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MCX Crude Oil: Bearish signs; Sell below 4030 -
MCX Crude Oil: Bearish signs; Sell below 4030
Way2wealth | Published: 23 Jan, 2018  | Source :

MCX CRUDE OIL FEBRUARY: After opening on flat note at 4063 the crude oil prices rose till the high of 4098 and it failed to sustain and turned lower in the second half and ended at 4051. Price has once again retested the trend line supports of 4033 but it managed to settle above that. The momentum indicators stochastic and MACD have made negative cross over indicating bearish signs. Ahead, breach of trend line will provide a clear bearish break down and thus we recommend selling on below 4030 for downside targets of 3960 then 3920 levels. Action: Sell


MCX ALUMINIUM JANUARY: After opening at 141.90 the aluminium prices gradually inched higher till 143.85 and settled at 143.50. The aluminium, price is witnessing strong supports at lower levels of the rising trend line and the price, closing above the immediate resistance is likely to propel the prices till immediate high of 146 and higher. Thus, we continue to recommend buying on minor dips around 142.60 for above mentioned targets of 146. Action: Buy

NCDEX KAPAS APRIL: On Monday, the Kapas April contract opened with a gap up and made opening high of 1018 and from there it slipped sharply and ended almost near the day’s low of 987.50. Currently, it is heading towards the trend line support of 980 and break down of that will dip the price till 50% retracement level of 955 and lower. Action: Sell

On Monday the mentha February oil prices witnessed sharp fall and tumbled till the low of 1517 and finally end at 1526. The price has almost come till the key trend line supports and ahead if it manages to hold above that, then a re-bounce can be seen till the immediate trend line resistance of 1615. Therefore, we recommend buying around 1520 levels for intraday targets of 1560 then 1585 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.