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MCX Crude Oil Feb: Prices expected to correct further; Sell - IndiaNotes.com
MCX Crude Oil Feb: Prices expected to correct further; Sell
Way2wealth | Published: 31 Jan, 2018  | Source : IndiaNotes.com

MCX CRUDE OIL FEB: Crude oil prices opened sharply lower with gap in the last session and prices corrected further for the whole session till low of 4092. Prices have broken down from its strong support of short term rising trend line and are expected to correct further from these levels towards immediate support placed around 38.2% Fibonacci retracement of its rally from low of 3601 till high of 4271, which is placed around 4015 level. Action: Sell

 

MCX LEAD JAN: Lead prices opened slightly lower in the last session and prices recovered for first half of the session till high of 167.15. Later prices corrected for the  remaining session and closed flat on daily basis. Prices have taken strong support at its short term rising trend line and have been moving in a sideways uptrend since last few weeks. Prices are expected to rise further from these levels towards immediate resistance placed around its recent high of 169 level. Action: Buy


NCDEX RMSEED APR: Rape/Mustard Seed prices opened sharply lower in the last session and prices corrected for the whole session till low of 4135 level. Prices have retested its break out level of short term falling trend channel pattern and are expected to rise from these levels towards immediate resistance placed around its recent high of 4226 level and further around its previous multiple tops of 4251 level. On the lower side immediate supports are placed around 4145 and 4090 levels. Action: Buy


NCDEX CHANA MAR: Chana prices opened slightly lower in the last session and prices corrected for most of the session till low of 3755. Prices have broken out from its short term declining trend line resistance in the previous session and are expected to recover from these levels towards immediate resistance placed around 3890 level and further around 23.6% Fibonacci retracement of its fall from high of 4870 till low of 3651, which is placed around 3939 level. Action: Buy.

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