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Saturday, September 3, 2011

Crude Oil and Copper Weekly Technical and fundamental Report 5th sep To 10th 2011

NYMEX Crude is in consolidation phase. Last week Crude Oil was not able to sustain on higher levels. For the coming week 75$ and 70 $ will act as major supports and 95$ and 101.50$ a barrel will be a major resistance in NYMEX Crude. In MCX Crude Oil major resistance is found at 4250 and 4380 and major supports will be 3750 and 3550.
For the next week traders can use buy on lower level strategy, if NYMEX Crude sustains above the level of 82.80 $ a barrel then can slightly come up and touch the level of 88.90/91 $ a barrel and in MCX if Crude sustains above 3800 then above 4065 it can test the level of 4130/4190 in this week. Trade by keeping the proper stop loss.
Copper is in a consolidation phase and traders should use the strategy of buy on lower levels. Last week COMEX Copper was consolidating for most part of the week. If next week COMEX Copper sustains above the level of 402 then above the level of 413.6 Copper can test the level of 419/424. In MCX Copper sustains above 412 then it can test the level of 425/428 if it does not break the level of 409.50 on the downside.

For the upcoming week 436 and 445 will act as major resistance and 385 and 370 will act as major supports in COMEX Copper. For MCX Copper major resistance would be 430 and 440 and supports would be found at 400 and 385.

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