Many people would not know that within a short span of time the commodity exchange MCX has risen to become the third largest commodity trading exchange in the world.
It points to the interest prevalent today in trading metals and energy and their like.
We at Vtrender track 5 instruments every day in our trading room and also send out trading alerts for them.
Here's a look at some charts for next week :
Silver ( Large contract September)
This week Silver traded in a small range with dips to 53200 being bought and rips to 53050 being sold.It ended the week near 52800 levels.
Moving forward the downtrend is still not broken, but high volumes are coming at the current lows as evident in the developing Point of Control ( thick white line) . Also the composite profile ( blue histogram on left) shows a green horizontal line which is the same HVN line showing higher volumes at this price point.
A trading strategy would be to create longs above 53100 with a stop below 52400 as a mark of failure for upside targets of 54500 by the close of next week.
Gold ( large contract- August)
In this week gone by, Gold also maintained it's small downtrend seen from 30400 levels and closed the week at 29300 levels.
There were 2 dips near 29140 which were bought . Like Silver we are seeing high volumes come in at current levels in Gold too.
A quick long above 29250 should bring 29600 early in the week. Sellers would be expected to be back near 29650 and even higher at 29840 which are current resistance. Support below is 28995.
Copper (mini contract August)
Copper was our best performing contract in Order Flow this week. We took a long on Wednesday at the US session open at 425, which we booked yesterday at the open at 429.70 and went short at the same level to see 422 at the close of the session.
Copper saw a good bounce at 420 during the day, a level which we expect to hold.. It may be time to establish long positions in Copper at the start of the week to see an initial target of 424 and later 427.Stops to be maintained below 420.
Crude Oil (August contract)
Crude was the best performer of last week as it broke off a two week consolidation and traveled 200 points higher.
We expect it to hold above the LVN of 5020 ( red horizontal line ) in the chart and consolidate it's gains.
It remains a great day trading instrument much like the Nifty at NSE and with a similar ATR.
Our biggest winner in crude last week was a long at 4815 which was closed at 5099 early on Friday morning.
Natural gas ( July contract)
NT Gas made new highs this week as it broke above the resistance at 166-168 during Friday's session.
Profile picture shows a nice run up and consolidation and evidence of a breakout in the last session. Technical analysts would see it as a bull flag break and even Elliotists would see it a C wave if the break out succeeds.
Order Flow printed longs at 157.4 on Wednesday in Natural gas.