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MCX Gold April: Sell on rallies around 28540 levels

Way2wealth | 14 Mar, 2017  | Follow Author | Add to my Favourites 
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Technical View:

 

MCX GOLD APR: During the last week, Gold April contract prices extended its losses and declined till the low of 28251 mark and finally ended at 38366 mark.


- Gold prices have tested the immediate support of 50% retracement mark in the previous week and settled just above it along with a Doji candle stick formation on the daily chart. Going ahead, prices are likely hold the support of 50% retracement level for this week and could lead to recovery in the coming session till 29650 then 29860 levels. However a convincing close below 29300 will extend fall till the next key support of 61.8% retracement level of 27960.


- Momentum indicators, MACD is still on a positive note, while the RSI indicator sharply declined from 0.49 – 0.44.


- For the week, we expect minor pullbacks in the coming session and recommend selling on rise around 28540 levels for targets of 28000 levels.


Recommended Action: Sell.

       

MCX CRUDE OIL MARCH: After a long period of consolidation, crude oil prices finally breached the broad range and witnessed massive fall last week by losing 9.00%.


- On the weekly chart price has penetrated the primary trend line support of 3250 mark and settled under it. For the week, immediate resistance is at 3320 level. The prices breaching the major trend line have shifted the overall trend to bearish. Now, according to the retracement level the support is seen around 3060 levels.


- The momentum indicators, RSI and MACD both have declined sharply along with prices is indicating downside momentum.


- For the week, crude oil prices are likely to trade with negative baisness and we recommend selling on pull backs around 3260 levels for targets of 3160 then 3060 levels.


Recommended Action: Sell. 

   

MCX COPPER APRIL: Copper April prices witnessed sharp decline in the previous week by penetrating the key support of 388 mark and ended at 382.80 losing 4.10%.


- Prices have given a breakdown of Head and shoulder pattern and ended below the neckline supports. According to the pattern the downside targets are projected till 370 then 362 levels. While the immediate neckline resistance is at 386 then 397 levels.


- Momentum indicator MACD has made a negative cross over and the RSI has also extended its fall is signaling downwards momentum.


- For this week, we expect prices to remain under pressure and recommend selling around resistance of 386 for targets of 372 then 368 levels.


Recommended Action: Sell.

 

NCDEX SOY OIL APRIL: Soy Oil April contract prices once again turned lower in the last week after opening at 662 and slip till the low of 367 and ended at 647 mark losing 2.80%.


- On the technical front, the prices have almost retested the trend line resistance and turned lower by breaching the immediate support of 50 % retracement mark and settled below that. Ahead, the trend looks to remain weak and the prices are likely to draw down till the next support of 61.8% retracement level of 422 mark.


- The momentum indicator RSI and MACD both the indicators are in the negative zone, signifying downward bias.


- For this week, as said above the prices are likely to remain downward and recommend selling around 640 level for downside targets of 630 then 625 levels.


Recommended Action:
Sell.

 

NCDEX COCUD APRIL: Last week, Cocud April contract prices tumbled sharply from the high of 2300 and ended almost near the week’s low of 2207 mark losing 3.50%


- On the daily chart, prices have breached neckline support of the Ascending triangle pattern and settled below that. Now, according to the pattern the downside targets are seen till 2080 levels. While on the higher side the immediate resistance is at 2225 then 2290 levels.


- The momentum indicator RSI and MACD both are continuously sliding lower and signifying downward momentum.


- Going ahead, cocud prices are likely to remain under pressure and we could see prices slipping till the low of 2150 then 2120 on immediate basis. However the overall targets, according to the pattern are at 2080 levels. For the week, we recommend selling around 2225 levels for mentioned targets.


Recommended Action: Sell.

 

NCDEX RM SEED APRIL: After a week before last massive gains, RM seed prices traded on corrective move last week and retracted till the low of 3871 and finally ended at 3894 mark.


- On the weekly chart, prices have exactly tested the previous candle high support as well as the breakout trend line support and have recovered from the same. Prices holding above the trend line are indicating further bullishness in the counter and we expect the prices to move higher till the next resistance of 4020 levels.


- While the immediate support is at 3860 and the crucial support of the whole at 3800 mark break down below that will turn the scenario bearish.


- For the week, we recommend buying on dips near the support of 3870 levels for above mentioned targets of 4000 and higher.


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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