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Daily trading bites: Buy MCX Crude Oil around 3450 -
Daily trading bites: Buy MCX Crude Oil around 3450
Way2wealth | Published: 25 Oct, 2017  | Source :


After retesting the crucial supports of 185 the natural  gas prices have been rising gradually and on Tuesday it breached the immediate trend line resistance of 194 and settled above that. Now the next resistance is at 197.50 surpass above that will extend till the falling trend channel resistance of 201 mark. Therefore, we recommend buying around 194.20 for upside targets of 197.50 then 200.


On Tuesday, Crude oil prices opened at 3385 and declined till the low of 3361 in the initial hours and thereafter it surges sharply and rose till the high of 3434 mark. Price has almost tested the trend line resistance and ahead if it breaches the trendline then fresh upside targets are projected till 3500 then 3540 levels. Therefore, we advise buying on break of 3450 for targets of 3500 then 3540 levels.


On Tuesday, Chana November contract prices broke the previous low supports and declined till the low of 5037 and in the end it slowly recovered and finally settled at 5122. Price has come out of the falling channel and is taking supports of the same. Ahead, the crucial support is seen around 5000 mark and we expect prices to recover from these levels. Thus, we recommend buying on dips around 5060 levels with stop loss below 5000 mark.


After taking the support of 7370 levels, Turmeric prices recouped from the low and ended at 7446 forming doji candlestick pattern. Prices are witnessing strong supports around 7370 levels and the Doji candle stick formation near the support is indicating rebounce in the counter and thus we recommend buying around 7400 for upside targets of 7600 then 7720.

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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.