Commodity Outlook.. dt 6th March 2008

NICKEL:

Not making double top :-)

My yesterday's post discussed the fact that nickel maybe making a doubkle top and i asked to wait for couple of days..

but yesterday's candle i.e. 5th march 2008 shouws nickel confortably closing above 1350 and today evening rate of Nickel is open: 1346.00 high: 1416.00 low: 1346.00 and LTP: 1384.00 , indicating it will comfortably move up from here, and now henceforth 1350 will act as resistance, and i expect the charts of Nickel to follow the same pattern of Natural Gas, Crude Oil (all rates are based from MCX rates)

So, maybe from now on Nickel will start moving up..


Carbon Credit (CFI):

carbon credits are approaching the previous highs of 1330 on MCX.. I expect it to break that and move up from here, cause i don't wanna come here again and comment on a possible double top, casue looking a the way commodities are rising, this one should also rise..

Copper : Gone Baby Gone...

Man, this commodity is gonna go of the roof and i must day, this is only the beginning. Price og 330 was a chance of double top (based on 6 months chart), which it broke with out any resistance.. And if u look at last 3 days candle stick pattern, then yesterday we had a bullish engulf over a previous day bearish piercing, thus indicating a furhter confirmation of an Upmove
The price presently is : open 348.20 high 353.90 low 347.60 LTP 351.75, which indicates a positive candle...

Checking an 18 month chart, we see a chance for double top at 345, which level has as well been broken and now 345 and 330 will be huge supports..

So therefore we can expect huge upmoves from here..

Silver, Gold, Crude Oil & Natural Gas:
They are all gravity defying material.. These guys keep moving up, will have to wait for down sinal if any, but as of now there is no stopping..


Zinc:
To continue moving up, resistance at 125, LTP 115.75, but i expect to keep moving up..


Vivek



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