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Buy MCX Copper Nov:Prices are expected to rise towards immediate resistance placed at 453.40 - IndiaNotes.com
Buy MCX Copper Nov:Prices are expected to rise towards immediate resistance placed at 453.40
Way2wealth | Published: 17 Nov, 2017  | Source : IndiaNotes.com

MCX COPPER NOV: Copper prices opened flat in the last session and prices consolidated for the whole session in the range of 439-444 levels. Prices have taken strong support at 61.8% Fibonacci retracement of its rally from low of 417.30 till high of 466.35 which is placed around 436 level. Prices have made a bullish hammer candlestick pattern in the previous session which is signifying a possible reversal at current levels. Prices are expected to rise towards immediate resistance placed around its recent multiple highs at 453.40 level. Action: Buy


NCDEX SOY OIL DEC: Soy oil prices have been correcting sharply since last few sessions after making a high of 724 in the previous week. Prices have broken down from its short term rising trend line support in the previous session and are expected to correct further from these levels towards immediate supports placed around 50% & 61.8% Fibonacci retracements of its rally from low of 659.05 till high of 724, which are placed around 691.50 and 683.90 levels respectively. Action: Sell


NCDEX JEERA DEC: Jeera prices have been consolidating in a narrow range of 19520-19760 levels in the previous two sessions. Prices have broken out and taken strong support at its previous swing high of 19520 level. Prices are expected to rise further from these levels towards next strong resistance placed around 19900 level. Further, if prices break above 19900 level then 20050 and 20300 levels likely to be touched in the next few sessions. Action: Buy


NCDEX KAPAS APR: Kapas prices opened flat in the last session and prices rose gradually for the whole session till high of 917. Prices have been rising consistently after breaking out from its short term declining trend line resistance and are expected to rise further from these levels towards next strong resistances placed around 38.2% & 50% Fibonacci retracements of its fall from high of 1009 till low of 847, which are placed around 928 and 947.10 levels respectively. Action: Buy

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.