Choice International Ltd
Published on 9/01/2018 11:03:37 AM

Crude Oil

Crude Oil prices has started the day on positive note and traded in range bound momentum for entire day. Overall, Crude Oil is in bullish trend where it has given breakout of “pennant” pattern and sustained above it on daily charts. Moreover, price has traded above 21 days EMA on daily chart. Furthermore, MACD is in buying mode with positive crossover. Based on the above technical structure, we continue our bullish view in Crude Oil for upcoming day.

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Choice International Ltd
Published on 9/01/2018 11:03:05 AM

Zinc

On the daily chart, MCX Zinc has been trading in rising channel with upside bullish move; which indicate bullish trend will continue further. Moreover, momentum indicator RSI (14) reading is at 66.70 with positive cross over which indicate bullishness in the counter. Furthermore, MACD has also shown positive crossover on daily chart. Therefore, based on the above technical aspect, we expect bullish move in MCX Zinc future.

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Choice International Ltd
Published on 9/01/2018 11:02:43 AM

Copper

On the daily chart, MCX Copper has given rising channel breakout after a long bullish rally, which indicate down trend will continue further. On the other hand, price has retracted from rising trend line on weekly chart; which react as resistance zone for short term. In addition, upper band of Bollinger pattern has also restricted the prices to move further up. Moreover, RSI (14) has shown negative crossover. So based on the above technical structure, we expect downside movement in MCX Copper future.

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Choice International Ltd
Published on 9/01/2018 11:02:14 AM

Silver

On the daily chart, MCX Silver has been consolidating above falling trendline breakout. On the other hand, COMEX Silver has traded near 61.8% retracement level; which gives more positive strength to the prices. Moreover, COMEX price has crossed 100 and 200 days EMA with strong bullish candle in daily chart, which indicate long term bullishness in the prices. Based on the above technical set up and indicators, we expect a bullish move in MCX Silver price.

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Choice International Ltd
Published on 9/01/2018 11:00:13 AM

Gold

On the daily chart, MCX Gold has started the day on flat note and shown some positive upside movement; where it has crossed previous day high. Overall, Gold is in bullish trend and trading above the falling trendline breakout on weekly chart. In addition, Price has sustained above 21 EMA on weekly chart. Moreover, momentum indicator RSI (14) reading is at 51 levels with positive crossover. Based on the above technical aspects, we expect a bullish movement in MCX Gold price.

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Enrich Commodities India Pvt.Ltd
Published on 9/01/2018 10:09:58 AM

CRUDE OIL

Technical outlook

Crude Oil Daily chart continues in “Rising wedge” pattern. The trend remains bullish as prices retested a Key support level at $60(3810). As per the technical aspects of the pattern, the retest is expected to push the market furthermore and the upside rally could test $63-64(4000-4064) levels in the upcoming sessions. Once the market reaches the major resistance level holding at $64(4064), then it might have a chance to turn bearish once again. RSI indicates overbought near 71.80 points.

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Enrich Commodities India Pvt.Ltd
Published on 9/01/2018 10:08:33 AM

GOLD

Technical outlook

Gold daily chart formed “Rising wedge” pattern. The last session seems consolidated near the channel’s support line but bearish in trend inside the channel. As per the technical aspects of the pattern, the market is expected to retest the level and rally on bullish once again. The upside rally could test $1325-1330(29420-29545) levels in upcoming sessions. Alternatively, if market breaks below the support slope line then it might continue in bearish momentum. Major resistance holds at $1330(29545) and previous resistance become support at $1300(28795). RSI reading overbought near 71 points.

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