IGI Logo

Aluminium

On a weeklytime frame, after a long bullish rally the MCX Aluminium (Nov) prices witnessed bearish pressure from the higher levels and it formed Bearish Engulfing Candlesticks pattern with spurt in volume, which indicates a bearish reversal in the counter for medium term. In addition, the price has also reversed from upper band of Bollinger with negative crossover of MACD, which suggest bearish move in the near future. Moreover, a momentum indicator RSI (14) witnessed divergences which point out a further reversal in the counter.Hence, based on the above technical structure we are expecting bearish movement for the month ahead. On the downside, it may find the support around 214 while upside resistance is intact at 256.10.

Turmeric

On a weeklytime frame,NCDEX TMC (Dec) future has trading in sideways to bearish trend from last few week. In addition, the price has also been settled below the Ichimoku cloud, which indicates bearish move for the near term. Moreover, the price has closed below the 50Exponential Moving Averages with negative crossover of MACD,which indicate that the bears have taken control. Furthermore, momentum indicator RSI (14) reading is below 50 levels, which indicates bearish strength. Hence, based on the above technical structure one can initiate a short position in NCDEX TMC (Dec) future at CMP 7300 ora rise in the price till 7400 levels can be used as selling opportunity for the downside target of 6650. However, the bearish view will be negated if NCDEX TMC (Dec) future closes above the resistance level of 7800.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://choicebroking.in/disclaimer

Above views are of the author and not of the website kindly read disclaimer