Gold Medium term outlook published on 3rd Sep 2011

Gold: Looking at the chart gold has rallied from the lower level of 1308$ and tested the level of 1576$ and

after testing the same level has been in the consolidation move. After testing the 200 DMA at point D has

given a sharp rise and also breakout of the falling trend line at 1550$. After the breakout sharp rise in price

was seen and has rallied by 161.8% extension of wave A from point D testing the level of 1911$ where the

resistance was at 1915$. After testing the high of 1912$ short dip was seen where it tested the level of 1700$

on lower side and again sharp reversal was seen in the price. Currently it’s again trading near the all time

high of 1900$ on closing basis and if the resistance of 1915$ holds can look at double top formation and

will give a corrective move. On lower side immediate support is seen at 1870 as if the support is broken

then will move to test the level of 1840 which is the strong support. Sustain trading below 1840$ will

confirm further downside move and test 1770 and 1700$ in short term. If we look at selling from current

level and further below 1700$ down side rally may continue to test 1600$ in medium term. Stochastic

which were trading above below 90% zone is showing sign of reversal with negative intersection where

some fall in price may be expected in near term.

Positional Call in Base Metals 25th Aug 2011

Positional Call in Base Metals

Positional Copper Buy @ 408 Stop @ 402 target 420 - 435 (LME @ 8800)

Positional Lead Buy @ 109.5 stop @ 107.5 target @ 114 - 118 - 125 (LME @ 2300)

Positional Nickel Buy @ 965 stop @ 950 target @ 990 - 1030 - 1060 (LME @ 20700)

Positional Zinc Buy @ 100.5 Stop @ 98 target @ 104 - 108 - 115 (LME @ 2150)

Bullions Update

Gold Sell @ CMP of 1800$ target of 1740$ - 1680 $ and 1620$

Silver Sell @ CMP of 39.5$ target of 38$ - 37$ and 34$

Base Metal : Copper Update Symmetrical Triangle Formation

Continue with the previous post on Copper ::
Copper CMP is 8735, is showing sign of forming Symmetrical Triangle Pattern and is reverting from the rising trend line after testing the same at 8700. If this rising trend line is holding then will enter in wave E which will rise to test the higher falling trend line, which is expect to test at 9750 - 9800 around and once this higher trend line is crossed then will give a breakout. Expected target after the breakout above the level of 9800 will be the difference of the height of the triangle i.e. wave A which comes to 2100 points from breakout. Calculating the target from breakout point of 9800 comes to 11900* on higher side in Medium to long term. Minor correction can be expected on the upside rally.

Base Metal : Copper Update Symmetrical Triangle Formation

Copper CMP is 8735, is showing sign of forming Symmetrical Triangle Pattern and is reverting from the rising trend line after testing the same at 8700. If this rising trend ling is holding then will enter in wave E which will rise to test the higher falling trend line, which is expect to test at 9750 - 9800 around and once this higher trend line is crossed then will give a breakout. Expected target after the breakout above the level of 9800 will be the difference of the height of the triangle i.e. wave A which comes to 2100 points from breakout. Calculating the target from breakout point of 9800 comes to 11900* on higher side in Medium to long term. Minor correction can be expected on the upside rally.

Nifty Long Term View 17th Aug 2011

Nifty after testing the level of 2951 has been moving upside and has tested the high of 6343 which was near to the all time high of the market. after testing the level of 6343 it has move downside with the lower top and lower bottom formation which has also formed Bullish Pennant. Recently it has tested the lower falling trend line at 4975 which was just below 5000 psychological level, closing was above 5000 there after. IF the lower falling trend line is holding on closing basis then its expected to move in wave E which will move to test the higher falling trend line. It may test the resistance level of 5500 - 5550 area where some resistance can be faced.

Crossover of the resistance level will confirm the breakout. In immediate term i am looking Nifty to test 5550 level from current level of 5060, where the support of 4950 is advise on lower side.

Comment : Buying Nifty @ 5060 with target of 5200 - 5380 - 5550 where the stop of 4950 advise on closing basis.

Energy update Crude 16th Aug 2011

Comex Crude Sell @ 87.3$ - 87.5$ Stop @ 88$ Target of 86.5 - 85.5

MCX

8/16/2011 10:37 Captain Aug Crude Sell @ 3945 Stop Loss 3970 TGT 3920 3890 3850 CMP 3945