MCX GOLD JUNE: After penultimate week's sharp correction, Gold prices reverted back sharply in the previous week after opening at 28882 and ended almost near the weeks high of 29409 gaining 2.35%.
- Prices have recovered almost till 76.8% Fibonacci retracement level of the previous fall and breached immediate resistance of 29290. Going forward, the next resistance is seen at 29800 then 30030 of the major falling trend line and the immediate supports are at 29145 then 28630.
- The momentum indicators, RSI and MACD are still on the positive note indicating strong bullish momentum.
- For the week, we expect Gold prices to remain firm and could head towards the above mentioned resistance of 29800 and higher and we recommend buying on dips around 29200 levels.
Recommended Action: Buy.
MCX CRUDE OIL MAY:For the third straight week, Crude oil prices extended its gains and rose till the high of 3514 mark but in the later session corrected from the top and finally ended at 3457 levels.
- Prices have exactly tested the neckline resistance of descending triangle and ended below it forming an Inverted hammer candlestick pattern. Going ahead 3525 mark holds as a key resistance breakout that will only provide a further up move till the previous high of 3850 and higher. Fail to surpass 3525 could draw down the prices till 3330 then 3280 levels.
- Momentum indicators are showing a mixed view as the MACD is on a negative note and the RSI remained upside biased.
- For this week, 3525 mark remains crucial levels, breakout of that will only provide further up move. if not we could see a sharp correction in the counter till 3330 and lower. Hence, we recommend selling around 3500 levels with stop loss above 3575 levels.
MCX COPPER APRIL:Copper prices extended its losses in the last week and tumbled till the low of 363 and finally ended at 366 mark.
- Prices have exactly tested the double bottom supports and slightly rebounded from the lows. For the week, the immediate supports are seen at 362 then 359 of 50% Fibonacci retracement mark, break down below 359 will provide further down side move till 347 levels. If the prices manage to hold above 359 then a sharp pull back can be seen till 376 then 385 levels.
- Momentum indicator RSI has almost moved into the oversold zone on a daily basis, while the MACD remained on bearish note.
- As said above 359 mark remains as key supports if prices manage to hold above 359 then a sharp recovery can be seen whereas break below 359 will continue its bearish move. For the week, we recommend selling on break of 359 for targets of 347.
Recommended Action: Sell.
NCDEX GUAR SEED MAY: Last week Guar seed May contract prices opened at 4055 and thereafter it slipped till the low of 3927. In the later session it managed to recover and finally ended at 4091 mark.
- Guar prices made a false breakdown of the key support level 4021 but once again ended above that. For the week 4020 mark remains as key support level. If prices manage to hold above that then we could expect further continuation of the upside up move. If prices failed to hold above 4020 and settles below that will end the upside potential and it will once again remain in the broad range of 4050 – 3150 levels.
- The momentum indicator RSI has almost moved into the overbought zone territory and in the MACD the moving averages have even moved far way.
- For the week, if prices manage to hold above 4020 mark will only provide further upside potential. Breakdown of 4000 will once again drawn down the prices till3720 then 3630 levels.
Recommended Action: Buy.
MCX CPO APRIL: In the last week, CPO April contract prices remained on subdued note and quoted within the range of 510 -521.
- On the weekly chart prices have come down till the previous low and as well as near to the rising trend channel supports. For the week, 504 mark remains as crucial support, if prices manage to withstand above that, then a reversal is likely to notice in coming sessions. Breakdown below that will provide further fall till 475 and lower.
- The momentum indicator RSI has slipped into oversold zone territory and on the MACD the moving averages which are recovering from the lows in indicating lesser scope on down side.
- For the week, we recommend buying on dips near around 507 levels for targets of 528 then 538 levels.
Recommended Action: Buy.
NCDEX SOY BEAN MAY: After retesting the previous low of 2836, soybean prices have been recovering slowly from the lows for the last few weeks. During the previous week, it continued the same and rebounded marginally from the low of 2903 and finally ended at 2991.
- On the weekly chart, prices are trading near the trend line resistance of 3050 marks. In this week if prices manage to surpass above trend line resistance of 3050 on a convincing basis then we could confirm the bottom out on the counter. A break above 3050 the next immediate resistance for the week is seen at 3129 then 3300 levels.
- The momentum indicator RSI and MACD are recovering from the lows supporting the strong upside momentum. For the week, we recommend buying on a break of 3050 for targets of 3300 levels with stop loss below 2850 levels.
blog comments powered by Disqus