MCX Weekly check

Here's a fresh look at MCX commodities and what to expect in the coming week.


Crude Oil September :


Mp Crude Mcx Weekly Check


Crude has been on a big bull run and the month of August has seen crude rise from 4932 to 5425.


The Profile chart above shows volume developing at 5412 on Thursday and 5380 on the composite picture in grey at the right of the chart.


There is also a low volume zone at 5280 on the charts.


The chart suggests a "buy the dip" till this level of 5280 is protected. Upward Momentum can accelerate only above 5380 however towards 5412 and 5470 which should cap upsides for the week.


Below 5280 we can see a move to 5237/ 5219 which will be the final test for buying strength.


Copper M August Future :



Mp Copper Mcx Weekly Check


Copper traded above resistance at 419.5 for the first time in this month and invited prompt short covering.


The chart shows buyers wanting to push the market now to 431 with a small resistance near 428.


Dips near 419.5 and 423.5 will be bought through the week.


Natural gas August Future :


Mp Natgas 1 Mcx Weekly Check


Natural Gas continued to trade sideways in a 10 point range with selling pressure building at 161 and buyers at 150.3.


The week low at 149.3 and the closing of 150.3 continue to be important supports below which 140.5 can be seen easily.


resistance now placed at 156 and 161.90.


Silver Large Sept Future :


Mp Silver 0 Mcx Weekly Check


Silver is near 57700 previous resistance and consolidated on Friday.


The move from Tuesday is clearly extended and a pull back due.


First sign of weakness will be a trade below 56760 below which levels of 55700 and 55330 are expected.Further down it is not expected to trade below 54500 which is the place for all dip buys in the coming weeks.


Gold Large October :


Mp Gold Mcx Weekly Check


Like Silver, Gold is also due for a pull back early in the week.


The critical level to watch for consolidation or pull back if any is 30630. A trade below that is expected to bring 30350.


Supports lower are at 30220- 30150.