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MCX Gold February: Sell on rise for short term trading opportunities

Way2wealth | 31 Jan, 2017  | Follow Author | Add to my Favourites 
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Technical View:

 

MCX GOLD FEB: Gold Feb prices opened the week on the strong note and prices rose for the first session and made two months high of 28857. Later prices corrected for the remaining week and closed around 28353 after recovering slightly in the closing session. Prices have taken strong resistance at its previous top bottom rising trend line and corrected sharply for the last few sessions. Prices are expected to continue its previous bearish trend from these levels after four weeks of successful bounce and are expected to fall towards next strong support placed at its 50% Fibonacci retracement level around 27860. Further prices are expected to fall towards next support placed at its 61.8% Fibonacci retracement level around 27600. On the higher side strong resistances are placed at 28460 and 28860 levels. 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 few sessions in the range of 3580- 3650. Later prices broke the range on the higher side and made a high of 3696. Prices closed the week almost flat around 3608 after correcting sharply on Friday. Earlier prices have recovered strongly after taking strong support at its previous top bottom rising trend line and 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 3480 level and further at its 38.2% Fibonacci retracement level of 3436. Buy on dips is recommended in Crude oil for the short term trading opportunities. Recommended Action: Buy. 

   

MCX COPPER FEB: Copper Feb prices opened the week on the strong note with gap and prices continued to rise strongly for the next two sessions and made 7 weeks high of 409.45. Later prices corrected for the remaining sessions and closed around 404.40. Prices have taken strong support at its short term rising trend line around 389 level in the previous week. Previously prices have broken out from its medium term declining trend line resistance and rallied strongly in the last few months. Prices are expected to continue its uptrend from current levels towards next strong resistances placed at its last year’s high of 414.80 and further around 421.40 level. On the lower side strong supports are placed at its short term rising trend line currently placed around 397 level and further around its recent low near 389 level. Buy on dips is recommended in this commodity for the short term trading opportunities. Recommended Action: Sell.

 

MCX NICKEL JAN: Nickel Jan prices opened the week slightly higher and prices bounced in the opening intraday session till high of 675 before falling back towards previous close of 658.7. Prices continued to fall for most part of the week and made 7 months low of 636.5 on Friday and closed around 645.1 level. Previously prices have broken out from its medium term declining trend line resistance and have been correcting in the last 2 months. Prices have taken strong support around its 61.8% Fibonacci retracement level of 633.6 and retested the medium term rising trend line breakout level. Prices are expected to bounce from these levels towards next strong resistance placed at 725 level and further around its 61.8% Fibonacci retracement level of 745. On the lower side strong supports are placed around 635 level and further around its 78.6% Fibonacci retracement level of 786. Buy on dips is recommended in this commodity for the short term trading opportunities. Recommended Action: Buy.

 

MCX CPO FEB: CPO Feb prices opened the week flat and prices continued to rise for the two more sessions and made a high of 589.80. Later prices corrected sharply in the last session and given breakdown from its short term rising trend line support and its recent bottom support of 577. Prices have made a shooting star candlestick pattern on the weekly chart which a strong bearish signal for the commodity in the short term. Previously prices rose for the last three months and made almost 3 years high of 591. Prices are expected to correct from these levels towards next strong support placed at its 23.6% Fibonacci retracement level of 566.20. Further prices are expected to fall towards next support placed at its 38.2% Fibonacci retracement level around 551. On the higher side strong resistances are placed at 580 and 591 levels. Sell on rise is recommended in this commodity for the short term trading opportunities. Recommended Action: Sell.


MCX COTTON FEB:
Cotton Feb prices opened the week higher and prices continued to rise for the second session and made 5 months high of 20950. Later prices corrected sharply in the second session after four weeks of strong rally and made a low of 20110. Prices took strong support at its short term rising trend line on the daily chart and rose for the remaining week and closed around 20520. Prices have been rising in the last five 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 20118 and are expected to continue this up move towards next strong resistance placed at its 61.8% Fibonacci retracement level of 21272. Further prices are expected to move up towards next resistance placed at its 78.6% Fibonacci retracement level of 22093. On the lower side strong supports are placed at 20120 and 19860 levels. 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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