Choice International Ltd
Published on 22/09/2017 11:05:36 AM

Crude Oil

MCX Crude Oil price has completed retesting of the breakout point and moved back upward which signal that bulls are controlling the move. In addition, price has been trading above 21 EMA on the daily chart. Moreover, daily RSI has moved above the falling trendline which suggests chances of more upsides in the price. For now, we keep our view to bullish on MCX Crude with and expectation of move towards 3400 levels in the few trading session.

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Choice International Ltd
Published on 22/09/2017 11:05:15 AM

Copper

In daily chart, the MCX Copper price has been taking a breather after steep fall from the high of 451. The price has sustained below 21 EMA on the daily chart which suggests weakness going forward. In addition, daily RSI is in bearish crossover and falling. Based on the above analysis we can come out with a view that MCX Copper may continue to move southwards; on the lower end price may reach towards 410 levels over the short term.

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Choice International Ltd
Published on 22/09/2017 11:04:32 AM

Silver

In the hourly chart, MCX Silver price has been moving down with a lower top lower bottom formation which suggests growing pessimism among the short term traders. Moreover, price has fallen below 21 EMA on the daily chart which confirms the reversal of the earlier uptrend. In addition, RSI has fallen below the rising trendline which suggests near term weakness. Short term trend remains bearish; on the lower end price may move towards 39000 over the short term

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Choice International Ltd
Published on 22/09/2017 11:03:57 AM

Gold

In the hourly chart, MCX Gold price has been moving within a downwards falling channel, which is a bearish set up. In addition, price is on corrective mode for the last few trading session. In addition, RSI has come out of its overbought zone and fallen below the rising trendline which suggests near term weakness. Short term trend remains bearish; on the lower end price may move towards 29300 over the short term.

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Enrich Commodities India Pvt.Ltd
Published on 22/09/2017 10:56:11 AM

Technical View

Short term Intraday Opportunity

Intraday four-hour chart has formed “Rising wedge pattern” as pattern yesterday retested support line at $50(3240) which is previous resistance become support as well as psychological prices barrier so again maintain strict stop loss at $50 go long position to expected upside rally to reach $51-52(3300-3365) within short span of time.

Trailing Support holds at $50(3215). A break below support line could lead the selling pressure towards 49.20 (3160) level.

Medium Term:

The crude oil market trend gives us the impression that the lower highs and lower lows are constantly repeated. Since Feb 2017, it’s the first-time crude oil prices break through lower high which is an indication of trend reversal from negative to positive momentum towards 52-55(3333-3500).

Indication: The crude oil price on the daily chart 50-day short term moving average crossed over long term 100 day moving average at $47.40 (3050), indicating bullish momentum.

The view of price action which is a 50-day moving average is likely to crossover 200 day moving average.

Crude oil daily chart has formed “Symmetrical triangle pattern”. Prices have broken the resistance line at $49.50(3175) and the expected short-term target has reached at $ 51(3300). Currently prices hold above the 200 day Moving average line which is a positive indication towards $52-55(3350-3500). Support holds at $50(3215).

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Enrich Commodities India Pvt.Ltd
Published on 22/09/2017 10:55:37 AM

Technical View

Short term Intraday Opportunity

Intraday hourly chart has formed “Falling wedge pattern”. The pattern has reached 5 cycles which has almost reached target. It is likely that prices may rise upside to next crucial place at $1306(29650). If it breaks above and closes the hourly candle, buy and hold long positions towards $1315-1325(2965-29850). Revised trailing stop loss holds at 1294(29440).

Medium Term:

The daily gold chart has formed “Ascending broadening wedge. “. In this pattern, our second target has reached at $ 1289(29440), as well as tested 50 day moving average. Today we can expect a small pullback and profit booking towards $1302 for short covering and reaming bearish momentum. Next additional support impacts 100 day moving average towards $1266(28750). Resistance holds at $1325. A break above $1305 and close of the daily candle could lead to retracement towards $1325 level.

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