As expected base metals crashed yesterday but weakness was seen in the entire pack. Copper was leading the fall and it has breached its long term trendline intraday only so advised clients to go short for targets of 223/217. More fall to come in all of them. Momentum is shifting from +ve to -ve and Copper & Zinc looks weakest.
Crude also gone weak and fell badly below 3360 so advised clients to go short below 3360 for the targets of 3320/3280/3240. 2 targets met intraday and 3rd and more is yet to come. We should see 3232 and 3180 soon.
Gold & Silver are also witnessing weakness. We are short in Gold since 14540 levels (when it was trading at $934) for targets of $896. Yesterday it has broken its another important support of $924 so more fall should be seen today in it. It should head for 14391/14234. Silver also has broken its very important support of 22400 so it should follow Gold blindly. 22050 and 21700 coming...
Natural Gas momentum is also changing and it should take support in 194-195 range. Below this it will head for 186/178.
Subscribe to:
Post Comments (Atom)
hi, congrats for the baby. on 22nd u said basemetal and crude in up trend. and on 23 june u said as expected market crashed.
ReplyDeletereply
AMITAGARWAL79@YAHOO.COM
This is what I said on 22nd June "Base metals are still looking in uptrend although a short term downside is expected"
ReplyDeleteThis is what happened on 23rd June. Where is the doubt?? I have also clearly mentioned that as long as their long term trendline is intact we can go long however Copper has broken its long term TL in INR as well as $ which makes it more weaker..
Let me know if you still have any doubts.
Thanks
Abhinav