Trade Wing Financial Advisory Services: April 2014

Tuesday 8 April 2014

Copper Technical Comment For 9th April

Copper settled flat in the day trades that was affected by the closure of morning session trades on MCX. The prices started in a weak mode with intraday lows of Rs 403.9 per kg. However the metal recovered to close the day at Rs 406.75 per kg. The charts for Copper are waiting to see breakouts which are likely if the gains move beyond Rs 408-409 in the coming trades.

The important supports for the contract at Rs 404 and 402 are still intact in Copper. COMEX Copper settled the last trading day at $ 3.051 per pound. Open interest in the contract was stable at 19427 against 19855 on 7 April 2014. The momentum indicator %K is at 71, which is slowly coming near to the overbought region on daily charts

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Gold Technical Comment For 9th April

Gold closed the last session trades in green. The prices of MCX Gold closed at Rs 28477 per 10 grams, up 0.53%. The prices of Gold moved higher for the fifth consecutive session. As was expected Gold has now overtaken Rs 28450 per 10 grams and now looks strong enough to break Rs 28700 per 10 grams. The prices have their 38.2% retracement level at Rs 28901 per 10 grams. Relative Strength Index of 40 indicates fresh gains in Gold are possible. Meanwhile the 10 day Exponential moving average is near to the Fibonacci levels.

Crude Technical Comment For 9th April

After a week of jostling between parallel patterns, Crude Oil has seen change in moves. The prices gained by 1.85% to Rs 6162 per barrel. The move is having significance because it has managed to break the trendline resistance that was set at Rs 6130 per barrel. The next move in Crude can now be towards Rs 6219 per barrel. Meanwhile, supports for Crude Oil are set at Rs 6060 per barrel. Crude Oil on MCX also managed to break the 100 day Exponential moving average set at Rs 6129 per barrel. Any losses for Crude Oil are expected to be limited at Rs 6110 per barrel. On NYMEX, futures were trading in a marginal red zone at $ 102.27 per barrel, down 0.29 cents.

Thursday 3 April 2014

Copper Technical Comment For 4th April

MCX Copper has been depicting dicey moves in the intra day sessions this week. The prices have been swinging between profits and losses making it difficult for day traders to take a formidable positions on one side. After struggling during Thursday the prices showed some gains on the higher side. The resistance for MCX Copper is now at Rs 407 per kg. The benchmark contract closed the last session trades at Rs 405.9 per kg, up 0.3% last week. The supports of MCX Copper is at Rs 398 per kg levels look strong. If Fibonacci pattern is considered the next set retracment level is at Rs 413 per kg

Crude Technical Comment For 4th April

The descending triangle pattern for Crude Oil did not breach on Thursday. The prices of MCX Crude Oil for April expiry settled at Rs 6058 per barrel. The prices managed to decline marginally by Rs 94 on Thursday. If the trendline support of Rs 5960 is taken out of the equation, one can expect a selling wave in the Crude oil contract. After the last session trades it is expected that the prices of MCX Crude Oil can jump towards Rs 6090 but till Rs 6100 is broken, Crude Oil can be sold at those levels.

Gold Technical Comment For 4th April

Gold was expected to show some moves on the higher side and that is what happened in the day trades on MCX platform on 3 April 2014. The prices closed at Rs 28132 per 10 grams, up Rs 82. On the higher side, Gold is expected to test RS 28300 and 28450 per 10 grams. The prices are getting supports from Rs 28090 per 10 grams. RSI is at 24 an indicator of overbought situation in the metal and further rise in prices. COMEX Gold for April expiry was trading at $ 1285 per troy ounce, up $ 1.5 per troy ounce.

Wednesday 2 April 2014

Copper Technical Comment For 3rd April

MCX Copper closed the last session trades at Rs 404.7 per kg, up 0.23% last week. The supports of MCX Copper is at Rs 398 and 396 per kg levels look very formidable. The markets have seen some skewed trrading range trading between Rs 409 and 397 per kg during this week. Open interest in the contract improved marginally at 20101 against 18892. The 25 day Exponential Moving Average (EMA) of Copper is at Rs 409.9 per kg. The prices of MCX Copper is expected to be resisted near to that level. The RSI has been indicating some more move towwards the upper resistances with index set at 46.

Gold Technical Comment For 3rd April

Being in oversold position, MCX Gold can showed some moves on the higher side. The prices closed at Rs 28050 per 10 grams, up Rs 138 and is likely to see some moves towards Rs 28300 per 10 grams. On the lower side, Gold is expected to test RS 27900 per 10 grams, but that is not expected in short term trades. A safe strategy can be to buy Gold near supports per 10 grams, for the price targets of Rs 28180 and 28300 per 10 grams. The prices have already corrected looking at the RSI set at 21, an indicator of overbought situation in the metal. COMEX Gold for April expiry was trading at $ 1291 per troy ounce, up $ 0.6 per troy ounce.

Crude Technical Comment For 3rd April

The descending triangle pattern for Crude Oil is about to be breached in intraday charts. This is a bearish pattern and is expected to take the prices of Crude oil significantly lower near to Rs 5850 per barrel. If the trendline support of Rs 5960 is taken out of the equation, one can expect a selling wave in the Crude oil contract. The prices of MCX Crude Oil for April expiry settled at Rs 5964 per barrel. The prices managed to decline marginally by Rs 26 on Wednesday. The 25 day moving average is set at Rs 6109 per barrel. Rise of open interest indicates with decline indicate rise in short positions.

Tuesday 1 April 2014

Crude oil Technical Comment For 2nd April

Crude Oil showed sharp downside on Tuesday, with prices closing at Rs 5990 per barrel. The closure below Rs 6000 is again a setback for Crude Oil. The prices are expected to show some more losses towards Rs 5950 per barrel. Crude Oil is in descending triangle pattern. If the trend line set at Rs 5950 per barrel is breached that descending triangle pattern will confirm, setting some more room for losses.

You can reach us by any of the following methods
Contact No. :- 0712-6642455
e-Mail :- contactus@tradewing.biz

For More detail Please Visit to our Website .

http://www.tradewing.biz/freetrial
http://tradewing.blogspot.in/
http://tradewing.wordpress.com/
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Copper Technical Comment For 2nd April

The skewed trading pattern in Copper is making the people cautious with the next moves. The prices of MCX Copper closed at Rs 403.75 per kg. The prices tested a high of Rs 404.65 and a low of Rs 402.3 per kg. Copper has formed a psychological base of Rs 400 per kg which is not likely to be broke any time soon. On the upside, Copper is not expected to show any material gains till it breaches, Rs 409 per kg. A parallel trading pattern is seen in MCX Copper from last 10 days.

Gold Technical Comment For 2nd April

Gold once again got thrashed in the daily moves as prices molded to the usual set of selling pressure. The prices of MCX Gold closed the trading at Rs 27912 per 10 grams, down Rs 234 per 10 grams. After breaking the double bottom support, the prices have opened the gates for moves towards Rs 27100 per 10 grams in coming weeks. The rally on 28th March and 31st March was probably to garner some trades for bottom fishing. Open interest showed a jump towards 8565 contracts, against 1780 contracts a day before. Fast Stochastics is at 12%, which is indicator of the oversold position.