MCX Silver: Buy around 38660 levels | Sell NCDEX Cocud | Buy MCX Nickel | Buy NCDEX Soy Oil | Indianotes.com
MCX SILVER MARCH: Silver prices which have been consolidating in narrow range for last few sessions has once again retested the short term trend line supports in the early sessions of the day and later on it reclaimed higher by breaching immediate resistance of 38670. Now according to the retracement the next resistance of 61.8% is at 39165 then 39600 levels. Going forward, the silver prices are likely to rebound till the resistance of 39160 levels and higher, thus we recommend buying around 38660 levels. Action: Buy
MCX NICKEL FEBRUARY: As expected, nickel prices surged higher during yesterday’s session and inched till the high of 896.30 and settled at 895.50. Price which gave a break of the flag pattern is likely to propel the prices to the further highs till the 917 levels in coming sessions. Thus, we continue to recommend buying on dips around 891 for upside targets of 910 then 917 levels. Action: Buy
NCDEX COCUD MARCH: Cocud March contract prices finally penetrated key rising trend line support on Thursday and tumbled till the low of 1602 and settled at 1604 losing 1.84%. Price breaching the trend line has shifted the out look to bearish and according to the retracement next support of 61.8% is seen at 1553. Thus, traders can initiated selling on minor pull backs around 1612 for above mentioned targets. Action: Sell
NCDEX SOY OIL MARCH: In line with expectation, soy oil prices surged higher in yesterday’s session and ended at 754. The price has penetrated the previous swing high of 754 and ended just above that. Now the next resistance is seen at channel is seen at 760. Therefore, we continue to recommend buying for above mentioned targets of 790 for the day. Action: Buy.
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