Technically, MCX Silver March futures is consolidate and sustaining around higher levels. For the coming week 50500/52165 will act as major resistance levels where as 46800/45950 will act as major support in MCX Silver March futures. For the next week in MCX Silver futures, traders can use buy on lower level strategy, if MCX Silver March futures sustains above 48100 then it could test the levels of 49150/ 50400.
Crude oil prices rose during the trading hours on Friday as release of Globally positive US data on Thursday lent support to the dollar. Oil futures were likely to find support at USD100.31 a barrel, the low from February 18 and resistance at USD103.28 a barrel, the high from February 19. According to the U.S Energy Information Administration, the supplies rose by one million barrels in the week that ended Feb14 as refiners close down units for seasonal maintenance. We are expecting Crude oil prices to keep in range after a positive US data and lower demand from China. For the coming week 6345/6100 will act as major supports levels whereas 6700/7000 will act as major resistance in MCX Crude oil March futures. For the next week, trader can go for buy on lower level strategy, if MCX Crude March future sustain above 6437 levels then it could test the levels 6535/6700.
"Positive US manufacturing data is supporting the base metal prices, Base metals traded mixed on Friday as robust United States manufacturing data fuelled demand expectations from the world's biggest economy amid demand woes from China after preliminary reading showed manufacturing activity plunged to its lowest level in seven months. Domestic copper prices fell from two-week high following weak manufacturing data from China. The world's second biggest economy consumes almost 40% of world copper and is a major importer of other base metals. Trend of MCX Copper February future is in consolidation and also sustaining around lower levels. For the coming week, it could face major resistance of 456/470 whereas 428/418 could be a major support in MCX Copper. For the next week trader may follow sell on higher levels strategy, if MCX Copper future sustain below 439 levels then it could test the level of 436.70/428.50.
By Vivek Gupta, Director Research, CapitalVia Global Research Limited
NOTE: The views expressed are those of the author