Buy MCX Silver March: Immediate resistance is at 39375 | Commodity trading | Technical views on commodities |


In  the  last  week,  silver  prices traded in  narrow  range  of  38645-39271 and finally  settled  with minor losses at 38941 mark.

Prices   have   retested   the   break   out   trend   line  support and have rebounded from the same. Going ahead,   immediate   resistance   is   at   39375 and surpass  above  that  will  extend  the  silver  price  till  40100  then  40600  levels.  While,  on  the  lower  side supports are seen at 38400 then 38000 levels.

The  momentum  indicators  RSI  and  stochastic have stuck in the sideways range.

Thus, for  the  week,  silver  prices  will  continue  to  trade sideways to positive and thus we recommend buying  on  dips  around  38850  levels  for  upside  targets of 40000 then40500

Action: Buy


In the last week, crude oil prices extended its gains  and re-climbed higher above the 2015 swing high of 3989 and ended at 4125.

As   mentioned   above   the   prices   surpassing   the previous  swing  high  of  3965  has  once  again  brought  the prices in to rising trend channel and has shifted the  trend  to  positive.  Now  the  immediate level of 3965 holds as key support for the week.

The  momentum  indicator  RSI  has  witnessed  sharp  recovery from 55 to 64 and stochastic is still on the negative note.

For the week, the immediate support is at 4060 and if it manages to hold strong the upside pull back can be seen till 4240 and higher.

Therefore,  we  recommend  buying  on  dips  near  the  immediate  supports  of  4060  for  upside  targets  of  4240 and higher with strict stop loss at 3980.

Action: Buy

MCX Copper

After  penultimate  weeks  massive  gains,  copper   prices  corrected  slightly in  the  last  week and tumbled  till  the  low  of  458 and  finally  ended  at  464.50.

Since  mid-2017,  copper  price  has  been  trading within  the  rising  trend  channel  followed  with  flag pattern. In  the  penultimate  week,  prices once again  gave  break  out  of  boarding  triangle  pattern and ended  above  it.    For  the  week,  immediate resistance is at 465 and convincing hold above that will extend till 478 then 485 levels.

The  stochastic  has  made  positive  cross  over  on the  weekly  and  the  RSI  breaching  the  trend  line  resistance are indicating bullish momentum.

Therefore,  break  out  of  boarding  triangle  pattern  is  indicating  bullish  signs  and  thus  we  expect  copper prices to remain firm and could will extend towards the 478 then 485 levels in coming sessions and  recommend  buying  around  464  levels  for  the  week.

Action: Buy


After  last  few  weeks  of  constant  correction,  dhaniya  prices  opened  on  a  flat  note  in  the  last  week  and dipped  till  the  low  of  5382  and  thereafter  it  started recovering and finally ended at 5587. 

On  the  weekly  chart  prices  has  exactly  tested  the supports  of  rising  trend  channel  and  has  formed  doji  candle stick pattern near the supports. Going forward, the prices are likely to rebound from these levels and will head till the immediate resistance of 6020 levels.

The momentum ndicator RSI has slightly turned higher from  50  to  53.  But  the  stochastic  is  still on  the  negative note.

Hence,  this  week  dhaniya  price  are  likely to   witness strong  supports  around  5280  and  will  move  higher  till 5800  then  6000  levels  and  thus  recommend  buying  around 5500 with stop loss at 5280 levels.

Action: Buy

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