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Published on 19/08/2019 10:18:52 AM | Source: Choice Broking Pvt Ltd

NCDEX Soybean (Sep) has slipped 0.93% - Choice Broking

Posted in Commodities Reports| #Commodity Tips #Choice Broking

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Gold

On the daily chart, MCX Gold price has closed with negative note and declined by 0.44% on the Friday trading session. Moreover, price has shown a breakout from rising trend line but it has steadied above this trend line during closing time. Furthermore, price is getting some pressure from higher end, which could show down side move. In addition, momentum indicator RSI(14) and Stochastic RSI have shown negative crossover, which indicate bearish move in the counter. So, based on these technical analysis we expect downside move on the counter.

 

Silver

On a four hour chart, MCX Silver price has declined by 0.54% on the Friday trading session of the previous week. Moreover, price has trading below falling trend line, which act as resistance at upper level. On the other hand price has also shifted below Parabolic Sar, which indicates price may move down side further. In addition, momentum indicator RSI (14) and MACD have shown negative crossover, which signify negative movement for short term. Hence, based on the these technical formation, we can expect bearish move on the counter for the day.

 

Copper

On the daily chart, MCX Copper price has declined by 0.40% on the Friday trading session of the previous week. Moreover, price has formed “Bearish Harami” candlestick pattern and it has traded below falling trendline, which indicate bearish move in the counter. On the other hand price has also traded below Parabolic Sar, which further signifies downwards move. Additionally, momentum indicator RSI (14) and Stochastic RSI have shown negative crossover. Hence, We expect downside move for the day.

 

Nickel

On the daily chart, MCX Nickel price has closed with positive note and gained 0.69% on the previous trading session. Moreover, Nickel price has been continuing bullish trend from last couple of weeks and also it has traded above rising trend line and Parabolic Sar, which indicate more bullishness in the counter. Furthermore, price has traded above 21*50 days SMA’s. In addition, momentum indicator RSI(14) and Stochastic RSI have continued positive move. Based on the these analysis we could suggest upside move in the counter for the day.

 

Crude Oil

On the daily chart, MCX Crude oil (Aug) price has slipped 0.36% on the Friday trading session of the previous week. Moreover, price has continued bearish move from last day and it has closed below 21*50 days SMA’s, which adds more bearish move in the counter for near term. On the other hand, price has also closed below the upper line of falling channel. Additionally, momentum indicator RSI(14) at the level of 50, indecisive zone and MACD have been moving below zero line, which signify more upside movement. Hence, on the basis of these technical formation we expect bearish move.

 

Natural Gas

On the daily time scale, MCX Natural Gas has glittered with the gain of 2.62% on the previous trading session amid the declined of production inventory data. Moreover, price has shown a breakout from upper Bollinger Band formation and 21 days EMA’s, which show bullish move in the counter. On the other hand, price has also shown breakout from falling channel upper line. Additionally, momentum indicator RSI (14) and MACD have been continuing positive crossover from last few days. So, on the basis of these technical formation we expect bullish move for the day.

 

RMSeed

On the daily chart, NCDEX RM Seed (Sep) has shown a breakout from upper “Bollinger Band” formation and upper line of “Symmetrical Triangle” pattern, which indicates further support in the counter. Moreover, price has also taken a support of 21*50 days EMA’s, which signifies bullish trend for medium term. On the other hand, price has also shifted above Parabolic Sar, which suggest buying interest among the traders. In addition, momentum indicator RSI (14) has shown positive movement, which add positive strength in the prices.

 

Soyabean

On an hourly chart, NCDEX Soybean (Sep) has slipped 0.93% on last trading session the week. Moreover, price has shown a breakout from lower Bollinger band formation and also it has shifted below 21*50 days EMA’s, which indicate bearish movement in the counter. Furthermore, price has moved below Parabolic Sar, which further signify downwards move ahead. In Addition, momentum indicator RSI and MACD have shown negative biasness, which add strength to move down. Hence, based on the these technical formation we can expect bearish move for the day.

 

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