Weekly MCX and NCDEX Commodity Market Updates

Monday, March 26, 2012
MCX Silver
MCX Silver broke out from the inverted head and shoulders pattern and the down trend line resistance line, however failed to sustain above these resistance levels.
Sell MCX Silver below Rs 55,900 and target Rs 52,000 with stop loss 58,700.

MCX Crude oil
MCX Crude after breaking up from the triangular pattern made a high of 5635. However, it was unable to sustain above 5,550 and finally gave up almost all the gains.
Sell MCX Crude at CMP Rs 5,487 and target Rs 5,060 with stop loss Rs 5,635.

MCX Nickel
MCX Nickel has broken its crucial support of 943 which is a bearish sign going forward. Now, it is expected to fall till 900-880, whereas on the upside it has a crucial resistance at 963.
Sell at CMP Rs 940 and target Rs 880 with stop loss Rs 963.

MCX Zinc
MCX Zinc appears to be forming a triangular pattern and it is expected to trade in a range of 101.75-104.

NCDEX Soybean April
The resistance on the higher side is 2,995, whereas the support/target on the lower side 2,925.
Sell NCDEX Soybean April at CMP Rs 2,975 and target Rs 2,925-2,900 with stop loss Rs 2,995.

NCDEX Pepper April
Buy NCDEX Pepper April at Rs 41,800 and target Rs 43,500 with stop loss Rs 40,100.