Published on 12/01/2018 12:44:35 PM | Source: Choice Broking Pvt Ltd

MCX Natural gas price opened on flat note and shown upward movement - Choice Broking

Posted in | #Commodity Tips #Choice Broking


Gold

On the weekly chart, MCX Gold price has been trading in bullish trend; where price has given falling trend breakout and sustained above it. In addition, Price has bounced back from middle band of Bollinger pattern; which indicate strong support for the prices. Moreover, momentum indicator RSI has turned from lower and shown positive crossover on daily chart. Based on the above technical aspects, we expect bearish movement in MCX Gold prices.'

Silver

On the daily chart, MCX Silver has been trading in range bound momentum; where price has traded above 61.8% retracement level; which supported the price to move further up. On the other hand, Price has sustained above falling trendline breakout. Moreover, Silver has tested 21 days EMA and moved up; which react as immediate support level for the price. Furthermore, MACD has shown positive crossover on daily chart. Based on the above technical set up and indicators, we expect a bullish move in MCX Silver price.

Copper

Copper has started the day on positive note and traded higher for entire day, which indicate positive strength in the prices. On the other hand, MCX Copper has been trading in broadening formation on daily chart; where price has shown recovery after giving a small correction. Moreover, RSI (14) has shown positive crossover on daily chart. So based on the above technical structure, we expect upside movement in MCX Copper future.

Lead

On the daily chart, MCX Lead has been trading in rising channel; where price has tested upper line of channel and moved down. Moreover, price has sustained below 50 days DMA, which suggest bearishness for short term. Furthermore, momentum indicator RSI (14) has shown negative crossover on daily chart. Therefore, based on the above technical aspect, we expect bearish move in MCX Lead future.

Crude Oil

Crude Oil prices hit $64 for first time in three year with monthly gain of around 5.92%. Overall, Crude Oil price is in bullish trend and rising consecutively from last couple of the weeks; where it is forming higher highs & higher low pattern on daily chart. Moreover, price has been trading above 21 days EMA on daily chart. Furthermore, MACD is in buying mode with positive crossover. On the other hand, Fundamental sentiments are supporting the prices. Based on the above technical structure, we keep our bullish view in Crude Oil future.

Natural gas

MCX Natural gas price opened on flat note and shown upward movement in second half of the session, where price has increased by 2.7% for the day. On the daily chart, MCX Natural Gas has formed “Bullish Harami” pattern; which is a sign of trend reversal and indicate bullish move for medium term. In addition, Price has been trading between falling channel pattern; which suggest rising breakout in the prices. Therefore, based on above technical studies we expect further bullish move in MCX Natural Gas.

Guar seed

On the daily chart, NCDEX Guar seed Feb future has reversed from upper band of “Bollinger” pattern and ended the session below its previous close; which indicate trend reversal sign in the counter. In addition, momentum indicator RSI (14) has retreated from overbought zone, which is a witness of down trend. Based on the above technical structure, we expect bearish movement in NCDEX Guar seed Feb future.

RM Seed

NCDEX RM Seed prices has shown downward movement on daily charts; where price has slipped below lower band of “Bollinger” pattern which react was reacting as immediate support zone for the prices. On the other hand, Price has sustained below it previous consolidation of 4140 levels. In addition, Price has also corrected from 21 days EMA; which restrict the prices to move further up. Based on the above technical structure, we expect bearish movement in NCDEX RM Seed April future.


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