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Published on 17/06/2019 10:12:17 AM | Source: Choice Broking Pvt Ltd

Turmeric has traded on negative territory during the week - Choice Broking

Posted in Commodities Reports| #Commodity Tips #Choice Broking

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Gold

Gold price has slipped from the day high on Friday due to profit booking in last the of the week. COMEX Gold has retreated from its psychological level of $1350. On the domestic front, MCX Gold price has corrected from upper Bollinger band but supported above 33000 level. Moreover, price has still been trading above the trendline, which gives more strength for near term. Furthermore, a momentum indicator RSI (14) has shown positive crossover. So based on the above technical structure, we expect bullish move in MCX Gold for the day.

 

Silver

MCX Silver price has corrected more than 1% from the day high on the account of profit booking in weekly close. On the daily chart, price has given falling wedge pattern breakout and sustained above it. Moreover, price has still been trading above 50 days EMA on the daily timeframe, which support the bullish trend for near term. Additionally, weekly price has sustained above parabolic sar indicator. A momentum indicator RSI (14) has shown positive crossover on the daily scale. So based on the above technical structure, we expect upside move for the day

 

Copper

MCX Copper price has dropped again after made a high of Rs. 409.3 on Friday session. On the daily chart, price has been struggling between the range of 400 to 415, after a small recovery from lower levels. Moreover, price are unable to sustain above upper Bollinger band and 50 days DEMA. However a momentum indicator RSI (14) has recovered from oversold zone and shown positive crossover. So based on the above technical aspect, we expect moderate bearish move for the day

 

Zinc

MCX Zinc has traded into narrow range on last trading day of the week. On the daily chart, price has been facing a hurdle around 207-208 level and consolidating below the trendline breakdown, which indicates no further bullishness in the counter. Moreover, price has moved below 50 DEMA, which indicates more bearishness for near term. In additions, a momentum indicator RSI (14) and MACD has shown negative biasness. So based on the above structure, we are expecting bearish movement for the day.

 

Crude oil

oil prices declined this week, even as tensions in the Gulf region threatened to disrupt supplies and U.S. President blamed Iran for a series of attacks on tankers in one of the world’s busiest shipping. On the daily timeframe, Crude oil prices moved down again after a small pull back and still trading below upper band of Bollinger formation and 50 DEMA, which indicates further selling pressure in the counter. Additionally, a momentum indicator RSI (14) has turned again into oversold zone with negative crossover. Hence, we are expecting bearish move for the day.

 

Natural Gas

On a weekly timeframe, MCX Natural Gas price has been falling down from last couple of week, where price has breached its multiple support of Rs. 170.70 and sustained below it. Which indicates more bearishness in the counter. Moreover, price has moved below “Ichimoku Cloud” with negative crossover between lead1 and lead1 line, which may initiate a more selling pressure for medium term. So based on the above analysis, we expect further downside for the day.

 

Turmeric

NCDEX Turmeric has traded on negative territory during the week. On a weekly timeframe, Price has been finding a support at falling trendline, which could be a further reversal for near term. Moreover, price has also taken a support at 50 EMA and 50 SMA on a weekly chart, which initiates buying strength in the counter. On a four hourly chart, price has reversed after taking a support at lower Bollinger Band formation, which indicates bullish sentiments for near term trading. Hence, we expect further bullish movement for the day.

 

Jeera

NCDEX Jeera has declined during the Friday session. On the daily timeframe, price has taken a support at middle Bollinger Band formation and 21 days EMA. Moreover, price has also moved above Ichimoku Cloud with positive crossover. Furthermore, 50 days EMA has also supported the buying trend for near term. In additions, a momentum indicator RSI (14) and MACD has shown further strength. So based on the above analysis, we expect further upside in Jeera future for the day.

 


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