For crude oil trading range 4000 to 4180........break out will one side move. Any dip or panic to buy side .... Ultimate target US $ 104. Around 4100 start buying in small lots.
Last week crude successfully maintain its strength. Friday, crude taken good support from 4100 and bounced back from this level. It will face resistance at 4200 but we assume that with the buying pressure it will break this level and can go till 4223. Downside it will take support at 4110.
For nickel strong reversal were saw in the last week and it was made a high 1195 and low was 1106 and finally closed at 1185 with a smart gained. Overall trend is bullish as remain hold 1135-1150 mark. Some supply concern resulted positive views in this commodity. We may consider resistance 1200... crossover with volume may test 1218-1240-1250 mark easily. Your stop loss for Long.......?
Last week we mentioned in our newsletter that on the back of recovery in the economic situation and increase in demand, Nickel can jump till 1200 in coming days. Nickel is continuously trading above its 20 DEMA and has taken good support at 1150.
For copper over all trend is bullish of this commodity. Last week it was a support level 428 and smart bounce back were saw result it was made a high was 445 and finally closed at higher level. Time being we may consider support 440-435 range and resistance 455-460.... As remain hold 430 decline to buy side.. Trend is bullish and there is no short sell signals observed. As long as hold..........? Bull move continue.....
This counter last weak shown some up move but still our view is same. Looks weak till 422-404 soon. Selling levels only for clients.
We mentioned last week "To move upward it has to cross 439 for next target of 455. Considering economic scenario of industries, this counter is still strong and lower level buying can not ruled out". Now next target is 455-462. This week also we are bullish on this counter and assume that this counter will break 450. Downside there is good support at 442.
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