MCX Crude Oil: Sell on break of 4090 levels for down side targets of 4000 then 3960 | Sell NCDEX Guar Seed | Sell MCX Gold | Sell NCDEX Turmeric | Indianotes.com
MCX CRUDEOIL MARCH: After last few sessions of vertical recovery the crude oil prices witnessed minor selling pressure around the trend line resistance and slipped till the support of 4093 and finally ended at 4115. Ahead, break down of the trend line support of 4090 will provide a sharp correction till 4000 then 3960 levels. Thus, trader can sell on break of 4090 levels for down side targets of 4000 then 3960. Action: Sell
MCX GOLD APRIL: The Gold April contract prices finally breached the key trend line support of 30360 during yesterday’s session and made close below that. The price has given bearish break down and the next supports are seen at 30030 then 29800 levels. The momentum indicator RSI and stochastic have made bearish cross over. Therefore, for the day the immediate resistance is at 30360 and we recommend selling around these levels for above mentioned targets of 30030 and lower. Action: Sell
NCDEX GUARSEED APRIL: After opening at 4301, guar seed prices retested the neckline resistance of Head and shoulder pattern and from there it slipped till the low of 4265 and finally ended at 4275. According to the pattern the trend is look bearish and mean while the immediate support of rising trend line is at 4200 then 4150 levels. Therefore, guar seed price is likely remain lower and advise selling around 4290 for above mentioned targets. Action: Sell
NCDEX TURMERIC APRIL: Inline with expectation turmeric prices declined further during yesterday’s session and ended near day low of 6636. Price has penetrated 50% retracement support and thus the next support is seen at 6470 levels. Thus we continue to recommend selling around 6700 for next targets of 6500. Action: Sell.
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