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Published on 13/06/2018 11:37:29 AM | Source: Choice Broking Pvt Ltd

We expect upward movement in Turmeric for upcoming days - Choice Broking

Posted in Commodities Reports| #Commodity Tips #Choice Broking

Gold

Gold prices has been trading in narrow range from last couple of days as investors seeking clues on Fed policy meeting. Overall, price has shown further strength on weekly chart as it has traded in channel formation; where it has found the support of lower Bollinger band and 100 week DEMA, which indicate reversal move in the counter. On the other hand, COMEX Gold has also been consolidating between 50*61.8% retracement levels; which could be a support zone for the prices. Therefore, we expect further bullish move in MCX Gold prices and it is likely to trade in the range of 31300-31400.

Silver

MCX Silver has traded in range bound movement on Tuesday. On the daily chart, prices has witnessed of continue upward rally without enabling a negative candle in prior sessions. Moreover, price has sustained above 21days SMA on daily chart; which suggest positive movement in the prices. In addition, a momentum indicator RSI (14) and MACD has moved to upward direction with positive crossover. So based on the above analysis, we expect bullish movement in Silver for upcoming day.

Copper

MCX Copper price has exhausted on Tuesday after a long upward rally in previous days. Overall, prices were in bullish trend and sustained above the channel breakout point; which indicate bullish sentiments in the counter for near term. On the other hand, COMEX Copper has given double bottom breakout on daily chart and sustained above it. Momentum indicator RSI (14) and MACD has retained on upside. So based on the above analysis, we expect bullish movement in MCX Copper.

Zinc

MCX Zinc prices traded higher on Tuesday and made a new high of 218.55 since April 2018. On the daily chart, price has been hovering above the channel breakout point and near upper Bollinger band; which suggest bullishness for near term. Moreover, price has settled above 21 days DEMA which signifies bullish trend for near term. In addition, a momentum indicator RSI (14) has shown bullishness with positive crossover. So based on the above analysis, we expect bullish movement in Zinc for near term.

Crude Oil

MCX Crude Oil price edged higher on Tuesday with the U.S. benchmark hitting a more than one-week high as investors turned their attention to fresh data on U.S. commercial crude inventories to gauge the strength of demand in the world’s largest oil consumer. On the chart, weekly price has found the support at rising trendline and settled on positive note in earlier trades. Moreover, on daily chart, price has reversed after taking a support of 61.8% retracement level and sustained above it. So based on the above structure, prices are expected to trade towards 4550.

Natural Gas

MCX Natural Gas prices traded sideways on Tuesday. On the daily chart, price has been trading in rising channel formation, where it has found the support of lower line of the channel and shown further pull back. Moreover, price has sustained above 21 days SMA; which indicate bullish movement for near term. Furthermore, a momentum indicator RSI (14) has shifted into positive zone with favourable crossover. So based on the above technical studies, we expect bullish move in MCX Natural Gas prices.

RM Seed

NCDEX RM Seed has slipped lower on Monday. On an 4 hourly chart, RM Seed has formed “Double Top” formation, which indicate selling pressure in the counter. In addition, price has settled below middle Bollinger band formation and 38.2% retracement level, which signify negative sentiments for near term. Moreover, momentum indicator RSI (14) has shown negative strength on daily chart. So based on the above technical studies, we expect bearish moves in RM Seed for upcoming day.

Turmeric

On the daily chart, NCDEX Turmeric has given “Flag Patterns” breakout, which is a bullish continuation patterns and indicate up-trend in the counter. In addition, Turmeric has moved above Middle “Bollinger Band” formation; which act as immediate support for the prices. Moreover, Price has found the support of 61.8% “Retracement Level” of its prior up trend from 6260 to 7700 levels and bounced back from there. So based on the above studies, we expect upward movement in TMC for upcoming days.

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