Friday, June 27, 2008

Market Update

Dow Jones has broken its January and March lows and crude oil has moved up very sharply making a new all time high above $140.

Our market can trade sharply lower on 27th June i.e. today. As I mentioned previously 4155 is a key support. If this level doesn't hold there would be a strong downward push. Expect markets to test the support level of 3960 if it retests and breaks the low of 4093.

Gold in particular has crossed over the resistance level of $910 convincingly. So we should be alert. If it crosses $935.5 there could be a strong up move to $980 and beyond.

Copper, as mentioned in my previous posts looks set to form new highs. It has already achieved previous target of $8450 and would now aim for a new peak. Copper has entered the 5th wave of a minute wave on daily graph. Overall it has broken out of the 4th wave and would see huge upmove in next few quarters.

Aluminium, which has been very steady and in a trending and non-volatile state, looks set reach $3250 and then $3400 in next few weeks.

Crude oil will face resistance at $145 and $149 next.

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