Short term trading idea -- zinc

CMP is 152.40, go for short, quantity 1 lot, Place sl order ( buy order ) @ 154 for quantity 2 lot ( double ). If sl hit then tgt is 156 for remained 1 lot. If sl will not hit then on down side you can get 2 points.

Update 1, 8th Aug, 10.40 Pm

Zinc price is @ the same mark 152.40, nothing to update. There is risk of gap up opening or gap down opening. If it opens gap down then it will profitable for us. But it behave against the same with gap up opening we will be in loss because there is no system of gtc sl order. So only lion hearted traders hold the position, remaining traders exit cost to cost @ cmp. Thank you, good night. Jay Shriram.

Update 2, Aug 9th, 06.30 Pm

Cmp is 151.40, book complete profit & exit the trade. Profit from this trade is only 1 point. Jay Shriram.

call of the week - NG - 7th Aug 2016

           Call of the week - NG - 7th aug 2016

Figure 1 -- NG hourly

Figure 2 - NG hourly with trendline

Figure 3 -- NG symmetrical on hourly 

Go long on NG @ cmp 186 around, short term trades hould keep sl 182.50 for the tgt of 192 around. For positional traders sl is placed @ 178.50 for the tgt 1 -- 192, tgt 2 --- 197, tgt 3 ---- 200 + and much more.

Now lokk @ the chart very carefully, it looks bearish and only bearish at first sight. Now look at second chart & you can see that price is taking support at trendline ( indicated in circles ) & by doing so price is making higher bottoms. This clearly indicates that bears are not confident about much deeper fall. Actually Ng is sensitive to weather reports on demand side and inventory data on supply side. Both fronts are now in favour of bulls. First time in last one year, storage growth turns negative. Since last 3 weeks inventory data is showing reducing supply. But Most of world is not responded this in good way. I belive that NG is underpriced commodity. This is because, in last full year, each and every time NG tried to go up , finally it failed. But this time there is fundamental change in demand supply side.

I request , please dont enter in NG trade , if you are very short term trader or habitual of buying huge positions. Ng trading is for positional traders and jobbers only. Buy little position with big sl, keep 15 day timeframe in mind. I feel that, coming Thursday will inventory data will push NG upward , above resistance of 197 to 200.  For more fundamental info, visit following link ...   http://in.investing.com/analysis/natural-gas-dropped-to-close-at-191-200146220
And last chart is showing that, Ng price is about to end the process of symmetrical triangle pattern. This pattern indicates continuation of trend & as wee know that the trend is positive. This pattern is fulfilled all the requirement to be a symmetrical triangle, touched 2 times to resistance line, 2 times to support line. Made 2 times lower tops and higher bottoms. So it is perfect case of symmetrical triangle. To know more about it, type symmetrical triangle or coil on google and click.
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Update of post 

To read latest update on demand supply estimates & prediction of inventory, you can visit following link. The article is written by Robert Boslego , he is wel known energy guy.

http://seekingalpha.com/article/3996966-natural-gas-storage-weekly-estimation-errors

Update 1 > 8th Aug 2016, 01.26 Pm

Today NG opened @ 184.50, as a result our buy price is same. Cmp is around 183.60, short term traders should keep sl @ 182.50, for positional traders sl is placed @ 178.50. Thank you 

Update 2 > 8th Aug 2016

Read latest report on demand supply by reuters commodities on following link.    http://www.reuters.com/article/us-usa-natgas-kemp-column-idUSKCN10J0HR?feedType=RSS&feedName=GCA-Commodities&utm_source=dlvr.it&utm_medium=twitter
                                   Update 3 -- 11 pm 8th Aug
We are exact @ the same place from where we start this trade. cmp is 184 around. We entered the long around 184.50. Remember I warned in original post ( in red colored ) that," NG trading is not for short term traders. Volatility ate short term traders sl. Low is 181.40 & high is 185. Carry on position, as thursday will come near &  near bears cut their short positions. Keep in mind that, you should have to hold this trade for many days. Otherwise exit from this trade @ cmp , which around our cost.
                                       Update 4 -- 09.05 Pm Aug 9th
Sl hit, trade closed. Loss of 6 points in this trade. Sorry for that.

Call of the week -- crude

Call of the week, 7th aug 2016

Go for buy crude above 2822, only if cross & sustained above the figure. for the big tgt of 8121. Or sell below 2715 if breach and sustained below, tgt will be big and open. Keep sl of 2780 for the long position & 2760 for short position. Between these two levels, there is "no trading zone" for me because of no conformation of trend.

Crude price tried 3 times to cross 2820 but failed. As a result this figure convert in solid resistance. Same thing happened about 2720 level. On hourly chart, 5 candles got support there. As a result this level convert in strong support.

Looking @ this scenario, I will enter in trade only after breaching of either level, may be short or long. I am not at bullish or bearish side. I want to be with right side.

I will update this call. Keep watching, for timely update follow me on twitter & G+ & subscribe via email.

 Update 1 -- 8th Aug 2016, 01.08 Pm

Buy call activated above 2820 & cmp is 2835, now trail the sl to 2800 from 2780. thank you.

Update 2 -- 8th  Aug 2016, 03.57 Pm

Trail sl to cost which is 2820, cmp is 2843, book partial profit around 2850. Now we are in safe chair, enjoy the profitable trade. For latest updates, subscribe this blog via email, follow me on twitter & G+.

Update 3 -- 8th Aug, 06.55 Pm

CMP is 2855, trail sl to 8235 from 2820, now we can call it as profit lock.

Update 4 - 8th Aug, 07.08 Pm

CMP is 2865, trail sl to 2845 from 2835, enjoy profits.

Update 5 - 8th Aug, 10.21 Pm

Trail your profit lock from 2845 to 2865, cmp is 2882. This position is in 60 points profit now.

Update 6 - 8th Aug, 10.43 pm

Kindly trail profit lock to 2870 from 2865. cmp is 2885 now. Our profit is 65 points till now.

Update 6, Aug 9th, 04.55 Pm

Our sl ( profit lock ) hit, as a result trade is closed with 65 points profit. Jay Shriram.

Holiday special --- Useful link to get daily trading levels.

Useful link to get trading levels and trends

Friends below given link is named earnometer is one useful link for traders. By clicking on it you entered on a page showing mcx commodity analysis. In blue color you can see gold, silver etc. After clicking on the same, you will get intraday trading levels, info about intraday trends and much more info.

I try to give some extra knowledge on Saturday or Sunday. For example I gave bull bear power indicator, and some other patterns prior to this. A part of that effort, today I gave the same link. Hope you will find this useful. Copy & paste it in your browser and click enter button. For latest update, subscribe me via email, follow on twitter & G+, Thank you. On Monday buy crude above 2820 or Sell it below 2720 for the tgt of 2450.

http://earnometer.com/commodity/exchg1.html

crude done the 78 % retracement of prior fall from 7800 to 2634 @ 2768

Crude 78% retracement of prior fall done

 As  seen in the chart, crude done its 78 % retracement of prior fall from 7800 to 2634 @ 2768 today. Now it should travel again towards 2450 which is final tgt of downmove.

If it will go above 2770 in good way and sustain then, crue will turn bullish.

Update 5th Aug 2016, 07.07 Pm

crude hourly chart 

As said in the original post , crude went above 2770 and sustain in good way near 2800 mark. It turns bullish for short term now, but it should cross 2817 mark, if failed to do so, there will be double top formation. This attached hourly chart shows us fibonacci retracement of fall from 3120 to 2640. Now we cant think about 7800 to 2634 fall because price move above 78% retracement and entered in short term bullish zone in respect to prior chart pattern.

Now price is around 38% retracement of fall from 3120 to 2640 which is 2817. It should cross above this level, if failed to do so , there will be creation of double top and that will work as solid resistance. 2720 is level to watch, if crude go below it, then double top formation will come in place and we can expect free fall of this commodity.

Silver @ its support, is it good level to buy ??

 Is it good level to buy silver ? 

 As seen in the attached hourly chart, silver opened gap down today with bearish sentiment in the minds most of traders. But we should use brain in spite of mind with the help of chart levels. 

Fibonacci Retracement

Prior rally was from Rs 45800 to 48450. As shown in chart, 61 % retracement of this upmove is placed around 46840. Today's low is 46875 . So we can say that 61 % retracement is done by silver.

Support level 

Support level is placed around 46950 and price is trading above it and sustained above the level. This happening is making double bottom on the support level.

Conclusion 

One can go for buy positionaly with low quantity with the sl below 46600 because silver looks to be taken support @ 61 % retracement level. Risk reward ratio is good. On upside after breking resistance of 48500 it can fly up to 50000 .

Update 5th aug 2016

CMP is 46733, yesterday silver opened gap down & broke our support level placed @ 46950. At the time of posting this post, price was 47,185 around. Loss of 235 points in this call or analysis. Sorry about that. 

Crude intraday wave count

Intraday wave count crude 5 min chart

This is purely for intrady & for very short term, 5 min chart.

On the same day after publishing this view, crude made hgh of 2738 within 30 minutes

Fibonacci Retracement of crude

Fibonacci Retracement of crude 

 As we can see in attached daily chart, there is fib retracement shown in colors. From Rs 1860 to Rs 3398 crude made a rally. Now it near 50 % retracement 2629. Rs 2450 is 61.8 % retracement, which can be tgt now .

I solve the problem with feeburner

I solve the problem with feeburner , now you can subscribe yourself for email subscription. I request you to again subscribe yourself for email subscription. This window is placed @ your right hand side, near upper corner. Thank you.

NG daily chart flag pattern analysis

Ng flag pattern on daily chart, tgt Rs 240 mcx

In attached daily NG chart we can see flag pattern is just ended. The flag pattern is continuation pattern. This  flag pattern has a rectangular shape, while the pennant looks more like a triangle. These two patterns are formed when there is a sharp price movement followed by generally sideways price movement, which is the flag or pennant. The pattern is complete when there is a price breakout in the same direction of the initial sharp price movement. The following move will see a similarly sharp move in the same direction as the prior sharp move. The complete move of the chart pattern - from the first sharp move to the last sharp move - is referred to as the flag pole. 
The volume, as with most breakout signals, should be seen as strong during the breakout to confirm the signal. Upon breakout, the initial price objective is equal to the distance of the prior move added to the breakout point. Here,  prior sharp up movement was from 2.1000 to 2.9800, then the resulting price objective from a price breakout of 2.7000 would be 3.62 ( 2.7000 + 0.9280 ). 
It looks very greedy but this chart pattern rule tell us the same targete price. 
On moving average front, 10 dma is about to cross 20 dma upwards. %0 dma is also moving in upward direction. 
For mcx NG Rs 180 ( breakout point ) + 60 ( fagpole ) = Rs 240. 
One more requirement to be fulfilled for this chart pattern is It is that ,the price movement prior to the flag or pennant be a strong, sharp move. Looking at the attached chart we can easily see that the prior to flag move was sharp one.
Conclusion is that , NG is in a breakout condition of flag chart pattern on daily charts. Price can go upward to Rs 340 mcx. This is pure technical analysis but we should keep in mind that heat wave is cutting Natural Gas storage glut since last 2 weeks.

 You can read this post as a article on investing.com, comment - analysis section also. link ------- 
http://in.investing.com/analysis/ng-daily-chart-flag-pattern-200145154

Zinc in upward moving channel

Zinc in a upward channel 

As seen in the attached daily chart of zinc daily, we can see a symmetrical triangle ( coil ) in between 4 th april to 20th may. After completion of this pattern, price entered in a upward moving channel. After entering in a upward channel price touched 2 times to resistance channel ( point 1 & 3 ) and returned to support line ( point 2 & 4 ). Price respected both lines, i.e - resistance & support line. This structure clearly indicates that price is going upward strictly within the channel. On thursday & fiday price touched support line @ point 4 & again turn upward.

This all scenario tells us that now price is moving towards Rs 157 mark where resistance line is placed. But keep in mind that, if it moves fast , only then it will touch resistance line around 156. As it takes more time to move up, resistance line will also go upward.

Wave count or elliott wave theory is nothing but a simple dow theory based on higher tops & higher bottom or lower tops or lower bottom. As per this theory 4 th wave end @ Rs 145 & now price is in 5 th upward wave which can take price towards 156 mark.

Resistance is placed around 153, which is last top .

Moving averages are bullish and there is support of 20 day moving average shown in red color line.

Conclusion -- After crossing 153 mark and sustained price can hit 156 above, there is support @ supportline, which is also upmoving. So support is now placed around 147. As the days pass, support price also push itself up and up.
You can read this article on investing.com website, in comment - analysis section. link ---- 
http://in.investing.com/analysis/zinc-in-upward-moving-channel-200145153

Update 1 --- 04/08/2016

 As shown in this attached hourly chart, zinc price touched Rs 153.26 price and turn down on 2nd aug. It took resistance there. Our level works very well. 

Zinc in upward moving channel

Zinc in a upward channel 

As seen in the attached daily chart of zinc daily, we can see a symmetrical triangle ( coil ) in between 4 th april to 20th may. After completion of this pattern, price entered in a upward moving channel. After entering in a upward channel price touched 2 times to resistance channel ( point 1 & 3 ) and returned to support line ( point 2 & 4 ). Price respected both lines, i.e - resistance & support line. This structure clearly indicates that price is going upward strictly within the channel. On thursday & fiday price touched support line @ point 4 & again turn upward.

This all scenario tells us that now price is moving towards Rs 157 mark where resistance line is placed. But keep in mind that, if it moves fast , only then it will touch resistance line around 156. As it takes more time to move up, resistance line will also go upward.

Wave count or elliott wave theory is nothing but a simple dow theory based on higher tops & higher bottom or lower tops or lower bottom. As per this theory 4 th wave end @ Rs 145 & now price is in 5 th upward wave which can take price towards 156 mark.

Resistance is placed around 153, which is last top .

Moving averages are bullish and there is support of 20 day moving average shown in red color line.

Conclusion -- After crossing 153 mark and sustained price can hit 156 above, there is support @ supportline, which is also upmoving. So support is now placed around 147. As the days pass, support price also push itself up and up.
You can read this article on investing.com website, in comment - analysis section. link ---- 
http://in.investing.com/analysis/zinc-in-upward-moving-channel-200145153

Update 04/08/2016

 As shown in this attached hourly chart, zinc price touched Rs 153.26 price and turn down on 2nd aug. It took resistance there. Our level works very well. 

Now you can follow me on twitter & google+

Finally I  added twitter & google+ follow buttons to my blog, from which you can get latest updates on blog posts. Request you to try for the same.

Flag chart pattern on NG hourly chart

Flag pattern on NG hourly chart

As seen in the chart, there is flag pattern developed. In this case the trend is expected to continue when the price moves above the upper trendline. No need to say that, " it is bullish pattern or continuation of the trend."  

Update 1, 09.09 pm ( India )

As seen in this chart, there is length of flagpole shown, which is around Rs 14. As a rule of flag pattern , flag top + flagpole length = 207. So this pattern shows the tgt of Rs 207.

Keep in mind that NG is too much risky commodity to trade.

silver wave count

Silver, 5th wave tgt Rs 50000 ????

As seen in attached silver chart, silver is in 5th wave. I think it can go up to Rs 50000 around. Some up & downs will be there.

Copper in a downward channel, go short below 327 mark

Enter short below 327

Study the attached chart carefully. Since yesterday fall, copper price is moving in a downward channel, it sustained within the channel for whole day today. You can see second last candle, attempt failed to cross resistance line of the channel placed near 330 and it returned back in channel. Now price is 329.55 mcx. Looking @ the chart structure, it should come down towards 323 to 324 , where it will get support from the support line of this channel. Take positions only after price break below 327 mark, which is now support.

Make your study carefully and then trade, use sl for protection of capital. Wish you happy trading.

Update 4th aug 2016

 Nothing to say in words, today's chart is attached here. 

NG intraday chart levels

NG just broke intraday resistance before inventory comes in.

Look @ NG, zooms up 

As said in the last analysis on NG, it is in expanding triangle, which is bearish sign. But 2 the end of that analysis i said," NG is weather sensitive commodity on demand side." Result is here. Read my last post on NG carefully, visit the given link and read weather related article. Thank you .

Gold broke resistance of 31151 upwards & entered in bullish zone.

Gold in bullish zone

As seen in attached hourly chart gold price broke the resistance of 31151 & sustained above it. Next resistance is placed @ 31341 around. Now 31151 mark will play as support as rule of polarity. If gold break R2 it can zoom up to 31800 around.

But looking @ steam of upmove , chances are bleak that it can spike up to 31800 level. Bull power indicator is placed around 200 and maintaining itself above 0 mark.

Trade according to given levels, use sl to protect capital, wish you happy trading.

Copper @ its support point, can reverse on upside

copper @ its major support, if reverse then can go above 340

As seen in the chart, copper price is @ its major support. This support is major support because there are 2 support points. If make reverse on upside, it can break resistance of 340 and fly upward, if breach 328 level on downside, then it will enter in bearish phase.

Trade accordingly.

it broke support and enter in to bearish field, while typing .

NG in Expanding Triangle

NG daily

NG Hourly 

As shown in the daily & hourly chart we can see that NG is moving within expanding triangle or reverse symmetrical triangle. This is bearish pattern. NG price can go down after ending of this triangle.

Keep in mind that NG is most sensitive commodity to weather reports, supply data. Trade accordingly.

Fundamental update - 1 , 27/07/2016, 08.43 pm ( Indian time )

http://www.ino.com/blog/2016/07/heat-wave-to-cut-natural-gas-storage-glut/?a_aid=CD3116&a_bid=e69e6702#.V5jOdPl97IU

Heat Wave To Cut Natural Gas Storage Glut ---- click on given link and read full article.

july 26, 2016 by robert boslego , 

Read the article on weather and demand side.

Interesting article about copper

http://in.investing.com/analysis/history-repeats-itself:-copper-200143834

Mentioned link is a article by Pratin Gandhi on investing .com, very interesting view and analysis by him on copper. Traders should visit the link and read this article. Copy paste the link on your browser & you will on the page of article.

26/07/2016,  09.00 pm india

crude hourly chart 

I have nothing new to say, just look 2 chart and you find that price is not going anywhere, it is intact in a downward channel, made 3 tops and 3 bottoms, moving towards 42 dolor mark

24/07/2016 , Gold buy above 31151, sell below 30669 

As stated in heading, one can go for buy if gold sustained above 31151. But looking @ moving averages and bear power, I dont think that anybody can see the price above 31151. On the other hand, if price broke the 30669 level and sustain you can see big down fall. I will never trade between these two levels, 30669 to 31151 is " no trading zone " for me. Wait for any level to breach, waiting for good level to trade is most important part of trade.

update 1, 26th july 2016

houly chart gold mcx 

  As seen in ataached chart, gold price touched R1 and returned back in no trading zone. This is the power of level's mentioned in charts. Yesterday I said that, go short below 30669 if sustained. In circle , you can see price touched exact figure and returned.

Now wait for either levels to break and only then enter in position, long or short. 

copper, chance to enter long for 4 points.

chart 2 , copper daily

Support & Resistance

As shown in the daily chart 329 is major support, if sustained below it, then next support is placed @ 317. But chances of bear move is less than bullish move. Resistance is placed near 340, if breach it then first tgt is 345 and after crossing it price can spark towards 370.

Hourly chart , intraday trading levels 

Study very carefully attached hourly chart, you can see circles named A-Z, A-Z, A-Z & A. Yes now we are @ 4th A, which is placed @ Rs 333.25. We can expect Z around 337 to 338 +. 

conclusion

One can go for buy @ cmp Rs 333.25 for the first tgt of 338 around, if price moves and sustain above 340 level then 345 followed by 369. But that is not intraday trading. Better is to book 3 to 4 points profits and enjoy to see sms of positive mtm on your mobile. Book profits regularly and use trailing sl method. Yesterday we did the same and booked profits. @ the end of the day price collapse to point A. Thank you, keep visiting, if you like the post or dislike it, please mention in comment box.

23/07/2016, crude bull bear power

crude daily chart, 23rd july, saturday.

Today is holiday for all exchanges, this is the chance for every trader to do homework. Today I selected bull & Bear power indicator tool. Look deeply @ black circles & you will find that when this bear power yellow color enter below 0 or minus area we get indication of future down trend and that is before the price actually move down in big way. Same thing is about the Bull power indicator. 

For example, count the last 12 candles in attached daily crude chart.  Look vertically down to bear power indicator, it is placed below 0, near around - 20. You will come to conclusion that bear power gave us clear indication of fall around Rs 3200 price level before actually fall starts in big way.

You can use it in your daily trading for intraday purpose also.

Important link --- fundamental & demand supply

According to market experts, elevated stocks of fuel products amid slowing global demand growth is expected to keep prices under pressure in the near-term....... http://www.investing.com/news/commodities-news/crude-oil-futures---weekly-outlook:-july-25---29-416227

Update - 1, 25/07/2016 

crude hourly chart,

We are in good profits now. Use trailing sl method to protect your profits, trail the sl in profits only. There are no chances that crude will return in to bullish zone. Any rally will be short lived. Use it to enter in short position. 

Look @ the attached chart. Bear power indicator is in full form. Enjoy profits with trailing sl method.

22/07/2016 copper levels

 As shown in chart, copper is near channel support, it broke channel but returned within it quickly. by using channel support line as long entry point one can enter in long keeping sl @ 333.80 which is current low.

If sustained below 2996, tgt 2950, 2900

22/07/2016 crude hourly

 22/07/2016 crude daily

As shown in daily chart, there is solid support @ 2996. Crude breach minor support of 3020. if sustained below 2996, then it can go towards the 2950 level & then 2900. Resistance is left far away, 3146 is resistance. If crude price mange to sustain above 3020 then chances are there that it can travel towards 3100 level again.

21/7/2016 intraday levels crude

crude oil hourly chart

crude oil daily chart 

Day strategy 

As mentioned in hourly chart, above 3115 price can go toward big resistance 3146. Below 3100 price can easily go towards 3020 levels as support is placed @ 2995 around. Keep in mind that crude is in medium term downtrend and anytime it can breach 2995 level. But to earn some mtm, we can use levels as it is range bound now.

Crude support @ 3000, resistance @ 3101, 3146

 Today we are trading in new contract, which has premium of nearly 60 rupees. But with the helpthis 60 rupees premimum, crude price failed to show any positive breakout. Now the resistance is placed @ 3100 around foloowed by 3146. With this resistance levels in mind, one can enter in short positions using any upward movement. Today is inventory day. I am with the view that inventory will come negative for price. There is simple reason behind this view. In 1 week time span, no producer can increase or decrease the production suddenly. Nothing to write more about it, everything is posted in last post on crude. Wish you happy trading , thank you. Keep visiting.

safe commodity trades : Crude nearing solid resistance, chance to go short...

safe commodity trades : Crude nearing solid resistance, chance to go short...: Crude nearing solid resistance, chance to go short chart 1 chart 2  chart 3  Channels   As seen in chart no 1 & 2, ...

Crude nearing solid resistance, chance to go short

17/07/2016

chart 1

chart 2 

chart 3 

Channels 

As seen in chart no 1 & 2, crude price broke channel support line 25 days ago. It also broke sub channel downward. This channel is nearly 5 month old.

Declining Triangle

After that price moves in a declining triangle till 20 days and broke the triangle 6 days ago. After moving below the declining triangle support line, price moves between Rs 3000 - 3120 range. In last 6 days price attempted 3 times to move upward but in vain. Once it touch 3146 mark as spike high but return back. You can search google for the declining triangle characters and to see, " what will happen after ending of such pattern ?"

Turkish problem - chart 2 

In chart no 2, which is nymex chart, you can see higher size candle than placed in mcx price chart. It is because turkey problem, which is now resolved. 

Moving Averages 

10 dma & 20 dma crossed 50 dma downwards, which shows bearishness in price movement. I always use moving average because it gives clear indications of the trend. 

Hourly chart 

On hourly chart, we can easily see that Rs 3146 is solid resistance. This is very safe resistance as it is spike high and not a normal high. Again the channel resistance line is placed @ 3146 which gives bears exact sl price. In any way price should not cross Rs 3146 level.

Strategy 

Use each & every rally to go short keeping sl above Rs 3146 for the tgt of  Rs 2900 mcx. Wish you happy & safe trading, thank you.

safe commodity trades : Copper, in its 6th attempt to break resistance

safe commodity trades : Copper, in its 6th attempt to break resistance: copper daily chart Channel  As seen in attached daily chart, copper is trying its 6th attempt to break Rs 140 resistance. These 6...

safe commodity trades : Copper, in its 6th attempt to break resistance

safe commodity trades : Copper, in its 6th attempt to break resistance: copper daily chart Channel  As seen in attached daily chart, copper is trying its 6th attempt to break Rs 140 resistance. These 6...

Copper, in its 6th attempt to break resistance

copper daily chart

Channel 

As seen in attached daily chart, copper is trying its 6th attempt to break Rs 140 resistance. These 6 points are shown by letters a, b, c, d, e & f. While doing this copper price break the channel resistance in little way. On the other side price respected support line on 2 occasions, i.e. x & y. If failed to break and sustain above 340 level, it should have to return support line again which is now placed below Rs 300. If it breaks resistance of Rs 340 and sustain, then new rally will start towards next resistance around Rs 355. 

Moving average

You can clearly see in the chart that 10 day moving avrage crossed 50 day moving average, it indicates short term bullishness in price.

Conclusion 

One should watch carefully the levels given in the chart & try to follow the trend. Never go against the trend but try to catch reversal. Below the channel resistance line, copper can turn towards support line. If sustained above resistance linewhich is placed around Rs 335, it can again try to break the major resistance of Rs 340 & if it go above that price then new big spike will be there which will take price towards Rs 355 level.

Reminder 

Wait for confirmation of down trend below resistance line to go short & wait for breaching and sustaining above 340 level to go long. Dont trade between channel resistance line and R 1. Thank you , wish you happy trade. Today, news is china weak import export figure.

Update 1 15/7/2016

Nothing has changed in last 2 days.Moving avrage of 20 days also turn up, showing bullishness in trend. Very confusing pattern, longs only above 340, shorts with strict sl.

Update 2 chart, 16/07/2016

Update 2 -- consolidation accumulation or distribution ? 

As edited in the chart, yesterday price try to go again to R 1 with a spike but failed & return back to Rs 334 mark. If you are thinking that price is unable to cross R 1 then it will turn bearish, be cautious, look @ moving averages. Now 20 dma is also showing bullishness with 10 dma & price successfully made a base between Rs 333 to 335.50. This is sign of consolidation accumulation & not of distribution. On the other hand as time is passing resistance line of the channel is coming down, as a result 334 mark is now above the resistance line of the channel. As a rule of polarity, now resistance line of the channel will work as minor support for the price. 

Strategy 

So we should change our mindset & wait for price crossing Rs 340 mark and sustain there, then we can take long positions for the tgt of 350 + . If price go below Rs 330 mark that will be good sign for shorters. Thank you, wish you happy trading. Keep visiting.

Crude, history is repeating

Isn't it amazing ? History is repeating on daily charts. I have nothing to say in words. See the attached chart & you yourself can understand, where it is heading.

Crude heading towards resistance point

                      Crude resistance@  46 dolor or Rs 3,100

Channel 

As shown in the attached chart, crude has resistance @ 46 dolors or Rs 3100 mcx. Since 08/07/2016 it moving in a narrow channel, touched support line @ 2 occasions namely a & c points and currently trying to breach support line @ d point. It has to face resistance @ 45.80 and 46 ( Rs 3100 ) dolor point which is shown in blue line. If it successfully break the r1 & r2 , then it will return to some bullish mode otherwise it will return to support line with faster speed and try to breach it downward. 

                                         Moving Averages 

As shown in the chart, 5 dma crossed 20 dma on upside. Keep in mind that, this is hourly chart.

                                                 Strategy 

Watch carefully the levels given here with the chart. If price take resistance @ given points then it should return to support line and try to break it. If that happens then it will go directly 50 to 80 Rs downward. If it break 46 dolor upwards, then little bullish rally will start.

Use trailing stoploss method after entering in position to book profits and protect capital.

Thank you.

Updated chart 

As seen in the attached chart, crude price has taken resistance near Rs 3,100 and now it is trying to go up. Lets see, what will happen ?

2nd Update 

As seen in the chart, crude price break the resistance placed around 46 dolor or Rs 3,100 in good way. 

                                   Update on copper analysis

Today Copper opened around 322 above. As a result our copper analysis posted yesterday proved in vain. SL level mentioned in sl is below opening price. Todays candle shown in red circle. See the attached daily chart. Thank you, enjoy the NG call.