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Published on 6/08/2019 9:16:47 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

On the four hour time frame, MCX Gold (Oct) price gave a gap up opening on the Monday trading session and set a new lifetime high record of Rs. 37347. However price has slipped from it’s high but closed with positive note. Moreover, price has traded above an hourly rising trend line and it has been trading above 50*200 days SMA’s. In addition, momentum indicator RSI(14) and MACD have been moving with positive crossover, which shows more bullishness in the counter. On the basis of above technical formation, we expect bullish move for the day.

 

Silver

On the daily chart, MCX Silver (Sep) gave a gap up opening from Friday closing. Moreover, price has shown a positive breakout from rising Trend line and it has traded above 50*200 days SMA’s, which confirms more bullish trend. Furthermore, price has traded in the rising trend line channel, which adds more strength to upward movement. In addition, momentum indicator stochastic RSI(14) and CCI(10) have shown positive biasness. On the basis of above technical formation, we can expect positive move of the counter for the day.

 

Copper

MCX Copper price has gained almost 0.80% on the previous trading day. Moreover, price has pulled back from lower Bollinger Band and it has closed above 200 days simple moving average, which shows strength in the price to sustain at this level. On the other hand, price has also taken a support from the rising trend line. Additionally, momentum indicator Stochastic RSI (14) and CCI (10) traded at over sled region, which could give a positive move. So, we can expect moderate bullish trend for the day.

 

Nickel

On the daily chart, MCX Nickel(Aug) has closed with the gain of 4.00% on the Monday trading session. Moreover, price has shown a breakout from upper Bollinger Band and closed above this breakout, which shows further bullish move in the counter. Furthermore, price has traded above 50*200 days SMA’s and Parabolic sar, which is another signal for bullish trend in the counter. In addition, A momentum indicator Stochastic RSI (14) and CCI(10) have been moving at positive crossover, which is another confirmation for bullish movement of the price for the day trading.

 

Crude Oil

MCX Crude oil (Aug) price has closed with the gain of 0.51% on the Monday the trading session. Furthermore, price has pulled back from lower Bollinger Band in the previous trading session and it has closed above the rising trend channel, which adds more bullishness in the counter for near term. In addition, momentum indicator RSI(14) and CCI have shown neutral zone movement, which is showing indecisiveness in the counter. So, based on the above mix technical structure, we could suggest a moderate bullish move for the day.

 

Natural Gas

On the daily timeframe, MCX Natural Gas (Aug) price has declined by almost 0.80% during the last trading day. Moreover, price has traded in the range of falling Trend line channel and below 21 days simple moving average, which indicates continue bearishness in the counter. In addition, a momentum indicator RSI (14) and CCI (10) have continued negative bias, which further adds more downwards move of the price. So based on the above technical formation, we expect bearish move for the day.

 

RMSeed

On the daily time frame, NCDEX RM seed (Aug) has slipped 0.31% on the Monday trading session. Moreover, price has closed below 50*200 days EMA’s and Bollinger Band median line, which signify more bearishness in the counter. Furthermore, price has traded below rising Trend line, which confirms again downwards move. Additionally, momentum indicator RSI(14) and CCI(25) have shown negative crossover, which adds more strength for bearish trend in the counter. On the basis of above signals, we expect negative move for the day.

 

Soyabean

NCDEX Soybean (Aug) has declined by 0.78% on the previous day trading session. Moreover, price has closed below Bollinger Band median line and 200 days EMA’s, which shows more downtrend in the counter. Furthermore, price has been trading below falling Trend line, which acts as a strong resistance for the price. Additionally, momentum indicator RSI(14) and CCI(25) have moved on the negative bias, which is a another signal for continuation of bearish trend for the day. Hence, based on these technical formation we suggest downtrend for the day.

 

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