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Published on 29/08/2019 10:28:34 AM | Source: Choice Broking Pvt Ltd

We expect bullish move for the day - Choice Broking

Posted in Commodities Reports| #Commodity Tips #Choice Broking

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Gold

On the daily chart, MCX Gold price has closed with positive note with the gain of 0.35% on the previous trading session. Moreover, price has closed above the rising trend line, which indicates to continue this bullishness ahead. Furthermore, it has traded above 21*50 days SMA’s, which add positive strength for moving upside. On the other hand, price has traded above Parabolic Sar. Additionally, momentum indicator RSI(14) and MACD have been continuing positive crossover, which indicate bullish move in the counter. So, based on these technical analysis we expect bullish move on the counter.

 

Silver

On the daily timeframe, MCX Silver price has shown glittered with the gain of 1.39% on the previous trading session. Moreover, price has been continuing bullish trend as earlier and it has shown an upside breakout from upper Bollinger Band formation. Furthermore, price has given a breakout from the rising trend channel and also it has traded above the Parabolic Sar. On the other hand, price has moved above 21*50 days SMA’s, which is a bullish indication for the counter. In addition, momentum indicator RSI (14) and MACD have been moving at bullish zone, which signify upside move for the day.

 

Copper

On the daily time scale, MCX Copper price has closed with the gain of 0.70% on the last trading session. Moreover, price has pulled back from rising trendline and 50 days SMA’s, which show strength in the price to sustain above this level. On the other hand, price has been continuously trading upside from last three trading session. Additionally, momentum indicator RSI (14) and CCI have shown positive crossover. So, we can expect moderate bullish trend for the day.

 

Nickel

On the daily chart, MCX Nickel price has glittered and it has broken it’s upper circuit and closed with the gain of 3.92% on the previous trading session. Moreover, Nickel price has broken it’s consolidation of last few days and made a high of Rs. 1162, which indicate more bullishness in the counter. Furthermore, price has traded above 21*50 days SMA’s and it has shown a breakout from falling Trendline. In addition, momentum indicator RSI (14) and CCI have continued positive move. Based on the these analysis we could suggest upside move in the counter for the day.

 

Crude Oil

On the daily chart, MCX Crude oil has bolstered after declined the US inventories and it has shown a dovish stance with the gain of 2.63% on the Wednesday trading session. Moreover, price has shown breakout from 200 days SMA and it has closed above the Falling Trendline, which indicate more bullishness. On the other hand, price has also moved above Parabolic Sar. Additionally, momentum indicator RSI (14) and MACD have shown positive crossover, which signify more upside movement. Hence, on the basis of these technical formation we expect upside move.

 

Natural Gas

On the daily chart, MCX Natural Gas (Sept) price has shown a dovish stance with the gain of almost 3 % on the previous trading session. Moreover, price has shown a breakout from Horizontal Trendline and also it has shifted above Parabolic Sar, which indicate more bullishness ahead. Furthermore, price has closed above the 21*50 days SMA’s, which adds positive strength in the counter. In addition, momentum indicator RSI(14) and MACD have been continuing positive crossover, which indicate bullish move in the counter. So, based on these technical analysis we expect bullish move on the counter.

 

RMSeed

On the daily chart, NCDEX RM Seed (Sept.) has declined by 0.13% on the last trading day. However, price has closed above the Bollinger Band median line, which indicates to move upside ahead. Moreover, price has also closed above the High Line of 48 days Moving Average Channel, which signify more bullishness in the counter for short term. In addition, momentum indicator RSI (14) and MACD have shown positive crossover, which indicate positive strength in the prices. Hence, based on these technical formation we expect bullish move for the day.

 

Soyabean

On the daily chart, NCDEX Soybean (Sept.) has slipped almost 0.78% on last trading session. However, price has traded above the median line of Bollinger Band formation. Furthermore, price has also closed above the High Line of 48 days Moving Average Channel, which indicates bullish movement in the counter. Additionally, momentum indicator RSI (14) and MACD have shown positive crossover, which add positive strength in the counter to move upside. Hence, based on the these technical structure we can expect bullish move in the NCDEX Soybean (Sept) for the day.

 

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