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Sell MCX Crude Oil Feb: Immediate support placed around 3683 level - IndiaNotes.com
Sell MCX Crude Oil Feb: Immediate support placed around 3683 level
Way2wealth | Published: 09 Feb, 2018  | Source : IndiaNotes.com

MCX CRUDE OIL FEB: Crude oil prices opened slightly lower in the last session and prices fell further for most of the session till low of 3909. Prices have been correcting gradually since last few sessions and broken down from its short tern rising trend line support in the last session. Prices are expected to correct further from these levels towards immediate support placed around its previous swing high of 3815 and further around 38.2% Fibonacci retracement of its rally from low of 2732 till high of 4271, which is placed around 3683 level. Action: Sell

 

NCDEX SOYBEAN MAR: Soybean prices opened slightly lower in the last session and prices rose strongly for the whole session till high of 3728. Prices have resumed its rally after taking strong support at its 20 days simple moving average currently near 3543 level. Prices are expected to rise further from these levels towards immediate resistance placed around its recent high of 3875 level. On the lower side immediate supports are placed around 3690 and 3600 levels. Action: Buy


NCDEX KAPAS APR: Kapas prices recovered further in the last session after taking strong support for multiple times at 50% Fibonacci retracement of its rally from low of 863 till high of 1064, which is placed around 963.50 level. Prices have been moving in a descending triangle chart pattern and have taken strong resistance around its short term declining trend line. Prices are expected to rise further from these levels if break above its triangle pattern resistance currently around 990 level towards next resistances of 1020 & 1030. Action: Buy

 

NCDEX RMSEED APR: Rape/Mustard seed prices opened slightly lower in the last session and prices fell sharply in the first half of the session till low of 4075 and recovered for the remaining session. Prices have taken strong support at its 20 days simple moving average currently around 4103 level coinciding with break out level of short term falling trend channel pattern. Prices are expected to hold this support and rise from these levels towards immediate resistance placed around its recent swing high of 4226 level. 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 IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.