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Published on 21/01/2019 9:53:02 AM | Source: Choice Broking Pvt Ltd

NCDEX Dhaniya prices closed down on Friday - Choice Broking

Posted in Commodities Reports| #Commodity Tips #Choice Broking

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Gold

Gold went down at Friday’s settlement, recording its first weekly declined since mid-December. On an hourly chart, Price has given “Rising Wedge” breakdown and sustain below it, which adds more bearishness to the price. Moreover On the other hand, price has moved below 21 days SMA, which signifies bearish sentiments in the counter. Furthermore, a momentum indicator RSI and MACD has shown negative crossover; which adds more bearishness to the price. So based on the above technical structure; we expect bearish momentum in the prices for near term.

 

Silver

MCX Silver prices are trading down on Friday. On the daily chart, price has taken rising trendline resistance, which indicates downtrend in the counter. In addition, price has retreated from upper band of “Bollinger Pattern” on daily chart, Which indicate further downtrend in the counter. Furthermore, a momentum indicator RSI and MACD has shown negative crossover on an four hourly chart; which adds more bearishness to the price. So based on the above technical studies; we expect bearish momentum in the prices for the day.

 

Copper

copper prices rose for a fourth straight session early on Friday, hitting their highest level so far this year, on signs the United States and top metals consumer China are closer to resolving their long-running trade dispute. On the daily chart, price has been trading within Rising channel, which indicates bullish momentum in the prices. Moreover, price has moved above 21 days SMA on the daily chart. A momentum indicator RSI has shown positive crossover on the daily chart. Hence, we expect bullish movement in the prices for near term.

 

Zinc

zinc price closed up Friday on the back of firm global cues amid a pick-up in domestic demand at the spot markets. On the daily chart, price has given Falling channel breakout, which indicates bullish momentum in the prices. Moreover, price been trading above Parabolic SAR and moved above 21 SMA, which indicate bullish sentiment in the counter. in addition, Moreover, Volume has been increase continuously on daily chart; which suggests bullishness in the price. A momentum indicator RSI has shown positive crossover on the daily chart. Hence, we expect bullish movement in the prices.

 

Crude Oil

Crude Oil prices climbed to a two-month high as China was said to offer a trilliondollar buying spree to defuse trade tensions with the world’s biggest economy. In addition Price has given falling trendline breakout and sustain above it, which adds more bullishness to the price. On an hourly chart, Price has sustained above “Ichimoku Cloud” where Tenkan Sen has crossed Kijun Sen, which reinforce bullish signals for near term. So based on the above structure, we expect upside movement in the prices for the day.

 

Natural Gas

MCX Natural Gas prices closed down on Friday session. On an hourly chart, price has taken at lower “Bollinger band” support, which indicate further uptrend in the counter. Moreover, price been trading above Parabolic SAR, which indicate bullish sentiment in the counter. A momentum indicator RSI has shown positive crossover on the daily chart. Furthermore, price has taken support of 21 days SMA on the daily chart, which reinforce bullish signals for near term. Hence, we expect bullish movement in the prices for near term.

 

Chana

On the daily chart, NCDEX Chana Price has been trading within a “Falling channel” formation on the daily chart; which is a bearish reversal pattern and witness of downward trend. Moreover, price has also settled below 100 days SMA; which indicates bearish sentiments in the counter. Furthermore, a momentum indicator RSI (14) and MACD has reversed to downward with negative crossover on daily chart. Moreover, Volume has been decreasing continuously on daily chart; which suggests a reversal in the price. So based on the above analysis, we expect bearish movement for the day

 

Dhaniya

NCDEX Dhaniya prices closed down on Friday . On the daily chart, price has given raising trendline breakdown, which suggests a negative momentum in the price for the short term. Moreover, price has also settled below 21 days SMA; which indicates bearish sentiments in the counter. Furthermore, a momentum indicator RSI (14) at 36 which indicates bearish movement in the counter. So based on the above analysis, we expect bearish movement for the day.

 

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