Published on 14/03/2018 12:02:47 PM | Source: Choice Broking Pvt Ltd

MCX Crude Oil price has been moving into Rising Channel formation - Choice Broking

Posted in Commodities Reports| #Commodity Tips #Choice Broking


Gold price traded with high volatility in second half of the session; where it has shown both side momentum (Buy or Sell) for the day. On the daily chart MCX Gold price has given rising wedge breakdown and sustained below it. Moreover, on weekly chart it has been trading within a rising channel. However, in the recent move price found resistance at the upper band of the rising channel and fell towards lower levels. On the other hand a negative crossover is visible in the weekly RSI. Therefore, we expect bearish move in MCX Gold prices.


MCX Silver has been hovering within the range bound momentum form last three days and unable to break its previous peak; which indicate sideways to bearish move. In addition, price has formed symmetrical triangle formation on the weekly chart; where Price has found the resistance at the upper side of the triangle. In addition, price has also crashed below the 200 DEMA on the weekly chart. So based on the above analysis, we expect weakness in the MCX Silver price.


Copper has traded sideways for entire day and moved below the previous close. On a weekly chart, MCX Copper price has been hovering within a rising wedge pattern. Moreover, Price has sustained below 21 days DEMA on daily chart. A momentum indicator RSI has faced hurdle around 51 levels and came down further with negative crossover on daily chart. Based on the above technical parameter, we expect bearish move in MCX copper April future.


On the daily chart, MCX Zinc has formed “Bullish Engulfing” candlestick pattern on lower levels; which is a bullish reversal formation of immediate trend. In addition, price has taken a support of 61.8% retracement level of its previous rally from 198.55 to 232.70 levels. Moreover, daily RSI (14) has reversed back from oversold zone; which suggest little recovery in the price in upcoming session. Therefore, based on the above structure we expect recovery in Zinc prices for near term.

Crude Oil

On a weekly chart, MCX Crude Oil price has been moving into Rising Channel formation, where it has traded near the lower line of the formation, which may act as support for the prices. On the other hand, daily Price has crossed range bound momentum and fell down further. Moreover, Weekly RSI and MACD is in bearish mode with negative crossover. Based on above studies we can expect a negative movement in MCX Crude Oil price.

Natural Gas

On a weekly chart, MCX Natural Gas has been moving between two consecutive trend line; where price has bounced back from lower line of the formation which indicate reversal move in the counter. Moreover, Positive divergence is visible in the weekly RSI as the momentum indicator made a higher low against lower trough in price. Daily MACD is in bullish crossover. Based on above technical studies, we expect a positive move in the MCX Natural Gas price.


NCDEX Coriander has been struggling below the rising trend line after giving a break down on daily chart; which indicate negative strength in the counter. On the other hand, Price has slipped below the middle band of Bollinger Pattern; which intimate immediate resistance levels for near term. Moreover, RSI (14) reading is at 39.9 level with negative sentiments. Based on the above technical structure, we expect negative move in Coriander April future prices.


On an 4hrs. chart, NCDEX Soybean has been forming Double Top pattern; which is a trend reversal formation and indicate downward trend. In addition, Soybean price has sustained below the middle band of Bollinger pattern, which induced selling in the counter. On the other hand, price has been finding resistance at the falling trendline on weekly chart. Based on the above technical studies, we expect bearish move in Soybean price in upcoming days.

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