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Sell MCX Gold Apr: Immediate resistances are placed around 30200 and 30700 levels - IndiaNotes.com
Sell MCX Gold Apr: Immediate resistances are placed around 30200 and 30700 levels
Way2wealth | Published: 12 Feb, 2018  | Source : IndiaNotes.com

Technical View:


MCX GOLD APR:
Last week, Gold prices started on a flat note and prices continued its rally for first two sessions of the week till high of 30714. Subsequently prices corrected sharply for the remaining week till low of 29805.


- Previously, prices have rallied strongly for six consecutive weeks after taking strong support around its rising trend line of the short term upward moving channel pattern and also after retesting its previous declining trend line breakout level.


- Currently prices have broken down from its short term rising trend line support and are expected to correct further from these levels towards immediate support placed around 20 weeks simple moving average currently near 29430 level.


- On the higher side immediate resistances are placed around 30200 and 30700 levels.


Recommended Action: Sell.


MCX CRUDE OIL FEB:
Crude oil prices opened lower in the last week and prices corrected sharply for the whole week till low of 3795.


- Prices have rallied strongly in the last two months after breaking out from its inverse head & shoulder chart pattern.


- Currently prices have fallen sharply after making a hanging man candlestick pattern on the weekly chart. Prices have also broken down from its short term rising trend line support in the last week and are expected to correct further from these levels towards next strong support placed around 38.2% Fibonacci retracement of its rally from low of 2732 till high of 4271, which is placed around 3683 level.


- On the higher side immediate resistances are placed around 3910 and 4010 levels. Selling around immediate resistance is recommended in Crude oil for the short term trading opportunities.


Recommended Action:
Sell.


MCX COPPER FEB: Copper prices started the last week on a strong note and prices rose strongly for first session of the week till high of 462.20. However, prices failed to sustain at higher levels and fell sharply for the remaining week till low of 432.30.


- Prices have been correcting gradually since last six weeks 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 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 439.40 and 449.50 levels.


Recommended Action: Sell.


MCX ALUMINIUM FEB: Aluminium prices started the last week on a weak note and prices corrected sharply for the whole week till low of 136.80.


- Prices have been moving in a medium term rising trend channel pattern since last two years and corrected after taking strong resistance at its upward rising trend line.


- Prices are expected to correct further from these levels towards immediate strong support placed around its lower rising trend line currently near 131 level.


- On the higher side immediate resistances are placed around 138 and 142 levels. Selling on rise is recommended in Aluminium for the short term trading opportunities.


Recommended Action: Sell.


NCDEX GUARSEED MAR: Guar seed prices started the last week on a corrective note by opening lower with gap and subsequently prices fell sharply for most of the week till low of 4411.


- Previously prices have broken out from its rising trend channel pattern and rallied strongly for two consecutive weeks.


- Prices have retested the pattern in the last week and have taken strong support around the same coinciding with its short term rising trend line support.


- 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.


Recommended Action: Buy.


NCDEX SOYBEAN MAR: Soybean prices opened sharply lower in the last week and prices corrected for first half of the week till low of 3492. Subsequently prices took strong support around its 20 days simple moving average currently near 3568 level and rallied strongly till high of 3831 for the remaining week.


- Prices have been rallying strongly since last three months after making a higher bottom at 2804 in the Oct month.


- Prices are expected to rise further from these levels towards immediate resistance placed around its medium term declining trend line currently near 3930 level.


- On the lower side, immediate supports are placed around 3610 and 3490 levels. Buying in minor pullbacks is recommended in Soybean for short term.


Recommended 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.