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Buy MCX Copper Feb: Prices are expected to rise further - IndiaNotes.com
Buy MCX Copper Feb: Prices are expected to rise further
Way2wealth | Published: 06 Feb, 2018  | Source : IndiaNotes.com

MCX COPPER FEB: Copper prices opened slightly lower in the last session and prices rose strongly for most of the session till high of 462.20. Prices have been rising gradually since last two weeks after taking strong support at its short term rising trend line and broken out from its short term declining trend line resistance in the last week. Prices are expected to rise further from these levels towards next strong resistance placed around its previous high near 472 level. Action: Buy

 

NCDEX SOYBEAN MAR: Soybean prices opened sharply lower in the last session and prices fell further for most of the session till low of 3560. Prices have been correcting since last few sessions after making a fresh 1.5 year high of 3875 in the last week. Prices are expected to correct further from these levels towards immediate support placed around 38.2% Fibonacci retracement of its rally from low of 2804 till high of 3875, which is placed around 3466 level. Action: Sell


NCDEX GUARSEED MAR:
Guar seed prices opened sharply lower with gap in the last session and prices fell further till low of 4625 near closing session. Prices have corrected after taking strong resistance at 50% Fibonacci retracement of its fall from high of 6604 till low of 2951, which is placed around 4777 level. Prices are expected to correct further from these levels towards immediate support placed around its previous swing high of 4470 coinciding with rising trend line of the channel pattern. Action: Sell

 

NCDEX RMSEED APR: Rape/Mustard seed prices opened lower in the last session and prices corrected for the most of the session and closed around 4115 level. Prices have taken strong support at its 20 days simple moving average currently around 4097 level coinciding with break out level of short term falling trend channel pattern. Prices are expected to hold this support and rise from these levels towards immediate resistances placed around its recent swing highs of 4185 and 4226 levels. Action: Buy

 

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