In fact, on 19th Jan I had evaluated(on this blog) Gold (on MCX) and indicated that one must be ready for a rally. SILVER too is attempting to touch Rs.20,000 in days to come.
I presume, CRUDE OIL is the next commodity to rally. The chart formation is suggestive with positive divergences as well as a double bottom of Rs 1750/- on MCX.
I expect Crude to rise to near Rs 2500/- on MCX where it may find resistance / profit booking. Also my longer term indicators (not shown here) too are suggesting a high probability of change in trend. It may not theferfore be prudent to be bearish on Crude at current levels !!!
Happy Trading
CA Rajiv D Khatlawala
Head of Research & Training
Jhaveri Securities Ltd.
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