Point B from Point C, respectively.

In the long term perspective looking from 2008 onwards, the rupee has depreciated from 39 levels and is showing a sign of the Elliot Wave Pattern. At present it is still in the Wave III continuation. There are also Inter-Wave in Lager Wave III.

The above chart indicates that Wave v is also in continuation as seen from the 58.2 (Wave iv) level onwards. The wave calculation table in the above chart shows that inter-wave v can move to test the level of 75.78 and 77.68, which are 100% and 121% of inter-wave i, respectively. 

The patterns indicate that if rupee breaches the level of 68.84 then the currency may witness sharp movement and fall towards 71.73 - 75.78 - 77.68 levels.

However, if rupee appreciates from the current level and crosses 66 then the currency may gain further to 62.15 levels.

Gold Outlook Weak; Faces Resistance At $1,280/oz

COMEX Spot Gold CMP:  $1,203/oz

Strategy: Sell Below 1,203 (CMP) | Stop @ 1,280| Target @ 1,140 — 1080 — 1025

The technical chart shows that COMEX Spot Gold is trading in a Downside Falling Channel, which indicates that prices may correct from the current level of $1,203/oz. The yellow metal is likely to remain under pressure if prices fail to cross the resistance level of 1,280 on the higher side on daily closing bases.

Gold declined from the high of 1,433 (Point A) in August 2013 and tested the low of 1,045 (Point B) in December last year. Thereafter, gold witnessed a sharp uptrend after testing the Lower Support Trend Line but couldn’t sustain at higher levels after touching Above Falling Trend Line, with prices moving in a range of 200 points.

The immediate support for gold is seen at 1,190 and if it breaks this level then prices would weaken further. Gold’s downtrend remains intact unless prices cross the resistance level of 1,280.

According to the technical chart, the difference between Point A and Point B is 388 points. Gold is likely to test the Lower Trend Line at 1025 and a further fall below this level may take prices to 876 on the lower side (1264-388).

However, if gold reverts from the current level and crosses the resistance of 1,240 then prices may rise towards 1,340 levels, which is 76.8% retracement from Point A to Point B.

Technical View: Gold Outlook Weak; Faces Resistance At $1,113/oz

COMEX Spot Gold CMP:  $1,101/oz
Strategy: Sell @ 1,101 (CMP) | Stop @ 1,113| Target @ 1,050—976—948
Reversal Buy Above 1,113 | Stop @ 1095 | Target @ 1130 - 1151 - 1183

The technical chart indicates that gold is in a downtrend and the yellow metal is likely to remain under pressure if prices fail to cross the resistance level of 1,113 on the higher side on daily closing bases. COMEX Spot Gold is currently quoting at $1,101/oz.

Gold declined from high of 1,183 (Point A) in October 2015 to test the low of 1,046 (Point B) in December last year. Thereafter, gold witnessed a consolidation phase, with prices moving in a range of 1,046 and 1,080.

The immediate support for gold is seen at 1,050 and if it breaks this level then prices would weaken further.

According to the technical chart, the difference between Point A and Point B is 137 points and considering 100% of this difference from 1,113 (Point C), the downside target comes to 976.

A fall below this level may take prices down further to 948 levels, which is 121% of the difference between Point A and Point B.

Gold’s downtrend remains intact unless prices cross the resistance level of 1,113.

However, if gold reverts from the current level and crosses the resistance level then prices may rise towards 1,130-1,151 levels, which are 61.8% and 76.8% retracement of Point A to Point B, respectively.

Zinc Chart

WTI Crude Oil: Downtrend Likely To Continue

WTI Crude Oil (Nymex) CMP:  $36.20/bbl
Strategy: Sell @ 33 (CMP) | Stop @ 38.5| Target @ 26.9 — 25 — 21.4WTI Crude Oil technical chart indicates that prices will continue to decline in the coming sessions if it fails to cross the resistance level of 38.5 on daily closing basis. It is currently quoting at $33/bbl, below the previous bottom of 34.5 (Point Y).

The Long term chart shows formation of A-B-C Pattern with wave C in continuation, Where as the short term chart is forming Rising Wedge Pattern continuation, trading below the breakdown level of 35.9 which indicates correction in prices to continue.

WTI Crude Oil fell from 43.5 (Point X) in November end to the low of 34.5 (Point Y) in Mid December last year. Thereafter, prices went in to consolidation phase and retraced over 50% of the fall from Point X to Point Y and touched 38.38 on the higher side, before resumption of downtrend.

WTI Crude Oil is expected to decline further from the current levels if it sustain below the level of 36.

The difference between Point X and Point Y comes to 9 points. Considering 100% of this difference from breakdown point Z @ 35.9, the downside target comes to 26.9 level. Thereafter, the next target could be 25 and 21.4, which are 121 and 161% of the same difference.

However, if WTI Crude Oil reverts from the current level and crosses the resistance of 40 daily on closing basis then prices may rise towards 51 level. 

WTI CRUDE OIL - Strategy: Sell @ 33 (CMP) | Stop @ 38.5| Target @ 26.9 — 25 — 21.4

WTI Crude Oil (Nymex) CMP:  $36.20/bbl
WTI Crude Oil: Downtrend Likely To Continue

WTI Crude Oil technical chart indicates that prices will continue to decline in the coming sessions if it fails to cross the resistance level of 38.5 on daily closing basis. It is currently quoting at $33/bbl, below the previous bottom of 34.5 (Point Y).

The Long term chart shows formation of A-B-C Pattern with wave C in continuation, Where as the short term chart is forming Rising Wedge Pattern continuation, trading below the breakdown level of 35.9 which indicates correction in prices to continue.

WTI Crude Oil fell from 43.5 (Point X) in November end to the low of 34.5 (Point Y) in Mid December last year. Thereafter, prices went in to consolidation phase and retraced over 50% of the fall from Point X to Point Y and touched 38.38 on the higher side, before resumption of downtrend.

WTI Crude Oil is expected to decline further from the current levels if it sustain below the level of 36.

The difference between Point X and Point Y comes to 9 points. Considering 100% of this difference from breakdown point Z @ 35.9, the downside target comes to 26.9 level. Thereafter, the next target could be 25 and 21.4, which are 121 and 161% of the same difference.

However, if WTI Crude Oil reverts from the current level and crosses the resistance of 40 daily on closing basis then prices may rise towards 51 level.