MCX Crude oil
MCX Crude oil Dec futures is concerning primary uptrend line support drawn by joining lows of Oct and Nov on daily chart.
Prices are on verge of re-testing the uptrend line support, long position can be initiated on the same, for upside targets of 5100 – 5200.
RSI (14 days) is trading in neutral zone and is in line with chart pattern.
Recommendation: Buy Crude oil at Rs4950 for a target of Rs5150. Stop loss at Rs4850.
MCX Silver over a extent of one month has formed the double top pattern on daily chart and neckline support is pegged at 54,000 levels.
Projected target according to pattern is around 50,000 levels. Short position can be initiated on break of 54000 levels.
RSI (14 day) & MACD both are pointing in neutral zone and are on verge of entering over sold.
Recommendation: Sell Silver below Rs54000 for a target of Rs50200. Stop loss at Rs56011.
MCX Zinc has completed sort of bullish head and shoulders pattern on daily chart, prices are sustaining well above the neckline support that is pegged at 97 levels.
Anticipated target is around 105 levels, long position can be initiated on any correction/re-test of the same.
Weekly RSI (14) is placed in neutral zone and showing neutral tendency.
Recommendation: Buy Zinc at Rs99 for a target of Rs103. Stop loss at Rs97.
Primary uptrend line drawn by joining lows of Oct – Nov is intact on daily chart.
Long positions can be initiated around trend line support for the upside targets of 3600 – 3640.
RSI (14) is well balanced in positive zone, signifying upper hand of bulls over bears.
Recommendation: Buy Chana at Rs3500 for a target of Rs3580. Stop loss at Rs3460.
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