Commodities - Technical Analysis

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Wednesday, August 27, 2014

Ncdex Chana Sept expiry contract has turned bearish on chart as short trend remain negative and small pullback from current levels can be considered as fresh selling opportunity, Immediate down fall in prices is possible till 2782 & 2744 range while 2990 will be acting as short term trend reversal point, if market holds and trades above this level then we may see sharp recovery in prices.
Major support levels are seen near 2800, 2780, and 2744 while immediate resistance levels are seen near 2858, 2876, 2903, 2934 & 2990.
Recommendation- sell at 2890-2910 Target 2744 SL above 2990
Ncdex Cocud Sept expiry contract is looking positive on chart for short term. Right now, it is trading near critical support zone and fresh buying is recommended at current levels. Immediate upside is possible in prices till 1804 & 1826 , while 1740 will acting as critical support levels , if market hold and trade below this level then we may see sharp decline in prices from current levels. Major support levels are 1738, 1716 & 1694 while major resistance levels are 1782, 18047 & 1826.
Recommendation – Buy at 1760-55 with sl below 1735 Target 1820
MCX Zinc Sept expiry contract is holding in range from last 2 weeks with bearish bias, trade may consider selling near 144 range with strict stop loss above 147.5, we may see sharp decline from current levels till 139.2 & 137.60 meanwhile 147.5 will acting as short term trend reversal point, if market holds and trades above this levels then bullish momentum will beck to the market and major upside move may happen till 155 & 160 range.
Important support levels are seen near 139.25, 137.6 & 135 while important resistance levels are seen near 143.4, 14.2, 145.85 & 147.50
Recommendation – Sell at 144-145 Target 139.4 & 137.6 SL above 147.5



MCX Mentha Oil Sept expiry contract has turned negative on chart after a critical breakout near 708 range and market is expected to remain negative until and unless it holds and trade above 725 for short term. Traders are advised to create short position on pullback.
Important support level is seen near 680, 674 & 657 while major resistance levels are seen near 716, 725.9 & 742.9

Recommendation – Sell at 700-705 Target 674 & 660 SL above 725


MCX Cardamom Sept expiry contract has taken correction from recent high of 999.9 till 938.7, now market is consolidating near short term support zone while trend is still positive and fresh buying can be considered on dips. Cardamom may find strong support near 925 which will act as a short term reversal point and buying can done with stop loss below this level.
Important resistance levels are seen near 946, 961, 974.4 & 999.9 while important support levels are seen near 934, 920, 881 & 841.

Recommendation – Buy at 938-930 with sl below 924 target 974 & 985


MCX Lead Sept expiry contract is looking positive on chart for short term and immediate upside in prices is possible till 139.4 to 141 ranges, traders are advised to consider buying on small dips near 135-134 range, market may see a short term trend reversal if holds and trades below 131.8. Important support levels are 134.4, 133.15 & 131.8 while important resistance levels are 138.15, 139.4 & 140.6.

Recommendation – Buy at 135-134 Target 139.4 & 141 SL below 131.4



Spot Gold in trading near critical support zone of 1270-1260, if market holds and trades below this then we may see sharp decline in market 1254 & 1230  range . Short term weakness has emerged on chart and small pullback from current levels is seen as fresh selling opportunity.

MCX Nickel August expiry contract has been stuck up in tight range of 1155-1110 from last 2weeks and finding strong resistance near 1155, as marekt is unable to hold and trade above 1155, current trend stand netural with slight bullish bais. Traders are advised to stay long on dips near 1120-1110 with strict stop loss beow 1097. Major support levels are seen near 1117, 1103, 1097 & 1089 while major resistance levels are seen near 1137, 1145, 1159 & 1173. Short term trend reversal is poosilbe below 1097.
Recommendation – Buy at 1120-1110 Target 1155 SL below 1097
MCX  Natural Gas Sept expiry contract has bounced from 225 after a sharp delicne from 290 levels and finding strong support near 233-225 range, as immediate tredn looks posive buying can be intiated near 233 with strict stop loss below 224, Major upside resistance is see near 241.5, 245.7 & 249.9 while important support levels are see nenar 233.1, 228.9 & 224.7
Recommendation – Buy at  232-230 Target 249 SL below 224

MCX Cotton oct expiry contract is fidning support near 17900-17640 range may boucning from currect levesl after a sharp decline from 20556 to 17246 .Market is in a immeidte bullsih tredn untill and unless it holds and trades below 17640 range, traders can buy with strcit stoploss of this levels. Important resistance is seen near 18586, 18800 & 19010 while support is seen near 18166, 17956 & 17640.
Recommendation – Buy at 18100 Target 18800 SL below 17900

Ncdex Dhaniya Sept expiry contract is expected to remain negative on chart as market is continue to hold and trade below short term support line, immediate downside is possible till 11704, 11417 & 11129 while 12313 will act as short term reversal zone, if market holds and trade above this level then we may see sharp recovery in prices.
Immediate resistance is seen near 12118, 12290, 12580 & 12870.
Recommendation – Sell at 12000 Target 11420 SL above 12320
Ncdex RM Seed Sept contract has bounced from recent decline of 3388 levels and finding resistance at 3510 range, if market unable to hold above this level and we may see further decline from current levels. Immediate support is seen near 3438, 3397 & 3200. Traders may consider selling on pullback near 3500 range. Short term trend reversal point is seen near 3550 range, if market holds and trades above this level then we may see sharp recovery in prices till 3588 & 3600 (next resistance levels)
Recommendation – Sell at 3500 Target 3400 SL above 3550

MCX Silver Sept expiry contract continuing hold and trade in short term bearish trend as per our last recommendation. Market may see further decline from current levels until and unless it sustains above 43300 ranges which will be acting as trend reversal point. Immediate support levels are seen near 41280, 40868 & 40400 while resistance is seen near 42280, 42893 & 43300.
Recommendation – Sell near 42500 Target 40400 SL above 43300

MCx Gold Oct contract is trading near critical support zone where market has already broken support line at 28100, traders can consider aggressive selling below it. Immediate target is seen near 27900 & 27452. Gold may face stiff resistance near 28340, if market hold and trades above this levels then sharp recovery is possible till 28680 levels.

Recommendation – Sell at 28100 Target 27452 SL above 28340



MCX Crude Oil Sept expiry contract is trading weak as per our latest recommendation and expected to remain weak following negative trend from last 3 weeks. Immediate downside move is possible towards support levels of 5630, 5573 & 5513 while major resistance is seen near 5813, 5890 & 5940.

Market may face stiff resistance near 5940 which will be acting as short term trend reversal point and if market hold and trade above this level then further upside move is possible till 6100 & 6300.


Recommendation – Sell at 5730-55 Target 5513 SL above 5820

MCX Copper August contract has turned weak on chart as market has broken all short term moving averages and immediate down side is possible till 411.7 & 401.5 while trader may consider selling near 425-429 range. Market is facing stiff resistance near 433 ranges; if market holds and trades above this level then we may see sharp recovery till 443 & 452

Recommendation – Sell at 425-429 Target 411 & 405 SL above 433





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