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Published on 16/07/2019 9:27:19 AM | Source: Choice Broking Pvt Ltd

We expect further upside in Guar Seed future for the day - Choice Broking

Posted in Commodities Reports| #Commodity Tips #Choice Broking

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Gold

Gold prices traded in range bound movement during the day and settled on positive note. On the daily chart, price has been trading in bullish mode but finding a hurdle around 35150 levels, which act as resistance zone for near term. Moreover, price has shifted above Ichimoku Cloud, which positive crossover. Furthermore, a momentum indicator RSI (14) has consolidated near 70 level with positive crossover, which is a overbought zone. So based on the above structure, we expect bullish move in MCX Gold for the day.

 

Silver

MCX Silver prices were slightly positive on Monday session and traded near 34500 levels. On the daily chart, price headed higher during the day and moved above the prior close. Moreover, price has sustained above 200 days Simple Moving Averages, which indicates that trend may remain bullish for long terms. Additionally, a momentum indicator RSI (14) and MACD has shown positive crossover, which adds more strength in price action. So based on the above technical structure, we expect further upside in the prices.

 

Copper

MCX Copper prices traded in narrow range on Monday session and closed at flat note. On the daily timeframe, prices sustained below upper Bollinger Band formation, which could be an immediate hurdle for bullish trend. However, price has still been trading above 50*200 SMA which may cap the downtrend for long term. On the other end, COMEX Copper has also found the support of 200 weeks SMA, which indicates bullish move for long term. Hence, we expect bullish move for the day.

 

Nickel

MCX Nickel has traded positively on Monday session and closed the day at flat note. On the daily scale, price has given Cup & Handle patterns breakout and sustained above it, which indicates continue bull-run in the counter. Moreover, price has raised above Ichimoku Cloud which confirms bullish trend for near term. A momentum indicator RSI (14) and MACD has traded higher with positive crossover. So based on the above structure, we are expecting bullish strength for the day.

 

Crude Oil

Oil prices traded mixed on Monday as positive monthly data from China outweighed a slowdown in the country's growth rate in the second quarter. On the daily timeframe, price has been trading between two consecutive trendline, where it has retreated from upper Bollinger Band formation. Moreover, price has shifted below 100 SMA, which indicates further selling pressure in the counter. Additionally, NYMEX Oil price has shown sudden selloff in second half of the session. So based on the above analysis, we are expecting bearish move for the day.

 

Natural Gas

Natural Gas prices fell down by 2.9% during the Monday session. On the daily timeframe, price has been falling from upper Bollinger band formation, which act as resistance zone for near term. Moreover, price has also moved below 50 days Simple Moving Average, which suggest further downside in the counter. Additionally, a momentum indicator RSI (14) has turned down, which indicates selling pressure in the prices. So based on the above technical structure, we expect bearish move for the day.

 

RMSeed

NCDEX RM Seed price has gained more than 1% on Monday trades. On the daily timeframe, price has sustained above middle Bollinger band and 21 days SMA, which indicates more bullishness in the counter. Moreover, daily price has also moved above 50 days EMA, which suggest that trend may remain bullish for near term. Additionally, a momentum indicator RSI (14) reading is at 58.27, which confirms positive strength. So based on the above structure, we expect bullish move for the day.

 

Guar Seed

NCDEX Guar Seed future were almost 1.5% down on Monday session. On the daily scale, price has failed to sustain above the falling trendline and tested middle Bollinger Band formation, which could be a support for immediate downside. Moreover, price has supported by 50 days EMA, which indicates further uptrend. In additions, a momentum indicator RSI (14) and MACD has shown positive strength. So based on the above analysis, we expect further upside in Guar Seed future for the day.

 

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