Sell MCX Crude Oil November: Prices are expected to correct further | Buy NCDEX Chana | Buy NCDEX Jeera | Buy NCDEX Kapas | Indianotes.com


MCX CRUDE OIL NOV: Crude oil prices opened sharply lower with gap in the last session and prices corrected further for first half of the session till low of 3587. Later prices recovered strongly in the remaining session and closed around 3621 level. Prices have been correcting since last two sessions after a week of consolidation and are expected to correct further from these levels towards next supports placed around 3560 and 3520 levels. On the higher side immediate resistances are placed around 3665 and 3715 levels. Action: Sell


NCDEX CHANA DEC: Chana prices have been recovering since last few sessions after prices took strong support near 4650 level and formed a potential triple bottom chart pattern. Neckline of the pattern is currently placed around 4940 level, above which prices are expected to recover further towards immediate resistance placed around 38.2% Fibonacci retracement of its fall from high of 6335 till low of 4586, which is placed around 5254 level and further around pattern’s target placed at 5325 level. Action: Buy


NCDEX JEERA DEC:
Jeera prices consolidated in a narrow range of 19520- 19720 levels in the previous session after a strong rally in the previous two sessions. Prices have recovered strongly from its cluster support zone placed around 18750 level and broken above its previous multiple swing highs near 19520 level. Prices are expected to rise further from these levels towards next strong resistance placed around 19900 level. Action: Buy


NCDEX KAPAS APR: Kapas prices opened higher in the last session and prices corrected for first half of the session till low of 905 and rose strongly for remaining session till high of 915. Prices have been rallying gradually after taking strong support at its short term rising trend line and also broken out from its short term declining trend line resistance. Prices are expected to rise further from these levels towards next strong resistances placed around 928 and 947 levels. Action: Buy

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