MCX CRUDEOIL prices recorded the low of 4878 for the week. Prices took support at 100 EMA level on daily chart and 20 moving average on weekly chart, both are placed near 4900 level. Prices sharply recovered from these levels. Going forward, 20 moving average on daily chart will be the key resistance in the coming week which is placed near 5420. Breaking above this level, we may see prices continuing the primary trend on the upside.
BUY MCX CRUDEOIL AUG ABOVE 5420 FOR THE TARGET OF 5650/5800 WITH STOP LOSS BELOW 5200.
As per our last week’s view, MCX NICKEL prices traded positive for the week after breaking above the key resistance. We expect prices to continue the trend on the upside. Breaking above 1450 level, we may see prices heading towards 1500 level in the coming week.
BUY MCX NICKEL AUG ABOVE 1450 FOR THE TARGET OF 1480/1500 WITH STOP LOSS BELOW 1430.
As per our last week’s view, MCX NATURAL GAS prices traded positive for the entire week. Our first target of 300 is almost reached in the counter. Going forward, the primary trend is likely to extend on the higher side and we may see prices heading towards 350 level in coming days. Any dip in the prices can be used as an opportunity to create long position and take advantage of the primary uptrend.
BUY MCX NATURAL GASAUG THE RANGE OF 285 TO290 FOR THE TARGET OF 330/350 WITH STOP LOSS BELOW 265.
NCDEX RM SEED prices have broken above the key resistance level on daily chart. Prices had formed INVERSE HEAD AND SHOULDERS pattern and broken above the neckline resistance on 16th July 2021. According to the measured move of the pattern, we expect the price to head towards 8150 to 8200 levels in coming sessions.
BUY NCDEX RMSEED AUG IN THE RANGE OF 7550 TO 7500 FOR THE TARGET OF 8150/8400 WITH STOP LOSS BELOW 7000.
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