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Buy MCX Crude Oil: Prices into bullish zone once again -
Buy MCX Crude Oil: Prices into bullish zone once again
Way2wealth | Published: 25 Jan, 2018  | Source :

MCX CRUDE OIL FEBRUARY: After the release of EIA inventory data, the crude oil prices edged higher by penetrating the previous high of 4128 and extended till 4163 and finally ended at 4136. Price breaching the previous high has once again pull the prices into bullish zone and now, according to the trend line the next resistance are seen at 4180 then 4240 level. Thus, we advise buying around the supports of 4130 for above mentioned targets. Action: Buy


NCDEX COCUD FEBRUARY: After, last two days of consolidation near the trend line support of 1720 levels, the cocud prices finally penetrated the trend line and declined till 1690 and ended at 1694 mark. On the daily chart the next supports are seen at 1672 then1613 of 38.2% and 50% retracement levels respectively. Traders can initiate selling around immediate resistance of 1708 levels for the day. Action: Sell

In line with expectation, kapas April contract prices tumbled sharply after breaching the trend line support and tested a low of 970 and finally ended at 974 mark losing 1.12%. The price has given a clear break down and it is likely to extend till the next supports of 957 then 940 levels. Thus, we continue we continue advice selling on minor pullback around 976 levels for the day. Action: Sell

MCX SOY OIL FEBRUARY: After taking the slanting trend line supports around 733 the soy oil price moved higher and penetrated the immediate trend line resistance of 741.50 and rose till 745 mark during Wednesday. Price has given a bullish break out and it is likely to head till 747 then 754 levels in the coming sessions. Therefore, traders are advised to buy on around 742 levels for the day. 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 accept any liability whatsoever arising from the use of any of the above contents.