MCX Crude Oil: Sell on break of 3989 for targets of 3900 & 3850 levels | Buy NCDEX Natural Gas | Buy MCX Nickel | Buy NCDEX Soy Oil | Indianotes.com
MCX CRUDE OIL MARCH: After retesting the trend line resistance during Tuesday’s session crude oil prices opened with a gap down at 4019 and tumble till the low of 3961 and finally ended at 3998. Now the key support of previous swing high is at 3989 and a convincing trade below that will draw down the prices till 3848 and lower. Therefore, we advise selling on break of 3989 for targets of 3900 then 3850 levels. Action: Sell
MCX NICKEL FEBRUARY: On Wednesday, nickel prices reclaimed higher after opening at 878 and surged till the high of 899.50. The price has penetrated the flag pattern and has settled above that. Now the immediate resistance is at 898 and a convincing trade above that will extend the commodity till 930 then 945 levels. Thus, we recommend buying above 898 levels for above mentioned targets. Action: Buy
MCX NATURAL GAS FEBUARY: In line with expectation natural gas prices inched higher during yesterday’s sessions and made high of 173.90 and finally ended at 172.60. The prices are slowly inching higher and the immediate resistance is at 174.90, surpass above that will extend till 180 and higher. Therefore, we continue to recommend buying around the supports of 170.50 for the day. Action: Buy
NCDEX SOY OIL MARCH: In yesterday session, Soy oil prices witnessed sharp gain in the late session and ended almost near the high at 751.15. On the technical chart, prices have penetrated the resistance of the triangle pattern and now the next immediate resistance is at 754, surpass above that will surge till 760 and higher. Therefore, traders are advised buying around 748 levels for above mentioned targets of 754 then 760. Action: Buy.
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