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Buy MCX Nickel Nov: Prices to rise towards 766 levels - IndiaNotes.com
Buy MCX Nickel Nov: Prices to rise towards 766 levels
Way2wealth | Published: 20 Nov, 2017  | Source : IndiaNotes.com

MCX NICKEL NOV: Nickel prices opened slightly higher with gap in the last session and prices consolidated for the whole session in the range of 742-752 levels. Prices have been correcting sharply since last two weeks from its high of 841.90 level and taken support at its previous swing low of 737.60 level. Prices have almost corrected till 61.8% Fibonacci retracement of its rally from low of 665.50 till high of 841.90, which is placed around 733 level. Prices are expected to take support and recover from these levels towards 766 level. Action: Buy


NCDEX RMSEED DEC: RM seed prices have been correcting sharply since last few sessions after taking strong resistance around its upper rising trend line. Prices have broken down from its lower rising trend line support in the last session and are expected to correct further from these levels towards immediate support placed around 38.2% Fibonacci retracement of its rally from low of 3513 till high of 4038, which is placed around 3837 level. On the higher side immediate resistances are placed around 3900 and 3930 levels. Action: Sell


NCDEX COCUDAKL DEC: Cotton seed oil cake prices have been recovering strongly since last few weeks after prices made a higher bottom at 1477 level. Prices have broken out from its short term declining trend line resistance and also broken above its previous swing high of 1580 level. Prices are expected to rise further from these levels towards next strong resistances placed around 1605 and 1636 levels. On the lower side immediate supports are placed around 1580 and 1540 levels. Action: Buy


NCDEX KAPAS APR: Kapas prices have been rising gradually since last two weeks after breaking out from its short term declining trend line resistance and almost touched its 38.2% Fibonacci retracement of its fall from high of 1041.50 till low of 847, which is placed around 921.30 level. Prices are expected to rise further from these levels if break above 921.30 level towards next strong resistance placed around 50% Fibonacci retracement placed around 944.30 level. Action: Buy

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