MCX NICKEL DECEMBER: On Monday, Nickel prices traded in a narrow range of 728.50 -740.60 and finally ended on a flat note at 732. Prices are witnessing stiff resistance around 740 levels of the Head and shoulder pattern neckline. Therefore, we expect the prices remain lower and thus we advise selling around 736 for targets of 700 and lower. Action: Sell
MCX CRUDE OIL DECEMBER: Crude oil prices remained slightly weak during yesterday’s session and ended at 3714. Prices are slowly crawling towards the trend line supports. So, going forwards, we could see prices sliding till the trend line supports of 3670 levels. A convincing break below that will only confirm the bearish break down. Else, a sharp re-bounce can be seen from the supports. Thus, we advise buying around 3670 levels for upside targets of 3750. Action: Buy
NCDEX SOY BEAN DECEMBER: On Monday Soy bean prices breached the trend line resistance and headed till 3094 mark. But it failed to make convincing close above that and finally ended at 3074. Ahead, if the prices fail to surpass that in today’s session, then a correction can be seen till 3030 then 2967 levels. Hence, we advise selling near the resistance level of 3080 for day. Action: Sell
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MCX CPO DECEMBER: On Monday CPO December contract prices opened at 587 and from there it gradually traded lower and ended at 580.50 mark. On the higher side, it is witnessing stiff resistance of the long term trend line and we expect CPO prices to correct till the 576 than 569 levels in the coming sessions. Thus, we advise selling around 584 for targets of 576 then 569. Action: Sell
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