COMMODITY NEWS AND TRADING LEVELS FOR 17TH MAY 2012

Commodity Trading Levels

COPPER (JUN) – Expected resistance and support level for today trade are as follows:

TREND BEARISH

SUPPORT 1: 413.65

SUPPORT 2: 405.85

RESISTANCE 1: 429.75

RESISTANCE 2: 426.15

CRUDE OIL (MAY) – Expected resistance and support levels for the crude MAY contract with expiry date of 19 APRIL 2012 are:

TREND BEARISH

SUPPORT 1: 4925

SUPPORT 2: 4815

RESISTANCE 1: 5155

RESISTANCE 2: 5275

GOLD (JUNE) - Resistance and support levels for the today’s session for Gold JUNE contract which will expire on JUNE 2012 are:

TREND BEARISH

SUPPORT 1: 28025

SUPPORT 2: 27910

RESISTANCE 1: 28230

RESISTANCE 2: 28385

SILVER (JUL) – On domestic front Silver’s Expected resistance and support levels for today trade are as follows:

TREND BEARISH

SUPPORT 1: 52825

SUPPORT 2: 52695

RESISTANCE 1: 53095

RESISTANCE 2: 53235

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Market Overview:

 

The start today is likely to be a tad better after Wednesday's mayhem. The big question is whether the early gains can be sustained.

The all-pervasive message at the moment is: fix Greece and the world will be a better place to live. News of fresh election in Greece has raised worries of its exit from the euro and broader financial meltdown. Already there are reports of run on bank deposits. US stocks declined as worries over Greece overshadowed encouraging economic data. Fed policy makers are somewhat worried about US outlook, have hinted at further easing. European stocks closed mostly in red. Asian markets are flat to indecisive.

Such is the hysteria over Greece and its fallout on financial markets that even the Parliament witnessed a debate on the sticky issue. The FM has blamed Greek turmoil for all that is going wrong with the Rupee and the Sensex. He has hinted at some sort of austerity measures and in the same breath has advised not to get panicky. While austerity may suit long term goals, policies to promote growth are the need of the hour now. What will UPA II does post the Budget session remains to be seen.