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Published on 23/09/2019 10:30:18 AM | Source: Choice Broking Pvt Ltd

We expect bearish trend for the day trading - Choice Broking

Posted in Commodities Reports| #Commodity Tips #Choice Broking

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Gold

On the daily chart, MCX Gold price has steadied and closed with positive note with the gain of 0.11% on the last trading session. However, price has closed near lower Bollinger Band formation. Furthermore, price has traded below the rising trend line, which indicates more bearishness. On the other hand, it has also moved below the 21 days SMA’s and Parabolic Sar, which signifies bearish strength for short term. Additionally, momentum indicator RSI(14) and MACD have negative crossover, which indicate more bearishness. So, based on these technical analysis we expect bearish move on the counter.

 

Silver

On the daily chart, MCX Silver price has closed with negative note and declined by 0.18% on the previous session. Moreover, price has closed near lower band of Bollinger Band formation. Furthermore, price has closed below 21 days SMA’s, which shows bearish strength for near term. On the other hand, price has also shown breakdown from rising trendline. In addition, momentum indicator RSI (14) and MACD have shown negative crossover, which signifies downwards move. Hence, on the basis of above technical structure we expect bearish trend for the day trading.

 

Copper

On the daily time scale, MCX Copper price has drifted 0.90% on the previous session. Moreover, price has closed below the Falling Trendline, which adds pressure in the counter. Moreover, It has shown breakdown from lower Bollinger Band and above 21 days SMA’s, which adds negative strength in the price. On the other hand, price has also shifted below the Parabolic Sar. Additionally, momentum indicator RSI (14) and MACD have shown negative crossover, which signifies bearish strength. Hence, we can expect bearish trend for the day.

 

Nickel

On the timescale, MCX Nickel price has glittered with the gain of 1.12% on the previous session. Moreover, Nickel price has pushed back lower band of Bollinger Band formation and 21 days SMA’s, which provides support to the counter. Furthermore, price has also taken the support of lower line of rising channel, which has shown bullish reversal for short term. Moreover, momentum indicator RSI (14) and MACD have shown positive crossover, which suggests upwards move. Based on the these mix technical structure we could suggest bullish move in the counter for the day.

 

Crudeoil

On the daily chart, MCX Crude oil has declined by 0.11% on the last trading session. Moreover, price has retreated from upper Bollinger Band, which adds pressure. However, It has sustained above 21*50*200 days SMA’s and falling trendline, which indicates more bullishness in the counter. On the other hand, price has also closed above Parabolic Sar. Additionally, momentum indicator RSI (14) and MACD have shown positive crossover, which signify upwards movement. Hence, on the basis of these technical formation we expect mix upside move for the day.

 

Natural Gas

MCX Natural Gas (Sept) price has been traded in the downtrend in last week and drifted by 0.83% on the previous trading session. On the daily chart, MCX Natural Gas price has shown Doji pattern on the 17th Sept.19 trading sessions and it has also closed near lower Bollinger Band Bollinger Band formation. Moreover, price has also closed below Falling Trendline and 200 days SMA’s. Additionally, a momentum indicator RSI (14) and MACD have shown negative crossover, which suggests bearish movement. So, based on the technical analysis, we expect bearish move for the day

 

RMSeed

On the daily chart, NCDEX RM Seed price has closed with positive note with the gain of 0.08% on the previous session. Moreover, price has shifted below the 21*50 days EMA’s and Parabolic Sar, which shows negative strength in the counter for short term. Furthermore, price has also closed below the median line of the Bollinger Band formation. In addition, momentum indicator RSI (14) and MACD have shown negative crossover. Hence, based on these technical formation we expect bearish move for the day in the counter.

 

Soyabean

On the daily chart, NCDEX Soybean has gained 0.53% during the last trading session. Moreover, price has closed above the 21*50 days Exponential Moving Averages and above the Ichimoku cloud formation, which indicates bullish movement in the counter. Furthermore, price has also traded above Parabolic Sar. Additionally, momentum indicator RSI (14) and MACD have been moving with positive crossover, which adds positive strength in the counter. Hence, based on the these technical structure we can expect bullish move in the NCDEX Soybean (Oct) for the day.

 

Rubber

On the daily chart, ICEX Rubber (Oct) price has been trading below the falling trendline from last few trading days, which signifies bearish strength in the counter. Moreover, price has shown a breakdown from lower Bollinger Band formation, which indicates further bearishness in the counter. Furthermore, price has also shifted below 21*50 days SMA’s. Additionally, a momentum indicator RSI (14) and MACD has shown negative biasness, which may keep the prices under pressure. So based on the above structure, we expect bearish move for the day.

 

Diamond 1CT

On the daily timeframe, ICEX Diamond prices has closed with negative note on the previous trading session. Moreover, price has shown breakdown from the lower band of Bollinger Band formation, which shows bearish strength in the counter. Moreover, price has closed below 21 days SMA’s, which adds pressure in the counter for near term. Additionally, a momentum indicator RSI (14) and MACD have shown negative crossover, which supports to the price to move downside. So based on the above structure, we expect moderate bearish move for the day.

 

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