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Sell MCX Crude oil: Prices are expected to correct further - IndiaNotes.com
Sell MCX Crude oil: Prices are expected to correct further
Way2wealth | Published: 12 Feb, 2018  | Source : IndiaNotes.com

MCX CRUDE OIL FEB: Crude oil prices opened slightly lower in the last session and prices fell further for the whole session till low of 3795. Prices have been correcting sharply since last one week and broken down from its short term rising trend line support. Prices are expected to correct further from these levels towards immediate support placed around 38.2% Fibonacci retracement of its rally from low of 2732 till high of 4271, which is placed around 3683 level. Action: Sell

 

MCX COPPER FEB: Copper prices have been correcting sharply since last three sessions and broken down from its strong support of short term rising trend line in the last week. Prices are expected to correct further from these levels towards immediate strong support placed around 38.2% Fibonacci retracement of its rally from low of 353.85 till high of 471.60, which is placed around 426.60 level. On the higher side immediate resistances are placed around 436.50 and 443 levels. Action: Sell


MCX ALUMINIUM FEB: Aluminium prices fell sharply in the last session till low of 136.80 and taken support near its previous swing low of 136.60. Prices have been moving in a medium term rising trend channel pattern since last two years and have been correcting since last six weeks after taking strong resistance at its upward rising trend line. Prices are expected to correct further from these levels if break below 136.60 level towards next strong support placed around its lower rising trend line currently near 131 level. Action: Sell

 

NCDEX GUARSEED MAR: Guar seed prices have recovered strongly in the last session from its low of 4411. Prices have taken strong support around its short term rising trend line coinciding with its previous swing high around 4470 level. Prices are expected to rise from these levels towards immediate resistance placed near its recent high of 4800 coinciding with 50% Fibonacci retracement of its fall from high of 6604 till low of 2951, which is placed around 4777 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.