Choice International Ltd
Published on 19/01/2018 12:38:39 PM

Soybean

On the weekly chart, NCDEX Soybean has given breakout of Inverse H&S pattern; which is a more reliable setup, reversal of current downtrend. In addition, Prices has been trading above 100 EMA on weekly chart. Moreover, momentum indicator RSI (14) has sustained in buying mood. Furthermore, MACD has also supported the trend with positive crossover. Based on the above technical structure, we expect bullish movement in NCDEX Soybean Feb.

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Choice International Ltd
Published on 19/01/2018 12:38:26 PM

Turmeric

On the daily chart, NCDEX Turmeric price has sustained below middle band of Bollinger pattern; which act as immediate resistance zone in up trend. Moreover, Price has traded below 21 days EMA, which shows further break down in the counter. In addition, momentum indicator RSI (14) has reversed from overbought zone. Based on the above technical structure, we expect bearish movement in NCDEX Turmeric Apr. future.

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Choice International Ltd
Published on 19/01/2018 12:38:03 PM

Natural Gas

On the daily chart, MCX Natural Gas price has formed bearish “ABCD harmonic pattern”, which is a setup of trend reversal. In addition, Price has retreated form upper band of Bollinger pattern on daily chart, which also confirmed bearish momentum in the counter. Moreover, momentum indicator RSI (14) has reversed from bullish mood. Therefore, based on above technical studies we expect further bearish move in MCX Natural Gas.

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Choice International Ltd
Published on 19/01/2018 12:37:43 PM

Crude Oil

Yesterday, MCX Crude Oil price has started the day on positive note and traded sideways but in second half of the session it has shown some correction for the day. On the weekly chart, Crude Oil has formed “Rising Wedge” formation; where price has sustained near the upper line of the pattern. On the other hand, NYMEX Crude Oil price has pulled back from three year high. Moreover, momentum indicator RSI (14) has traded in overbought zone with negative crossover. Based on the above technical structure, we keep our bearish view in Crude Oil future for short term.

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Choice International Ltd
Published on 19/01/2018 12:37:18 PM

Zinc

On the daily chart, MCX Zinc price has been trading in bullish trend from last couple of the days; where it has setup rising channel formation which indicate positive strength in the prices. In addition, On weekly chart, Zinc performed well and formed higher highs formation without enabling a selling pressure. Moreover, Price has taken support of 21 days EMA, which suggest upward rally going forward. Furthermore, momentum indicator RSI reading is at 63.30 level which point out positive breath in the counter. Therefore, based on the above technical aspect, we expect bullish move in MCX Zinc future.

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