MCX NCDEX Tips ~ Weekly Intraday Market Updates

Monday, March 12, 2012
MCX Gold
In the past week, MCX Gold prices tested the valid up trend line support visible on daily chart and bounced sharply to close around 28,000 levels. This is also coinciding with the neckline support of bullish head and shoulders chart pattern. We expect prices to rise up from current levels in upcoming sessions.

MCX Crude oil
MCX Crude is forming a broadening pattern on the weekly chart and it is moving higher towards the upper end of the pattern. On the daily charts it is forming a triangular pattern, and the resistance line is pegged at 5,410 levels. Long positions can be initiated above the resistance line.

MCX Copper
MCX Copper prices have completed the bullish head and shoulders chart pattern on the continuous weekly chart and the neckline resistance is placed at 435 levels. Long positions should be initiated only on successful cross of the neckline resistance.

NCDEX Pepper
NCDEX Pepper prices tested the valid up trend line support on the daily chart and closed near the same. On the daily chart prices are trending up in higher high/low fashion. This indicates there is further strength in the counter. We expect prices to continue their upwards journey.