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