NCDEX Guar seed future prices witnessed some correction from the higher levels - Choice Broking
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GOLD
On a weekly time frame, MCX Gold (Dec) future has been trading in aFalling Wedge Patternfrom last couple of weeks, which indicate bullish reversal in the near future. In addition, the price has been taking support of lower Bollinger Band formation with Hammer Candlesticks, which indicates a bullish set-up in the counter.Moreover, an oscillator Stochastic RSlis also suggested positive crossover, which confirms a bullish trend in the near future. Furthermore, the price has also taken support of 61.8% Fibonacci Retracement level, which point out positive trend for near future. Hence, based on above technical structure we are recommending buy on dip strategy in MCX Gold (Dec) around 46240 or a fallin the price till 46150 levels, that can be used as buying opportunity for the upside target of 47100 . However, the bullish view will be negated if MCX Gold (Dec) future close below the support level of 45850.
GUAR SEED
On a weekly chart, after a long bullish rally the NCDEX Guar seed (Nov) future prices witnessed some correction from the higher levels. Although, the price may take immediate support of horizontal line&middle Bollinger Band formation, which indicate a bullish reversal in the counter for near future. In addition, the price has also been trading above the 50 Exponential Moving Averages, which suggests bullish strength. Moreover the RSI indicator has also sustained above 60 levels,which suggest bullish move for the near term. However, on a four hourly chart, the indicator MACD suggested negative crossover, which indicates some bearishness. Hence, based on above technical structure we are recommending buy on dip strategy in NCDEX Guar seed (Nov) around 5460 or a fall in the price till 5400 levels, that can be used as buying opportunity for the upside target of 6140 . However, the bullish view will be negated if NCDEX Guar seed (Nov) future close below the support level of 5130.
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