Published on 11/01/2018 11:39:39 AM | Source: Choice Broking Pvt Ltd
NCDEX Turmeric price has shown downward movement in last two trading sessions - Choice Broking
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.
On the daily chart, MCX Silver has been consolidating above falling trendline breakout. On the other hand, COMEX Silver has traded above 61.8% retracement level; which gives more positive strength to the prices. Moreover, COMEX price has crossed 100 and 200 days EMA with strong bullish candle in daily chart, which indicate long term bullishness in the prices. Based on the above technical set up and indicators, we expect a bullish move in MCX Silver price.
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.
On the daily chart, MCX Aluminium has found the support of 50% retracement level after a continue down fall from the top of 145.95 level; which react as immediate support level for the prices, where it can boost up for short term. On the other hand, Price has also found the support of “horizontal line” on daily chart. Therefore, based on the above technical aspect, we expect bullish move in MCX Aluminium future.
Yesterday, Crude Oil prices hit multi-year high and traded on rise with the gain of around 2.9% weekly basis. Overall, Crude Oil price is in bullish trend; where, it is forming higher highs & higher low pattern on daily chart. Moreover, price has traded 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 continue our bullish view in Crude Oil future.
MCX Natural gas price opened on flat note and shown one side bullish move in first half of the session, where it has raised by 3.5% 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.
On the daily chart, NCDEX Jeera price has bounced back from lower band of Bollinger pattern after a long correction in near term. In addition, Price has sustained above 50 days EMA on daily chart; which gives more support to the prices to move further up. Moreover, momentum indicator RSI (14) has sustained in buying mood with positive crossover. Based on the above technical structure, we expect bullish movement in NCDEX Jeera Jan future.
On the daily chart, NCDEX Turmeric price has shown downward movement in last two trading sessions; where price has sustained near middle band of Bollinger and 21 days EMA, which suggest further bearish movement in upcoming trading session. Furthermore, momentum indicator RSI (14) has revoked from overbought zone, which suggest selling view among the traders. Based on the above technical structure, we recommend bearish move in Turmeric future.
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