World commodity chart update for 29/05/2009

Oil reached our suggested targets yesterday at 64.80 and extended further placing a top at 65.40. It's consolidating around the initial resistance of 65.00. A break of which will lead us towards 68.35 followed by the short term target at 73.00. Note that a downside correction is expected for the rally from 59.60 to 63.20, this correction is expected to reach 63.20 before coming back to the major direction as far as 62.05 remains unbroken.

The trading range for today is among the key support at 59.55 and the key resistance at 68.30.

The general trend is to the upside as far as 47.20 remains intact with targets at $73.00 a barrel.

Support: 65.00, 64.05, 63.20, 62.50, 61.80
Resistance: 65.45, 66.10, 67.50, 68.35, 69.15

Recommendation: According to our analysis, sell the contract with the next hourly closing below 65.00 with targets at 64.05 followed by 63.20 and stop loss with a four-hour close below 65.95.

Gold is retesting the upper line of the previous discussed diagonal once more, offering the possibility of placing the fifth wave of the full impulsive wave for a short term Elliott cycle. Now a correction is needed to complete this sequence while it succeeded to form a bearish harmonic butterfly pattern with a potential reversal zone [D] around 966.00 zones. Stochastic and RSI are signaling overbought indications confirming these corrective downside movements on the intraday basis.

The trading range for today is among the key support now at 930.00 and key resistance now at 996.00.

The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00.

Support: 960.00, 956.00, 952.00, 945.00, 935.00
Resistance: 966.00, 972.00, 979.00, 985.00, 996.00

Recommendation: According to our analysis, sell gold at 965.00 with targets at 945.00 and stop loss at 980.00.

Nifty daily chart update for 29/05/2009

World commodity chart update for 28/05/2009

Before reaching the expected pivotal resistance of 64.55 zones, oil declined as a result of the negative pressure offered by momentum indicators which took it towards 62.25. There is possibility of resuming these correctional actions towards the lower line of the upward channel around 61.45 zones followed by inclining movements targeting 64.75. This bullishness is in favor as far as 59.50 remains intact, on the other hand a breakout below this mentioned level will lead us towards $ 57.00 a barrel.

The trading range for today is among the key support at 57.00 and the key resistance at 67.50.

The general trend is to the upside as far as 47.20 remains intact with targets at $73.00 a barrel.

Support: 62.25, 61.45, 60.40, 59.50, 58.90
Resistance: 63.80, 64.75, 65.50, 66.10, 67.50

Recommendation: According to our analysis, buy the contract above 61.45 with targets at 62.80 followed by 63.80 and stop loss with a four-hour close below 60.40.

Gold is declining slightly, respecting the negative pressures of moving below 61.8% Fibonacci level forming an engulfing bearish candlestick structure below Tenkan-sen and Kijun-sen -moving averages of Ichimoku indicator-. As a consequence, further downside movements are still in favor particularly if it succeeded to breach the lower line of the diagonal. Note that SMA 50 is valued at 942.00 while indicators are still trending downwards. Therefore we will keep our overview to the downside on the intraday basis as far as 960.00 remains intact.

The trading range for today is among the key support now at 916.00 and key resistance now at 976.00.

The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00.

Support: 942.00, 936.00, 932.00, 925.00, 916.00
Resistance: 947.00, 952.00, 956.00, 963.00, 974.00

Recommendation: According to our analysis, sell gold at 947.00 with targets at 932.00 and stop loss at 960.00

Nifty daily chart update for 28/05/2009

World commodity chart update for 27/05/2009

oil succeeded to enter the previous mentioned upward channel, approaching 63.00 zones. We see that more inclines are expected towards 64.55 followed by 67.50. Some kind of corrective actions may occur towards 61.60 whereas the price will obtain the momentum it needs to move upwards. This intraday bullishness remains as far as 60.80 kept intact while a break of it will lead us towards 58.90 and $ 57.60 a barrel.

The trading range for today is among the key support at 57.60 and the key resistance at 67.50.

The general trend is to the upside as far as 47.20 remains intact with targets at $73.00 a barrel.

Support: 61.60, 60.85, 59.80, 58.90, 57.60
Resistance: 62.85, 63.80, 64.55, 65.50, 66.10

Recommendation: According to our analysis, buy the contract above 61.60 with targets at 62.85 followed 64.55 and stop loss with a four-hour close below 60.85

Gold: Gold plunged to $940 yesterday before closing at $951. We booked profits on yesterday's long position as the daily and 4- hourly charts remain overbought and a retracement upto $930 (cluster support) is on the cards. We maintain our view for going long in Gold around $930 - 935 as the overall bias for gold is bullish.(Gold- 949.72). Bullish

Nifty daily chart update for 27/05/2009

World commodity chart update for 26/05/2009

Crude successfully breached the key support for the ascending channel yesterday as it continued to maintain trading around the minor support level at 60.95 as trading remains within a triangle. We still believe crude is to decline on the intraday basis to correct towards 60.20 before rebounding back to the upside to return within the short term ascending channel to target 62.25. The 58.90 level must remain intact for crude to incline where a breach of this level to the downside will take oil down to 56.80 on the intraday basis.

The trading range for today is among the key support at 56.80 and the key resistance at 64.75

The general trend is to the upsideas far as 47.20 remains intact with targets at 73.00

Support: 60.20, 59.50, 58.90, 58.35, 57.50
Resistance: 61.25, 61.75, 62.25, 63.00, 63.80

Recommendation: According to our analysis, buy crude above 60.20 with targets at 61.40 and stop loss with four hour closing below 59.50

Gold continues to trade within an ascending channel as seen in the above four hour chats yet at the same time we see the metal failed to maintain trading above the 138.2% Fibonacci expansion at 955.60 as the ADX indicator is adjusting to the downside with the DI- trending above the DI+ alongside being overbought on the RSI indicator which makes us believe that the metal will decline today and continue as far as 959.00 remains intact.

The trading range for today is among the key support at 930.00 and the key resistance at 984.00

The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00

Support: 952.00, 947.00, 942.00, 935.00, 930.00
Resistance: 956.00, 959.00, 965.00, 968.00, 974.00

Recommendation: According to our analysis, sell gold at 955.00 with targets at 942.00 and stop loss at 968.00

Nifty daily chart update for 26/05/2009

Gold closed higher on Thursday as it rose to its highest level since March. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning bearish signalling that additional profit taking is possible near-term. Closes below the 10-day moving average crossing would temper the near-term friendly outlook in the market.

Silver closed higher on Thursday as it rose to its highest level since Feburary. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning bearish signalling that additional profit taking is possible near-term. Closes below the 10-day moving average crossing would temper the near-term friendly outlook in the market. If it renews this month's rally, March's high crossing is the next upside target.

U.S. STOCK MARKET INDICES

DJI closed lower on Thursday as stocks tumbled for a third day. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought and are turning neutral hinting that a short-term top might be in or is near. SPI closed lower on Thursday after jobless claims topped economists’ forecasts. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought and are turning neutral hinting that a short-term top might be in or is near. NDI closed lower on Thursday erasing gains in the final hour of trading. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought and are turning neutral hinting that a short-term top might be in or is near.

ENERGY

Crude Oil closed lower on Thursday as prices dropped from a six-month high after the Federal Reserve cut its forecast for the economy of the U.S. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought and are turning neutral hinting that a short-term top might be in or is near. Closes above the 10-day moving average crossing would confirm that a short-term bottom has been posted.

Natural Gas closed lower on Thursday as prices fell the most in almost two years after a bigger-than- forecast increase in inventories. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought and are turning neutral hinting that a short-term top might be in or is near. Closes above the 10-day moving average crossing would confirm that a short-term bottom has been posted.

COFFEE

Coffee closed higher on Thursday as it extends yesterday's trading range. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but are neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends this spring's rally, the reaction high crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.

Nifty daily chart update for 25/05/2009

Nifty daily chart update for 22/05/2009

Nifty daily chart update for 21/05/2009

Nifty daily chart update for 20/05/2009

Crude oil daily chart update for 19/05/2009

Oil price inclined yesterday more than 300pips breaching the resistance level (previously broken support level for the up-channel). This return to the mentioned channel we expect to support the price incline into achieving the short-term trend targets around 63.00 per barrel. These expectations requires keeping 58.25 support unbroken ( Fibonacci retracement for yesterday's up wave) in addition to breaching the minor resistance level at 61.75

The trading range for today is among the key support at 56.75 and the key resistance at 63.00

The general trend is to the upside as far as 47.20 remains intact with targets at $63.00 a barrel.

Support: 59.70, 59.10, 58.25, 57.65, 56.75
Resistance: 60.55, 61.75, 62.50, 63.00, 64.10

Recommendation: According to our analysis, buy the contract above 59.70 with targets at 60.50 then 61.75 and stop loss with a four-hour closing below 58.25

Nifty daily chart update for 19/05/2009

Crude oil chart for 18/05/2009

Oil declined influenced by the bearish pattern that appeared clearly after the negative closing below 57.45 which accelerated the attack of the neckline several times. Indeed the intraday direction is unclear as the momentum indicators suggest some kind of upside action. Therefore we should await for the coming four-hour candlestick closing as if it succeeds to close above the mentioned level the price might be able to breach 58.15- the previous support turned into resistance- ;thus may accelerate the movements towards 62.50 but a close below 56.40 may lead us towards 54.70 and followed by 50.80.

The trading range for today is among the key support at 50.80 and the key resistance at 60.00.

The general trend is to the upside as far as 47.20 remains intact with targets at $62.50 a barrel.

Support: 56.40, 55.90, 54.70, 54.00, 53.70
Resistance: 57.05, 57.75, 58.15, 58.85, 59.75

Recommendation: According to our analysis, sell the contract cautiously with the closing of the next four-hour candlestick below 56.40 with targets at 54.70 and stop loss with a four-hour close above 57.75.

Nifty daily chart update for 18/05/2009

Nifty daily chart update for 15/05/2009

Nifty daily chart update for 14/05/2009

World commodity chart update for 13/05/2009

BULLION

Gold closed sharply higher on Tuesday as it consolidated Monday's decline as a weaker dollar and costlier oil spurred demand for the metal as a hedge against further declines in the currency and higher inflation. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible near-term. If it renews November's decline, the reaction low crossing is the next downside target.

Silver closed sharply higher on Tuesday for the first time in three sessions as speculation that the economy may resume growing soon and the dollar’s decline boosted the appeal of the precious metals as hedges against inflation. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible near-term. If it renews October's decline, the reaction low crossing is the next downside target.

U.S. STOCK MARKET INDICES

DJI closed higher on Tuesday dispite a midday loss. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but are neutral to bullish signalling that sideways to higher prices are possible near-term. SPI closed lower on Tuesday as U.S. stocks continued to slip, lead by bank stocks and General Motors. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but are neutral to bearish signalling that sideways to lower prices are possible near-term. NDI closed lower on Tuesday as U.S. stocks continued to slip. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but are neutral to bearish signalling that sideways to lower prices are possible near-term.

ENERGY

Crude Oil closed higher on Tuesday as prices surged to a 6-month high as Chinese imports increased. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are diverging but remain neutral to bullish signalling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.

Natural Gas closed higher on Tuesday after prices rose to the highest level in three months on speculation demand for energy will begin to rebound as the recession eases. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain bullish signalling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.

Nifty daily chart update for 13/05/2009

World commodity chart update for 12/05/2009

Gold closed sharply lower on Monday as it consolidated last week's rally on speculation that demand from investors stalled and as a drop in oil prices diminished the attraction of the metal as a hedge against inflation. The mid-range close sets the stage for a steady to lower opening onTuesday. Stochastics and the RSI are neutral signalling that sideways prices are possible near-term. If it renews April's rally, the reaction high crossing is the next upside target.

Silver posted an inside day and closed lower on Monday as it consolidated last week's rally on speculation that demand from investors stalled and as a drop in oil prices diminished the attraction of the metal as a hedge against inflation. The mid-range close sets the stage for a steady to lower opening onTuesday. Stochastics and the RSI are neutral signalling that sideways prices are possible near-term. If it renews April's rally, the reaction high crossing is the next upside target.

U.S. STOCK MARKET INDICES

DJI closed lower on Monday due retreating from a four-month high. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but are neutral to bearish signalling that sideways to lower prices are possible near-term. SPI closed lower on Monday due retreating from a four-month high. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but are neutral to bearish signalling that sideways to lower prices are possible near-term. NDI closed slightly higher on Monday and above the weekly downtrend line crossing. The mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but are neutral signalling that sideways to higher prices are possible near-term.

ENERGY

Crude Oil posted a key reversal down and closed lower on Monday as last week’s 10 percent advance will be undone as U.S. inventories climb and fuel consumption declines. The mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bullish signalling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.

Nifty daily chart update for 12/05/2009

Nifty daily chart update for 11/05/2009

Nifty daily chart update for 08/05/2009

Nifty daily chart update for 07/05/2009

If nifty trades above the previous days high of 3715-3717 then we may see a rally upto 3790-3795 levels.whereas failure to cross the level of 3715-3717 will take it 3517-3520 which is breakout point of the previous rally.

Nifty daily chart update for 06/05/2009

Nifty stayed quite after the big rally.If trades below yesterday's low then watch panic selling to the level of 3560-3562 and crucial support is placed at 3330-3332 levels.

For upmove the nifty should move above the precious high.

Nifty daily chart update for 05/05/2009

Nifty is moving bigger and bigger with only negative divergence so trade your long very carefully at the important resistant at 3800-3803 levels if it is able to trade above the level of 3756-3759.Now support is placed at the breakout level of 3515-3518 levels.

World commodity chart update for 04/05/2009

Gold closed lower on Friday as it extended last week's decline. A short covering rally tempered early losses and the high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. Closes below Tuesday's low crossing would temper the near-term bullish outlook. If it renews last week's rally, the reaction high crossing is the next upside target.

Silver closed higher on Friday as it consolidated some of last week's decline. The high-range close sets the stage for a steady to higher opening on Monday. Despite Friday's rally, stochastics and the RSI remain bearish signalling that sideways to lower priced are possible near-term. If it extends last week's decline, March's low crossing is the next downside target. Closes above Wednesday's high crossing would signal that a short-term low has been posted.

U.S. STOCK MARKET INDICES

DJI closed higher on Friday as it extended the rally off March's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are diverging but remain bullish signalling that sideways to higher prices are possible near-term. If the Dow extends this month's rally, the reaction high crossing is the next upside target. SPI closed higher on Friday as it extended the rally off March's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are diverging but remain neutral to bullish signalling that sideways to higher prices are possible near-term. NDI closed higher on Friday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but are turning neutral to bearish hinting that a short-term top might be near.

ENERGY

Crude Oil closed sharply higher on Friday and above the 20-day moving average crossing confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends last week's rally, the reaction high crossing is the next upside target.

Natural Gas closed sharply higher on Friday and above the 10-day moving average crossing signalling that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI have turned bullish signalling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing would confirm that a short-term low has been posted.

Nifty daily chart update for 04/05/2009

Nifty is trading in a range which is trying to break the level of 2518-2521 if breaks huge positive for the market.failure to cross the level of resistant will lead to 3411-3415 levels in panic selling but little support is seen for bulls only.