2016

Daily MCX Newsletter

26th APRIL 2016

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MARKET WRAP
PRECIOUS METALS:
MCX Gold futures tested lows near Rs 29050 per 10 grams yesterday as a drop from five week high
continued. However, good buying emerged at this level and the counter ended in green, adding more than Rs
200 on the day. A sideways trend seems to be at work after the contract tested lows near Rs 28900 mark on
Friday - approaching its 50 day EMA. Today, further gains are likely if the counter breaks above yesterday's
highs of Rs 29300 while a break under Rs 29200 can cause some moderation.

ENERGY:
MCX Crude oil futures dropped heavily in intraday moves yesterday on profit selling pressure. The counter
recorded strong gains in last week after a break above EMA 50 on day charts. However, repeated failure to
hold around Rs 2965/2970 per barrel mark eventually took a toll on the contract and heavy losses emerged
in the commodity as Rs 2900 levels were broken. The counter ended around Rs 2880 per barrel mark and is
expected to face selling pressure on rallies today.

BASE METALS:
MCX Copper futures slipped from a one month high yesterday after recording handsome gains earlier. The
counter soared above Rs 338 per kg on Friday as a break above 100 day Exponential Moving Average (EMA)
managed to hold. However, the Monday blues saw an outright correction after prices eased from one month
highs and the counter ended around Rs 332 per kg levels. Further selling is expected in the counter with a
break under Rs 330 triggering heavy intraday short selling.

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PIVOTS LEVEL:
GOLD(JUNE)
RESISTANCE2:29700
RESISTANCE1: 29500
SUPPORT1:28900
SUPPORT2: 28600
SILVER (MAY)
RESISTANCE2:40900
RESISTANCE1: 40500
SUPPORT1:39600
SUPPORT2: 39100
CRUDE OIL (MAY)
RESISTANCE2:3010
RESISTANCE1: 2950
SUPPORT1:2800
SUPPORT2: 2720
COPPER (APRIL)
RESISTANCE2:338
RESISTANCE1: 335
SUPPORT1:326
SUPPORT2: 322

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CHART OF THE DAY
LEAD:

CALL: SELL LEAD APRIL AROUND 116.50 TARGETS 115.00 STOP LOSS 117.70.
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