MCX DAILY REPORT: 12TH JUNE 2019
Wednesday, June 12, 2019
TIME 8:10 AM IST
MCX TECHNICAL REPORT
Gold and silver will crash if they trade below yesterday’s low. Zinc and lead are bullish. Copper is in a neutral zone. Crude oil looks slightly bearish.
Gold August 2019: (previous day close/CMP Rs.32632)
Small sell off below: 32560
Quick rise over: 32690
- Crash will be there (till Friday) only below 32342.
- Gold needs to trade over 32700-32750 zone to be in intraday bullish zone.
Silver July 2019: (previous day close/CMP Rs.36735)
Small sell off below: 36450
Quick rise over: 36880
- Silver needs to trade over 36350-36450 zone to rise to 37100 and 37300.
- Crash will be there below 36350.
- Remain on the sidelines in silver today.
Copper June 2019: (previous day close/CMP Rs.410.20)
Small sell off below: 409.50
Quick rise over: 412.10
- Copper needs to trade over 409 to rise to 414 and 419.
- Sell off will be there below 409.
- I am against going long in copper unless it breaks and trades over 417 till Friday.
Crude oil 19th June 2019: (previous day close/CMP Rs.3751)
Small sell off below: 3722
Quick rise over: 3785
- Remain on the sidelines in crude oil.
- Bearish case: if crude oil falls today, then chances of 3589 and 3520 will be the key.
- Trend after 8:30 pm should be the short term trend.
- 3700 is the key price to watch. Crude oil can move 150-200 either side anytime from 3700.
- I prefer to buy crude oil only if it trades over 3800 stop loss 3749 for 3968.
- If you are short use stop loss over 3856.
- If you are long use stop loss below 3640.
Zinc June 2019: (previous day close/CMP Rs.206.95)
Small sell off below: 205.10
Quick rise over: 207.00
- There will be a technical breakout if zinc manages to break and trade over 207 to 210.70 and 215.30.
- Crash will be there below 204.30.
Lead May 2019: (previous day close/CMP Rs.156.05):
Small sell off below: 155.10
Quick rise over: 157.60
- There will be a technical breakout to 162.10 and 166.70 if lead manages to break and trade over 156.50-157.50 zone.
- Key support till Friday is at 153.40.
Nickel May 2019: (previous day close/CMP Rs.870.20):
Small sell off below: 866.00
Quick rise over: 876.00
- Nickel needs to trade over 860-865 zone to rise to 884 and 896.
- Crash will be there below 856.
- A daily close over 876 today will be very bullish for tomorrow.
Natural gas 25th June 19 (previous day close/CMP Rs.166.20):
Small sell off below: 162.90
Quick rise over: 167.80
- NG needs to trade over 161.50-162.50 zone to rise to 175.50.
- Trade very carefully in NG till tomorrow. Remain on the sidelines.
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. All analyses used herein are subjective opinions of the author and should not be considered as specific investment advice. Investors/Traders must consider all relevant risk factors including their own personal financial situation before trading.Website www.insigniaconsultants.in. Prepared by Chintan Karnani
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NOTES TO THE ABOVE REPORT
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
ALL PRICES ARE IN INDIAN RUPEE UNLESS OTHERWISE SPECIFIED
APPROPRIATE STOP LOSSES PER LOT IN INDIAN RUPEEES ON THE TRADING CALLS GIVEN IN THIS REPORTTHE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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