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MCX Aluminium Jan: Prices are expected to correct further; Sell - IndiaNotes.com
MCX Aluminium Jan: Prices are expected to correct further; Sell
Way2wealth | Published: 10 Jan, 2018  | Source : IndiaNotes.com

MCX ALUMINIUM JAN: Aluminium prices extended its fall in the previous session till low of 136.60. Prices have been correcting sharply after breaking down from its short term rising trend line support and closed below its 20 days simple moving average currently around 137.80 level. Prices are expected to correct further from these levels towards immediate support placed around 61.8% Fibonacci retracement of its rally from low of 128.40 till high of 145.95, which is placed around 135.10 level. Action: Sell

 

NCDEX KAPAS APR: Kapas prices recovered slightly in the last session after falling sharply in the previous few sessions. Prices have been correcting gradually after breaking down from its short term rising trend line support and are expected to correct further from these levels towards next strong support placed around 61.8% Fibonacci retracement of its rally from low of 859 till high of 1064, which is placed around 937.50 level. On the higher side immediate resistances are placed around 975 and 1003 levels. Action: Sell


NCDEX SOYBEAN FEB:
Soybean prices corrected slightly yesterday after rallying for the six consecutive sessions. Prices rose strongly after taking support at its short term rising trend line and around its 20 days simple moving average currently at 3129 level. Prices are expected to hold these supports and rise further towards immediate resistance placed around its previous high of 3327. On the lower side immediate supports are placed around 3220 and 3160 levels. Action: Buy


NCDEX COCUD FEB: Cotton seed oil cake prices extended its correction in the last session and prices closed below its previous strong support of 20 days simple moving average currently around 1774 level. Prices are expected to correct further from these levels towards immediate support placed around its short term rising trend line currently near 1715 level and further around 38.2% Fibonacci retracement of its rally from low of 1405 till high of 1885, which is placed around 1702 level. Action: Sell

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