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Mcx Trading Snapshot - Crude oil: As predicted for the last week, Crude has bounced back till 4650 levels. Technically speaking prices have a very strong resistance at 5060 levels.

MACD histogram is showing a long negative divergence and Momentum indicators is also not favoring the rising prices. For the coming week Monarch expects some correction till 4860 levels.

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Lead prices has corrected by 3 % from the last week and we expect some bounce back in the prices for the coming trading sessions.

Technically speaking MACD is showing the highly oversold condition and RSI is trading near 40 levels which is not justifiable. Prices has also formed the Hammer Candle stick pattern which is giving the bullish indi-cator. .

For the coming week we expect prices might bounce back till 50 % of the Fibonacci retracement i.e. at 123-124 levels .

Zinc prices has corrected by 8 % from the last 2 weeks and we expect some bounce back in the prices

Technically speaking MACD is showing the highly oversold condition and RSI is trading near 40 levels which is not justifiable. Prices has also formed the Twizzer Bottom and Doji candle stick pattern which is giving the bullish indicator. . 

For the coming week we expect prices might bounce back till 50 % of the Fibonacci retracement i.e. at 109 levels .

We do not rule out a delayed impact of global crude demand due to high crude prices, we believe the same will be less pronounced as seen in the last correction, as: (1) we are in a upward economic cycle in a high liquidity regime; and (2) earlier demand correction was exacerbated by the financial/mortgage crisis, which is absent currently.

We believe that CY11 global crude demand estimates pose less risk, as we are in midst of an upward revision to global crude demand estimates, and US has been recently showing signs of improvement in the broader economy (recent Fedex guidance).