On the daily chart, MCX Aluminium has retreated from rising trend line and shown continue down fall from higher levels but today, Price has found the support of “50% retracement level” of its previous rise from 128.40 to 145.95 levels; which react as immediate support level for the prices, where price can get recover for short term. On the other hand, Price has also found the support of “horizontal line” on daily chart. Therefore, based on the above technical aspect, we expect bullish move in MCX Aluminium future.
On the daily chart, MCX Natural Gas has formed “Bullish Harami” pattern; which is a sign of trend reversal and indicate bullish move for medium term. In addition, Price has been trading between falling channel pattern; which suggest more positive strength in the prices. Furthermore, momentum indicator RSI reading is at 50.41 level with positive crossover on daily chart. Therefore, based on above technical studies we expect further bullish move in MCX Natural Gas.
MCX Crude Oil prices has started the day on positive note and traded higher for entire day. Overall, Crude Oil price is in bullish trend and trading near two and a half year of high. In addition, it is forming higher highs & higher low pattern on daily chart. 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.
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 retreated 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.
On the daily chart, MCX Silver has found the resistance of the trendline and retreated from highs after a one side bullish move. On the other hand, COMEX Silver has also pulled back from 61.8% retracement level and sustained below $17. Moreover, RSI has revoked from overbought zone; which suggest further bearish movement in the counter. Based on the above technical set up and indicators, we expect a bearish move in MCX Silver prices.
On the daily chart, MCX Gold price pulled back from 50% retracement level; which react as hurdle for the prices to move upward. On the other hand, COMEX Gold has slipped from its immediate support of $1315 on 4 hourly chart, which suggest further down side in the prices. Moreover, COMEX Price has sustained below 21 EMA. Furthermore, RSI has shown negative crossover on MCX chart. Based on the above technical aspects, we expect bearish movement in MCX Gold prices.