Buy MCX Silver March: Immediate resistance is at 39375 | Commodity trading | Technical views on commodities | Indianotes.com
MCX SILVER MARCH
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
MCX CRUDE OIL MARCH
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.
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.
MCX DHANIYA APRIL
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.
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