Sell MCX Zinc March around 221 at stop loss of 223.60 | | Buy MCX Natural Gas | Sell MCX Gold | Buy NCDEX Turmeric | Indianotes.com
MCX ZINC MARCH: For the fourth straight session zinc prices once again traded lower during Friday’s session and finally ended at 220.15. The price is likely to decline further till the key trend line supports of 117 levels and we recommend selling on minor pull backs around 221 for targets of 117 for the day. Action: Sell.
MCX NATURAL GAS MARCH: For last few sessions natural gas price has been trading in a narrow to side way’s range and is witnessing stiff resistance around 179 levels. Surpass above 179 will provide positive breakout for upside targets of 185 and higher. The momentum indicator RSI and stochastic are in the over sold zone territory and are signifying recovery. Action: Buy.
MCX GOLD APRIL: On Friday, gold price rebounded sharply after opening at 30250 and surged till the high of 30528 and finally settled at 30448. The price has exactly retested the trend line resistance and ahead it is likely reverted back and drawdown towards 30180 levels. Thus, we recommend selling below 30440 for targets of 30200 for the day. Action: Sell.
NCDEX TURMERIC APRIL: On Friday turmeric prices extended its losses and declined till the low of 6506 and finally ended at 6530 mark. Price has breached the key level of 50% retracement mark and the next support of 61.8% retracement is at 6350. Going forward, prices are likely to extend its fall till the above mentioned support of 6350. However, due to continuous fall the indicators have moved into oversold zone. Thus, we expect minor re-bounce in the counter till 6640 and advice selling on rise around 6640 for targets of 6500 then 6350. Action: Sell.
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