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Published on 17/09/2019 10:28:16 AM | Source: Choice Broking Pvt Ltd

ICEX Diamond prices has closed with positive note - Choice Broking

Posted in Commodities Reports| #Commodity Tips #Choice Broking

Gold

On the daily chart, MCX Gold price has steadied and closed with the gain of 1.73% on the last trading session. However, price has pulled back from lower Bollinger Band. Moreover, price has shifted below the rising trend line, which indicates to move downwards ahead. Furthermore, it has also moved below the 21 days SMA’s and Parabolic Sar, which signifies bearish strength in the counter. Additionally, momentum indicator RSI(14) and MACD have negative crossover, which indicate more bearishness in the counter. So, based on these technical analysis we expect bearish move on the counter.

 

Silver

On the daily chart, MCX Silver price has glittered with the gain of 3.17% on the previous session. Moreover, price has pulled back from lower band of Bollinger Band formation, which is a bullish reversal signal. Furthermore, price has closed above 21 days SMA’s, which shows bullish strength for near term. On the other hand, price has also taken support from rising trendline. However, momentum indicator RSI (14) and MACD have shown negative crossover, which signifies downwards move. Hence, on the basis of above technical structure we expect mix trend for the day trading.

 

Copper

On the daily time scale, MCX Copper price has slipped by 0.88% on the previous session. However, price has closed above the Rising Trendline and also it has sustained above 21*50 days SMA’s, which shows positive strength in the price to move upside. On the other hand, price has also moved above the Parabolic Sar. Additionally, momentum indicator RSI (14) and MACD have shown positive crossover, which signifies bullish strength. So, on the basis of these technical structure, we can expect bullish trend for the day.

 

Nickel

On the daily chart, MCX Nickel price has slipped by 1.34% on the previous session. Moreover, Nickel price has shifted below the upper line of rising channel, which indicates pressure in the counter. However, price has traded above 21*50 days SMA’s and also it has closed above Parabolic Sar, which provides support to the price. On the other hand, price has shifted below the rising trendline, which shows negative strength in the counter. In addition, momentum indicator RSI (14) and MACD have shown negative crossover. Based on the these analysis we could suggest downwards move in the counter for the day.

 

Crude Oil

On the daily chart, MCX Crude oil has closed with positive note and it has glittered with the gain of 15.22% on the last trading session. Moreover, price has shown an upside breakout from 21*50*200 days SMA’s and falling trendline, which indicates more bullishness in the counter. On the other hand, price has also shifted above Parabolic Sar. Additionally, momentum indicator RSI (14) and MACD have shown positive crossover, which signify further bullish movement. Hence, on the basis of these technical formation we expect upside move for the day.

 

Natural Gas

MCX Natural Gas (Sept) price has closed with the gain of 2.47% on the previous session and it has also shown a formation of Dragon-fly Doji pattern. On the daily chart, MCX Natural Gas price has shown an upside breakout from upper Bollinger Band formation and 200 days SMA, which indicates more bullish strength in the counter. Moreover, a momentum indicator RSI (14) and MACD have been moving with positive crossover, which suggests bullish movement in the counter. So, based on the technical analysis, we expect Bullish move for the day.

 

RMSeed

On the daily chart, NCDEX RM Seed price has closed with positive note with the gain of 0.68% on the previous session. Moreover, price has closed above the 21*50 days EMA’s and Parabolic Sar, which shows positive strength in the counter for short term. Furthermore, price has also closed above the median line of the Bollinger Band formation. In addition, momentum indicator RSI (14) has shown positive crossover. Hence, based on these technical formation we expect bullish move for the day in the counter.

 

Soyabean

On the daily chart, NCDEX Soybean has gained by 0.84% during the last trading session. Moreover, price has closed above the 21*50 days Exponential Moving Averages and above the Ichimoku cloud formation, which indicates bullish movement in the counter. Furthermore, price has also traded above Parabolic Sar. Additionally, momentum indicator RSI (14) and MACD have been moving at bullish zone, which adds positive strength in the counter. Hence, based on the these technical structure we can expect moderate bullish move in the NCDEX Soybean (Oct) for the day

 

Rubber

On the daily chart, ICEX Rubber (Oct) price has been trading below the falling trendline from last few trading days, which signifies negative strength in the counter. Moreover, price has shown a breakdown from lower Bollinger Band formation, which indicates further bearishness in the counter. Furthermore, price has also shifted below 21*50 days SMA’s. Additionally, a momentum indicator RSI (14) and MACD has shown negative biasness, which may keep the prices under pressure. So based on the above structure, we expect bearish move for the day.

 

Diamond 1CT

On the daily timeframe, ICEX Diamond prices has closed with positive note on the previous trading session. Moreover, price has retreated from the lower band of Bollinger Band formation, which is bullish reversal signal. However, price has faced resistance of 21 days SMA’s, which adds pressure in the counter for near term. Furthermore, price has also sustained above 50 days SMA’s. Additionally, a momentum indicator RSI (14) and MACD has been moving at bullish zone, which supports to the price to move upside. So based on the above structure, we expect moderate bullish move for the day.

 

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