On the daily chart, NCDEX Jeera Jan. future has found the support of middle band of “Bollinger” pattern and bounced back form there. Over all, Jeera price has been trading in bullish trend, which indicate price will move in the same direction. Moreover, 21 days EMA has supported the prices and turned back in to bullish trend. Furthermore, momentum indicator RSI (14) has shown positive bullish move in the counter. Based on the above technical structure, we expect bullish movement in NCDEX Jeera future.
NCDEX Cotton Seed Oil Cake prices fell down consecutively in the second trading session after hitting a near seven month high in previous session. On the daily chart, price has retraced from upper band of “Bollinger” pattern and sustained below it; which suggest further down trend in short term. Moreover, daily momentum indicator RSI (14) has sustained above overbought zone; which indicate further correction in the prices form higher levels. Based on the above technical structure, we recommend negative move in Cotton seed oil cake
Natural Gas :
Natural Gas price increased by 7.10% on Thursday after the storage data. On the other hand, price has bounced from 61.8% retracement levels on weekly chart; which react as strong support level for Natural Gas prices. In additions, “Bollinger” pattern has also supported the prices; where it has turned back from lower band of the pattern. Therefore, based on above studies we expect further upside move in MCX Natural Gas.
Crude Oil :
Yesterday, Crude Oil price has traded in range bound movement for entire day, where it has sustained above psychological level of 3800. On the other hand, MCX Crude Oil has given breakout of “Symmetrical triangle” pattern and traded above the upper band of “Bollinger pattern” on daily chart. Moreover, price has traded above 21 days EMA on daily chart; which react as support levels for the prices. Furthermore, MACD is in bullish trend with positive crossover. As per the above technical structure, we expect bullish movement in Crude Oil.
MCX ZINC has given breakout of “Falling Wedge” pattern on daily chart, which suggest bullish move will continue further. In addition, weekly chart of Zinc shows good strength and prices are rising continuously from last three weeks. Moreover, price has sustained above 21 days EMA, which support the bullish trend. Furthermore, MACD has turned into positive crossover. As per the above technical aspect, we expect bullish rally in MCX Zinc.
Copper price surged to the high in almost four year after the one side bullish rally from 425 level, where Copper has traded higher and higher without enabling selling pressure. Moreover, momentum indicator RSI (14) has shown good positivity and sustained above overbought zone. Furthermore, MACD is in bullish crossover which shows positive breath in the counter. Based on the above technical structure, we expect bullish movement in MCX Copper over the short period of time.
MCX Silver has sustained above 50% retracement levels and traded above its range bound pattern on the daily chart which suggest, trend has reversed from down to up. Moreover, price has moved above its 21 EMA on the daily chart. Momentum indicator RSI (14) has reversed from the oversold zone and entered into a bullish crossover. Furthermore, MACD is in bullish crossover; which suggest bullish trend for near term. Based on the above technical set up and indicators, we expect a bullish move in MCX Silver price.
On the daily chart, MCX Gold price has reversed from low after taking a support of the lower band of channel pattern. In addition, price has moved above the range bound movement and shown continues bullish rally from last four days. Moreover, 21 days EMA supported the prices on daily chart. Furthermore, momentum indicator RSI (14) reading is at 55.6 levels, which gives positive breath to the prices. Based on the above technical aspects, we expect a bullish movement in MCX Gold price.