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