Elliott Wave Technical Analysis ! Nepse, GOLD, OIL, Forex, Crypto Currency

Thursday, October 18, 2012

Copper‏ (Dec 12) intraday: rebound in sight.

Pivot: 3.73

Our preference: LONG positions above 3.725 with targets @ 3.775 & 3.805.

Alternative scenario: The downside breakout of 3.725 will open the way to 3.69 & 3.66.

Comment: the break above 3.725 is a positive signal that has opened a path to 3.775.

Nickel‏ (LME) intraday: bounce.

Pivot: 17030.

Our preference: LONG positions above 17030 with 17340 & 17570 as next targets.

Alternative scenario: The downside penetration of 17030 will call for 16820 & 16530.

Comment: the RSI is above its neutrality area at 50%.

Lead‏ (LME) intraday: rebound in sight.

Pivot: 2130.0

Our preference: LONG positions above 2130 with 2190 & 2216 in sight.

Alternative scenario: The downside penetration of 2130 will call for 2100 7 2070.

Comment: the RSI is supported by a rising trend line.

SILVER‏ (Spot) intraday: turning down.

Pivot: 33.35

Our preference: SHORT positions @ 33.3 with 32.9 & 32.51 in sight.

Alternative scenario: The upside breakout of 33.35 will open the way to 33.7 7 33.9

Comment: as long as the resistance at 33.35 is not surpassed, the risk of the break below 32.9 remains high.

Natural Gas‏ (Nov 12 - NYMEX) ST: as long as 3.25 is support look for 3.99

Our pivot point is at 3.25.

Our preference: as long as 3.25 is support look for 3.99.

Alternative scenario: below 3.25, expect 2.97 and 2.81.

Comment: the RSI is above 50. The MACD is positive and below its signal line. The price could retrace in the short term. the price is above its 20 and 50 day MA (respectively at 3.35 and 3.02).

Crude Oil‏ (Nov 12) intraday: key ST resistance at 92.85

Pivot: 92.85
Our preference: SHORT positions below 92.85 with targets @ 91.55 & 90.8.
Alternative scenario: the upside penetration of 92.85 will call for a rebound towards 93.3 & 93.7.
Comment: as long as 92.85 is resistance, likely decline to 91.55.