MCX Natural Gas: Buy around 171 levels | Buy NCDEX Cocud | Sell MCX Aluminium | Buy NCDEX RM Seed | Indianotes.com
MCX NATURAL GAS FEBUARY: On Tuesday, natural gas opened with a gap up and rose till the high of 172.90 and finally ended at 171.20 gaining 3.40%. In the Intraday chart, price has a former inverse head and shoulder pattern and according to that the upside targets are seen till 178 then 180 levels. Thus, we advise buying around 171 for above mentioned targets. Action: Buy
MCX ALUMINIUM FEBRUARY: After last two sessions of sharp surge the aluminium prices failed to hold above the trend line resistance of 144 and slipped lower during Tuesday’s session and ended almost near the day’s low of 142 forming bearish inverted hammer pattern. Now, the immediate support is at 142, break down below that will correct the prices till 139 then 138 levels. Thus, we recommend selling on break of 142 for downside targets of 138 with strict stop loss at 144.10. Action: Sell
NCDEX RM SEED APRIL: In line with expectation, RM seed prices propelled higher in the late session of Tuesday and closed at highest level of 4219. As mentioned in the previous report the prices have clearly given a bullish break out of flag pattern and according the rising trend channel the next upside resistance is seen at 4300. Therefore, we continued to recommend buying around 4205 for given targets of 4300 and higher. Action: Buy
NCDEX COCUD MARCH: After long correction for last few sessions the cocud prices has almost come down till the trend line supports. The prices have been consolidating near the supports and going forward we expect the cocud prices could rebound from the same till the immediate resistance of 1726 then 1750 levels. Thus, we recommend buying around 1620 for upside targets of 1680 then 1720 levels. Action: Buy.
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