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Published on 12/07/2018 12:12:13 PM | Source: Choice Broking Pvt Ltd

We expect upward movement in Guar seed for upcoming days - Choice Broking

Posted in Commodities Reports| #Commodity Tips #Choice Broking

Gold

Gold closed down on Wednesday. The raw commodity sector, including the precious metals, is getting hit hard today by new trade sanctions the U.S. has imposed on China. On daily chart, price has its near support of lower “Bollinger Band” pattern and lower trendline formation; which indicate reversal move in the counter. Moreover, COMEX has also found the support of rising trend line on weekly chart. Furthermore, MACD shifted above the oversold zone with positive crossover. So based on the above analysis, we expect to Sideway to bullish movement in Gold for upcoming day.

Silver

MCX Silver has closed down on Wednesday. On a daily chart, price has near rising trendline support at 39000 which indicates further pullback for near term. Furthermore, MACD shifted above the oversold zone with positive crossover. On other hand price has its near support of lower “Bollinger Band” pattern and lower line of channel formation; which indicate reversal move in the counter. So based on the above analysis, we expect to sideway to bullish movement in silver for upcoming day.

Copper

Copper prices fell sharply on Wednesday, hitting one-year lows amid a wider selloff in industrial metals sparked by fears that a second round of U.S. tariffs on Chinese imports could hit demand for metals. On Daily chart, price has taken a support of Ichimoku cloud ; which indicate reversal move in the prices. Furthermore, RSI (14) has shifted above the oversold zone which indicate reversal in price. So based on the above analysis, we expect to sideway to bullish movement in Copper for upcoming day.

Zinc

MCX Zinc price has Down on Wednesday. On hourly chart, price has taken a support of middle “Bollinger Band” pattern; which indicate reversal move in the prices. Furthermore, MACD has given positive crossover, which suggest more bullishness in the price . On the other hand, price sustain near 21 days SMA, which point out bullish sentiments for near term. So based on the above analysis, we expect to sideway to bullish movement in Zinc for upcoming day.

Crude Oil

Crude Oil prices Closed down on Wednesday after U.S. President Donald Trump threatened to levy new tariffs on China and Libya announced the reopening of key oil export terminals. On NYMEX crude oil daily chart, price has taken “Rising Channel” resistance which indicates bearish trend for near term. Moreover, negative divergence is seen in the daily RSI as the momentum indicator made lower high against higher through in prices. Which indicate negative strength in the prices.

Natural Gas

MCX Natural Gas closed flat on Wednesday. On a daily chart price has given rising trendline breakdown, which suggest bearish trend in the counter. Furthermore, a momentum indicator RSI (14) has given negative crossover, which indicates bearishness in the price for near term. In addition, Price has moved below 21 days SMA, which point out bearish sentiments for near term. So based on the above technical studies, we expect bearish move in MCX Natural Gas prices.

Soya oil

NCDEX Soy oil closed flat on Wednesday. On daily Chart price has taken rising trendline support which indicates further upward movement in the price. On hourly chart, Price has moved above 50 days SMA, which point out bullish sentiments for near term. Furthermore, a momentum indicator RSI (14) at 56 which indicates strength in the price. So based on the above studies, we expect upward movement in Soya oil for upcoming days.

Guar seed

NCDEX Guar seed closed up on Wednesday. On the daily chart, NCDEX Guar seed has taken support of Middle “Bollinger Band” which indicates bullish trend in the counter. In addition, Positive divergence is seen in the daily RSI as the momentum indicator made higher lows against lower through in prices Which indicate positive strength in the prices. So based on the above studies, we expect upward movement in Guar seed for upcoming days.

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