Copper March future 4hr chart has formed "Ascending broadening wedge" pattern. The last session ended sideways mode also creating new historical high. The market is still expected to continue on bearish momentum based on the current price action, once the same break below the key support holding near 713. The downside rally could be testing all the way up to 710-707 levels in the upcoming sessions. Alternatively, if the market struggles to break the support level, then it might revise the trend to bullish/sideways mode. Key resistance holds at 719. A slide to 722 is also a possibility if the price makes or break above the current resistance level.
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12:32 PM (Commodity Desk) Intraday call :-Buy Crude at 4605-4600 TGT 4650 Stoploss 4570 (Tradebulls Research Desk)
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C. HARMONIC: BUY CRUDEOIL MAR ABV 4600 SL BELOW 4540 TGT 4680. CMP: 4600. MCX
WEEKLY COMMODITY MARKET OUTLOOK:
Crude oil futures close considerably lower on Friday:
Crude oil futures closed considerably lower on Friday, as the dollar gained strength and jitters ahead of next week’s meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies prompting the US crude benchmark to pull back from a 22-month high. OPEC+ ministers are scheduled to meet on March 3 and March 4 to discuss production curbs. According to a report from Baker Hughes, the oil and natural gas rigs count in the US surged for a seventh month, rising by 5 to 402 this week. However, the addition of 18 rigs in February, is much less compared to the addition of 33 rigs and 31 rigs in January and December, respectively.
Crude oil futures for April declined $2.03 or 3.2 percent to settle at $61.50 barrel on the New York Mercantile Exchange. However, April Brent crude fell 75 cents or 1.1 percent to settle at $66.13 a barrel on London's Intercontinental Exchange.
Tags: Commodity, Commodity Outlook
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BUY SILVER M APR MCX ABOVE 69755 ( AVERAGE AROUND 69200-250) SL BELOW 69110 TGT 69930-70410-70860
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C. BREAKOUT: SELL MCXMETLDEX MAR BELOW 14810 SL ABV 14900 TGT 14690. CMP: 14810. MCX
# Cotton gained nearly 1.71% in one week, currently rahnging at 22050 up by 0.73% on tight supply and high demand from export & mills.
# China's demand for India's cotton has pushed domestic yarn prices higher. China's demand for Indian yarn resumed to pre-Covid levels during November-December 2020, as against a volume drop from Bangladesh and Vietnam during same period.
# Pakistan may allow cotton import from India through land route as prospects of gradual restoration of bilateral trade ties have brightened after the new ceasefire agreement along the Loc.
# Maharashtra spinning mills seek subsidy on cotton purchase from CCI. CCI has granted a subsidy of Rs 300 per candy to cooperative spinning mills in Maharashtra. The Corporation has also waived-off the security deposit of `2 lakh that the mills have to pay before participating in the e-auction process of the cotton body
# CCI exported cotton to Bangladesh through a goods train from Junagarh Road railway station. The current consignment is of 6,500 bales of cotton weighing around 2,471 tonnes.
# Arrivals in the mandis have reduced to 64,536.89 tonnes compare to last week 71869.61 tonnes.
# Technically now Cotton is getting support at 21860 and below same could see a test of 21520levels, and resistance is now likely to be seen at 22400, a move above could see prices testing 22780.
UPDATE: BOOK FULL PROFIT @ 109.10... IN CRUDEOIL 4700 CE ( 17 MAR 21) SELL GIVEN ON 26 MAR.
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