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

MCX Gold April: Buy above breakout level for the short term trading opportunities

Way2wealth | 07 Feb, 2017  | Follow Author | Add to my Favourites 
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Technical View:

 

MCX GOLD APR: Gold Apr prices opened the week on the strong note and prices rose strongly for the first two sessions and made a high of 28990. Later prices consolidated for the remaining week and closed around 28850 after recovering slightly in the closing session. Prices have taken strong resistance at its previous top bottom rising trend line and struggled to close above the same. Prices are expected to continue its bullish momentum from these levels only if produce the successful close above the strong resistance of 29000. Further above the breakout level prices are expected to rise towards next resistance placed at its 50% Fibonacci retracement level around 29650. On the lower side strong supports are placed at 28700 and 28450 levels. Buying above the breakout level is recommended in Gold April for the short term trading opportunities. Recommended Action: Buy.

       

MCX SILVER MAR: Silver Mar prices opened the week flat and prices rose gradually for most of the week and made a high of 42468. Prices corrected in the last two sessions and closed around 41750. Previously prices gave breakout from its short term down ward moving channel two weeks ago and are expected to remain firm for the short term. Prices have also taken strong support at its short term rising trend line on the daily chart and are expected to rise further from these levels towards next strong resistance placed at its 50% Fibonacci retracement level around 43600. Further prices are expected to move up towards next resistance placed at its 61.8% Fibonacci retracement level around 44900. On the lower side strong supports are placed at 41500 and 40500 levels. Buy on dips is recommended in this commodity for the short term trading opportunities. Recommended Action: Buy. 

   

MCX COPPER FEB: Copper Feb prices opened the week lower but prices recovered strongly in the next two sessions and made a high of 408.30. Later prices corrected for the remaining week and broke down from its short term rising trend line support. Prices have also closed below its 23.6% Fibonacci retracement level of 390. Previously prices have rallied strongly in the last few months but failed to break above the previous high of 414.80. Prices are expected to correct further from these levels towards next strong supports placed at its 38.2% Fibonacci retracement level of 374.70 and further around its 50% Fibonacci retracement level of 362.35. On the higher side strong resistances are placed around 395 levels and further at its rising trend line currently placed around 400 level. Sell on rise is recommended in this commodity for the short term trading opportunities. Recommended Action: Sell.

 

MCX CRUDE OIL FEB: Crude Oil Feb prices opened the week flat and prices consolidated for the whole week in the range of 3560-3660. Prices closed the week almost flat around 3620 after inching up slightly in the last two sessions. Earlier prices have given breakout from its inverted head and shoulder chart pattern and recovered strongly after taking strong support at its previous top bottom rising trend line. Prices retested the previous breakout level which is suggesting a strong bullish trend in this commodity for the medium term perspective. Prices are expected to rise further from these levels towards next strong resistances placed at its recent high of 3780 and further at its previous multiple highs around 3950 level. On the lower side strong supports are placed at its recent low around 3550 level and further at its rising trend line around 3480 level. Buy on dips is recommended in this commodity for the short term trading opportunities. Recommended Action: Buy.

 

MCX NICKEL FEB: Nickel Feb prices opened the week on the strong note and prices continued to rise for most of the week and made a high of 707.40. Prices corrected in the last session and closed around 690 level. Previously prices have broken out from its medium term declining trend line resistance and retested the same in the previous week. Prices have taken strong support at its short term rising trend line and near its 61.8% Fibonacci retracement level of 633.6. Prices are expected to rise further from these levels towards next strong resistance placed at its recent swing high around 725 level and further around its 61.8% Fibonacci retracement level of 745. On the lower side strong supports are placed around 670 level and further around its 61.8% Fibonacci retracement level of 633.60. Buy on dips is recommended in this commodity for the short term trading opportunities. Recommended Action: Buy.


MCX COTTON FEB:
Cotton Feb prices opened the week sharply lower and prices corrected till 20020 level. Later prices recovered strongly and continued to rise for the whole week and made 5 months high of 20900. Prices have taken strong support at its short term rising trend line on the daily chart and have been rising in the last six weeks after taking strong support at its medium term rising trend line. Prices have also broken and closed above its 38.2% Fibonacci retracement level of 20440 and are expected to continue this up move towards next strong resistance placed at its 50% Fibonacci retracement level of 21120. Further prices are expected to move up towards next resistance placed at its 61.8% Fibonacci retracement level of 21800. On the lower side strong supports are placed at its recent low of 20020 and further at its previous top bottom support level around 19760. Buy on dips is recommended in this commodity for the short term trading opportunities. Recommended Action: Buy.


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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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