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You are here : IndiaNotes >> Market Action >> Technical

Buy MCX Gold Oct: Strong resistance placed around this year's high of 29785 level

Way2wealth | 21 Aug, 2017  | Follow Author | Add to my Favourites 
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Technical View:

 

MCX GOLD OCT: In the last week, Gold prices opened flat and prices corrected for the first half of the week till low of 28800 and later recovered strongly for the remaining week and made a high of 29443.


- Prices have given breakout from its medium term declining trend line resistance and closed above the same in the last two weeks.


- RSI (14) has also broken out from its declining trend line resistance on the weekly chart, which is confirming the bullish momentum in the near term.


- Prices are expected to rise further from these levels towards next strong resistance placed around this year’s high of 29785 level. On the lower side immediate supports are placed around 29100 and 28800 levels.


Recommended Action:
Buy.

         

MCX SILVER SEP: Silver prices opened flat in the last week and prices corrected in the mid week till low of 38305 and recovered strongly for the remaining week till high of 39677.


- Prices have recovered gradually in the last few weeks after taking strong support around its declining trend line of the falling trend channel pattern.


- Prices have reversed after taking strong support around its 78.6% Fibonacci retracement of its rally from low of 33030 till high of 48932, which is placed around 36433 level.


- Prices are expected to rise further from these levels towards next strong resistance placed around its medium term declining trend line currently near 40600 level.


Recommended Action:
Buy. 

    

MCX COPPER AUG: In the last week, Copper opened flat and rose strongly in the mid week till high of 422.10. Later it corrected for the remaining week and closed positive on weekly basis.


- Copper have been rallying since last few weeks and gave breakout from its medium term declining trend line resistance in the previous week.


- Prices are expected to rise further from these levels towards next strong resistance placed around its previous swing high of 439.40 level.


- On the lower side, immediate strong supports are placed around 415 and 402 levels. Buying in small pullbacks is recommended for the short-term trading opportunities.


Recommended Action: Buy.

 

MCX CPO AUG: Crude Palm Oil prices have been recovering strongly since last two weeks after correcting exactly till 50% Fibonacci retracement of its previous rally from 351.80 till high of 599.70, which is placed at 475.75 level.


- Prices have almost retested its previous breakout level of 474.50 and bounced strongly after taking support near the same level.


- Prices have also broken out from its short term declining trend line resistance in the previous week and are expected to remain bullish for short to medium term. Prices are likely to rise towards next resistances placed around 526 and 539 levels.


- On the lower side immediate supports are placed around 500 and 493 levels.


Recommended Action: Buy.

 

NCDEX SOYBEAN OCT: Soybean prices have been recovering gradually since last 2-3 months from its bottom of 2713 made in Jun’17 month.


- Prices have taken strong support at its short term rising trend line and broken out from its lower top lower bottom chart pattern.


- Prices are expected to recover further from these levels and rise towards 38.2% Fibonacci retracement of its entire fall from high of 4370 till its bottom of 2713, which is placed around 3346 level.


- On the lower side, immediate strong supports are placed around 3150 and 3050 levels. Buying in dips is recommended for the short-term trading opportunities.


Recommended Action: Buy.

 

NCDEX SOY OIL SEP: Soy Oil prices have been rising gradually in the sideways upward trend since last 3-4 months after correcting more than 61.8% Fibonacci retracement of its previous rally from 548.55 till high of 744.05, which is placed around 623.20 level.


- Currently prices taken resistance around 38.2% Fibonacci retracement of its recent fall from high of 744.05 till low of 609.45, which is placed around 660.85 level.


- Prices are expected to rise further from these levels if break above its recent high of 665.20 level towards next resistance placed around 50% Fibonacci retracement level at 676.75.


- On the lower side immediate supports are placed around 650 and 641 levels.


Recommended Action: Buy.


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About Way2wealth

Way2Wealth today has established itself as one of India’s ‘Premier Investments Consultancy Firms’, known for making investing simpler, more understandable and profitable for the investors. They offer a wide range of products & services viz: Equity, Derivatives, Currency Futures, Commodities Trading, IPO's, Mutual Funds, Portfolio Management Services & Depository Services.

 

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.




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