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Copper

On a weeklytime frame, after a great consolidation MCX Copper has given breakout of Symmetrical Triangle pattern, which indicates bullish movement in the near future. The price has also shifted above the upper band of Bollingerafter taken support of 21 Exponential Moving Averages, which indicates that the bulls have taken control. In addition, an oscillator Stochastic RSI witnessed positive crossover, which confirms continue bullish trend.Moreover,on a momentum indicator RSI (14) reading is below 50 levels, which suggest bearish move f. Hence, based on the above technical structure one can initiate a long position in MCX Copper (Nov) future at CMP 803.80 or a fall in the price till 800 levels can be used as buying opportunity for the upside target of 841. However, the bullish view will be negated if MCX Copper (Nov) future closes below the support level of 785.On a weeklytime frame, after a great consolidation MCX Copper has given breakout of Symmetrical Triangle pattern, which indicates bullish movement in the near future. The price has also shifted above the upper band of Bollingerafter taken support of 21 Exponential Moving Averages, which indicates that the bulls have taken control. In addition, an oscillator Stochastic RSI witnessed positive crossover, which confirms continue bullish trend.Moreover,on a momentum indicator RSI (14) reading is below 50 levels, which suggest bearish move f. Hence, based on the above technical structure one can initiate a long position in MCX Copper (Nov) future at CMP 803.80 or a fall in the price till 800 levels can be used as buying opportunity for the upside target of 841. However, the bullish view will be negated if MCX Copper (Nov) future closes below the support level of 785.

Castor seed

On the daily chart, NCDEX Castor seed (Dec) future has been rising continuously in bullish trend from last couple of weeks. In addition, the price has shifted above the upper band of Bollingerafter taken support of Ichimoku cloud, which indicatesa bullish set-up in the counter. Moreover, the indicator MACD also indicates the long position with positive crossover. On a daily chart, the price formed long wick bullish candlesticks after small correction, which indicates bullish strength. Hence, based on the above technical structure one can initiate a long position in NCDEX Castor seed (Dec) future at CMP 6430 or a fall in the price till 6310 levels can be used as buying opportunity for the upside target of 6990. However, the bullish view will be negated if NCDEX Castor seed (Dec)future closes below the support level of 6100.

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