MCX CRUDE OIL FEB: After minor re-bounce on Monday, crude oil prices once again slipped lower during Tuesday’s session and ended at 3800 mark. Price has penetrated another key support of 3780 and has provided chance for further dip till 3680 levels. Hence, for the day the trader can initiate short positions below 3780 levels for above mentioned targets of 3680. Action: Sell
MCX NATURAL GAS FEBRUARY: After witnessing massive fall from the high of 208 to 166.90, the natural gas prices opened with a gap up at 168.20 and surged till the high of 170.40 and finally settled at 169.40. The prices has come down till the trend line supports and is rebounding from the same. Going ahead, the prices are likely revert back and could retrace till 176 then 180 levels. Thus, we recommend buying around 179 levels for the day. Action: Buy
NCDEX TURMERIC APRIL: Turmeric prices which penetrated the falling trend line in the previous week has retested the supports of the same during Monday’s session and ended at 7266. The momentum indicator stochastic and MACD have made positive cross over and in the intraday chart price has formed inverse head and shoulder pattern and as per that the neckline resistance is at 7365, breach of that will propel the prices till 7750 and higher. Action: Buy
NCDEX GUARGUM MARCH: During last trading session, Guar gum prices breached the immediate supports of 50% retracement mark and ended at 9788. Price giving break down is likely to draw down the commodity till the trend line supports of 9450 levels in coming sessions. Thus, we recommend selling around 9800 for above mentioned targets of 9450 levels for the day. Action: Sell.
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