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Published on 21/05/2019 11:17:25 AM | Source: Choice Broking Pvt Ltd

We expect bullish move for the day - Choice Broking

Posted in Commodities Reports| #Commodity Tips #Choice Broking

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Gold

Gold prices slipped on Monday, pressured by technical selling after repeatedly failing to breach $1,300 this week and as the dollar gained on the back of strong economic data from the United States. On the daily chart, In addition, price has retreated from middle “Bollinger Band” pattern and sustain below 21 days SMA which intimate near term trend remains bearish. Moreover price has been trading below Parabolic SAR, which suggests a further bearish movement in the counter. A momentum indicator RSI and MACD has shown negative crossover; which adds more bearishness to the price. Hence, we expect bearish move in Gold for the day.

 

Silver

MCX Silver prices closed down on Monday session. On the daily chart, price has given symmetrical triangle breakdown and sustained below it which indicates bearish move in the counter. Additionally, weekly price has sustained below 21 DEMA and lower band of Bollinger formation, which intimates bearish sentiments in the counter. Moreover, a momentum indicator RSI and MACD has shown negative crossover; which adds more bearishness to the price. So based on the above technical structure, we expect downside move for the day.

 

Copper

Copper closed down on Monday as hopes the United States and China would forge a trade deal overshadowed largely disappointing economic data from top metals consumer China. On the daily chart, price has taken given symmetrical triangle breakdown, which indicates further bearishness in the counter. Moreover, price has slip below lower Bollinger band which suggests bearish trend for near term. Hence, we are expecting bearish movement for the day.

 

Zinc

MCX Zinc prices closed down on Monday. On the daily chart, MCX Zinc (June) has given rising trend line breakdown; which indicate bearish in the prices. On hourly chart, Price has sustained below “Ichimoku Cloud", which reinforce bearish signals for near term. Furthermore, a momentum indicator RSI and MACD has shown negative crossover on the daily chart; which adds more bearish to the price. So based on the above technical structure, we expect bearish move for the day.

 

Crude Oil

Crude Oil prices closed flat over growing concerns of supply disruptions as tensions in the Middle East continue to escalate. On the daily chart, MCX Crude Oil has formed “Bullish Engulfing” candlestick pattern and moved above the prior range of 4360-4250 levels. Furthermore, price has sustained above 50*100 weeks SMA, which indicates bullish movement in the counter. On hourly chart, a momentum indicator RSI(14) and MACD has been trading higher with positive crossover. So based on the above technical structure, we expect bullish move in Crude Oil prices for the day.

 

Natural Gas

MCX Natural Gas prices closed flat on Monday session. On the daily chart, price has given falling trendline breakout, which indicates bullish rally continue further for near term. we expect moderate bearish sentiments for near term. Furthermore, price has been trading above Parabolic SAR, which suggest strong bullish trend to unfold. Moreover, price has moved above 21 days DEMA, which signifies bullish sentiments in the counter. A momentum indicator RSI(14) and MACD has been trading higher with positive crossover. Hence, we expect bullish move for the day.

 

Turmeric

NCDEX Turmeric price has closed at flat note on Monday. On the daily scale, price has given falling wedge breakout, which indicates bullish trend in the counter. Moreover, price has sustained above upper "Bollinger Band” formation, which indicates further support for near term. Furthermore, a momentum indicator RSI and MACD has shown positive crossover; which adds more bullishness to the price. So based on the above technical structure, we expect bullish move in the prices for the day.

 

Rmseed

NCDEX Rmseed price closed flat on Monday session. On the daily chart, price has sustained above lower “Bollinger Band” formation, which indicates further support for near term. Additionally, price has moved above 21EMA on an hourly chart. A daily momentum indicator RSI reading is at 51.00 levels with a positive crossover which points out for a bullish breath in the Counter. So based on the above technical structure, we expect bullish move in the prices for the day.

 


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