Daily trading bites: Sell MCX Crude Oil around 3472 | Buy MCX Nickel | Buy NCDEX Cocud | Buy MCX CPO | Indianotes.com


Since the 1st week of October, crude oil prices have been trading on a positive note and in yesterday’ssessions it hit 8 months high of 3572. After the release of EIA inventory data prices gradually slipped lower due to profit booking and finally end at 3510. Ahead, the immediate support is at 3472, break below that will draw down the prices till the rising wedge pattern support of 3402 levels. Thus, we recommend selling on break of 3472 for targets of 3400.


After prior sessions massive gains, Nickel prices once again opened with a gap up at 810 and rose till the high of 841. In the second half it slipped slightly lower and ended at 819 mark. Price has given long-term trend line break out and shifted the overall outlook to bullish. However, ahead we expect prices to correct till the supports of 790 levels and recommend buying at given support for targets of 830 then 845 levels.


As expected cocud December contract prices inched higher slightly during yesterday’s session and ended at 1513 gaining 1.40%. This up move is likely to continue further till the resistance of 1576 levels and thus we continue to recommend buying in cocud on corrections for given targets of 1554 then 1576 levels.


On Wednesday, CPO November contract price witnessed sharp bounce by breaching the triangle pattern resistance of 548 and ended at 552.30. The bullish break out the triangle pattern is likely to pull the prices higher till 575 levels in the coming sessions. Thus, we advise buying around 548 levels for the targets of 565 then 570 levels

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