CRUDE OIL :
MCX Crude Oil price has completed bearish ABCD harmonic pattern and is poised to have a correction in the short term. In addition, price has made a double top at 3474 and expected to witness a steep pullback in the short term. Moreover, daily RSI has given a rising trendline breakdown on the daily frame which suggest near term weakness in the price. Based on the above analysis we can come out with a view that Crude price may slip towards 3100 over the short term.
In daily chart, the MCX Copper price has moved up above the range bound pattern. Moreover, price has moved above 21 EMA in the daily chart which suggests waning bearishness in the commodity price. In addition, daily RSI is in bullish crossover and rising. Based on the above analysis we can come out with a view that MCX Copper may recover upward from the current level; on the higher end price may reach towards 445 levels over the short term.
In the daily chart, MCX Gold has given a rising trendline breakdown, which indicates reversal of the ongoing positive trend. In addition, price has slipped below the 21 EMA in the daily chart which again a bearish set up. Moreover, RSI has given trendline breakdown in the daily chart which suggests near term bearishness. Based on the above technical we can come out with a view that the short term trend to remain bearish, on the down side price may slip towards 29000.
In the daily chart, MCX Silver has given a trendline breakdown which indicates the near term weakness. Moreover, price has sustained below 21 EMA in the daily chart, which suggest weakness going forward. In addition, RSI has moved below the trend line, which suggests near term bearishness. Short term trend remains bearish; on the lower end prices may move towards 38700 over the short term.
Guarseed (Nov) prices look likely to move higher taking some much needed correction in the markets. The likely target on the higher side is 3800 and 3850 levels initially. A close above 3900 can likely trigger a bullish rally. However, for now the move higher is only a correction. Support are at 3650 levels, a close below which can resume the move downwards. Traders can look to pick longs around current levels and on dips towards 3700 with stops below 3650.