Category Archives: Commodities

#1 Silver: Aapke Jeevan Mein Chandi hi Chandi Hai

What you looking at is Silver Monthly chart. Bullion has been in continuous uptrend during in its life but since high in 2011 it has been not attractive for the traders or investors. But now its time for some trading on the bullion. Technically it has retraced 50% of the previous rally that ended in 2011 which indicates a strong level to buy. Indicators have turned bullish supporting a buy call on the bullion. Currently price is clustered around 5-10-15 Monthly average which is around 48000 levels.

Our strategy for Investors: Go long on Silver (DEC) Mcx near to 48500 tgt 51000/56000/59000 SL:45500

#3 Chana Update

#1 Chana Update we gave a call to short Chana Oct to traders with tgt of 3044 which has been achieved. On other hand we did ask long term investors to get into commodity upto 2983 while chana is trading below that level. We didnt mention any stop loss as the commodity is volatile. Now the daily charts are in oversold zone which is signing of a pull back pretty soon. Currently it is trading below all the short term moving averages so its a risky call to go long. But as per elliot wave theory we should expect a turnaround and the rally now would be a long one.

Our Strategy: We recommend Traders and Investors to go Long at CMP 2886 (oct) with tgts of 2952/3061/3200. SL would be at 2765 on Closing basis

#1 Lead Update: Time to go long with tgts of 136/142

Lead (Sept) Mcx has seen a Non stop sliding from a year high of around 155. now its time for some bulls to get on the Power. As you could notice, Lead is currently consolidating around the strong support line since last few days which could be a simple buy zone. On the other hand, indicators are oversold and expiry being near we could see a short unwinding in coming sessions. Only negative characteristic on the chart is that Lead is trading below all short term moving averages but it is taking strong support at 100 EMA situated around 128. So our strategy is to go Long near to 129.60 tgts 136/142 with Closing SL of 127

#1 Cotton Seed Cake Update (Cocudakl)

Cotton Seed Cake (Cocudakl) December expiry is trading at a string support line which has been tested twice before in last 3 years. With Some simple logic it is trading in a upside channel as you could notice in the attached graph. Currenctly it is at the downside line or you may say at the best possible price to enter. Indicators on daily charts are totally oversold and its trading below all the short term averages. For Short Term traders its clear buy at CMP of 1449 tgts 1463/1488/1513 with sl of 1428 where as for Long term investors also its a buy but with larger SL of 1414  as the weekly charts havent been strong bullers yet. For trading tips on commodities follow us at @chartechnician on twitter and Facebook page Chartechnician 

#2 Chana Update

On sept 17th we did mention traders to Short chana with the tgt of 3100 and 3044. We have got the first tgt and just few points away from the second tgt. On other side first level of buying for investors at 3103 has also been achieved. Now the daily chart is in the consolidation phase, taking strong support of the support line third time at 3063. But the weekly charts are still suggesting for some more downside. We might see some rally on daily charts but overall we still seem weakness.

Our strategy is status quo for investors while traders could add to shorts below 3063 with old tgt 3044 and extended 2990.  For traders now trailing SL is 3174(closing)

#1 Chana Update:

Chana has found bottom around 2600 and bounced back sharply to near term high of alomst 3200+. Now the Pulse is in some short term profit booking. It has been closing and trading below the short term moving averages showing some weakness in the bull power. RSI has just signaled a Sell from the overbought zone while MACD had already given a crossover sell on 4th Sept. But the weekly indicators are positive and secular trend has turned towards the hand of bulls. Chana has been trading sideways between a downward sloping resistance line and upward sloping support line. but today Chana (Oct) has managed the close below the support line adding to short term weakness.

Our strategy: For Short Term traders: SHORT CHANA (OCT) WITH A CLOSING SL OF 3200                                                                   AND TGTS OF 3100/3044
                    For long term Investros: BUY ON DIPS AT 3103 AND 2983 AND ON THE REVERSE                                                          SIDE BUY BLINDLY ABOVE 3200 

#2 Soyabean Update: closed at 3367

On 7th Sept, i initiated a Short call on Soyabean near to 3512 and 3386 was the first tgt. Today it closed below 100 EMA which as at 3386 and my first tgt has been achieved. Next support could be at 50 EMA at 3288. But chances are that market would take strong support at 3190. As per Elliot wave the worse could be at 3050. 

Strategy: HOLD Shorts initiated around 3500 levels with the SL at Cost Price. Book partial profits at 3288 and Full profit at 3190

#2 Dhaniya Update: closes below strong support

Dhaniya saw 100 points fall today to close at 5730. Yesterday we recommended to short dhaniya with near term support at 5743. Today it has closed below tht support comfortably to confirm short term weakness in near term. Indicators have turned completely bearish. Still have the Sl at 5993 as its a volatile comnodity. Next tgts are intact at 5539 and 5382 in extreme weak sentiments. We may see some upward movement here which could considered as a short opportunity.

#1 Dhaniya Update: Outlook

Dhaniya (Oct) NCDEX closed negatively today at 5830 (-164). Dhaniya had a non stop run from 5182-6116. Today it has closed below short term moving averages and now it has a near term support of 50 day Moving average at 5743. But today we have seen huge volumes with increasing open interest at low prices. So we expect Dhaniya to see some profit booking upto 5539. In extreme panic we have a strong support at  5382 which could be taken as a buying opportunity. So our strategy for Dhaniya in near term is to Short with SL of 5995 CLOSING Basis.

#5 Gold Update: Target 25000 achived on Gold!!! Still more downside upto 22500

On 29th January and Again on 3rd April i did posted that we are surely showing some more downside on gold and we achieved my 2cd tgt 25000 on GOld..My third tgt was around 21500 which is active now. I feel gold could further go down to 19300/16300 but 22500 is strong support and we could see a break to sliding of precious metal. So our strategy on Gold could be shorting gold on each rise with sl of 27200 with target of 22500.