Weekly Commodity Report: Sell MCX Gold April: Immediate support is at 29950; sell below 30,380 | Commodity trading | Technical views on commodities | Indianotes.com
MCX GOLD APRIL
Last week, gold price penetrated the immediate rising trend line support and tumbled till the low of 30119. In the final session of the week it recovered from the lows and finally ended at 30448 forming doji candle stick pattern.
Going through the technical scenario, the price breaching the trend line support has made bearish break down. The immediate supports are seen at 29950 then 29745 levels. While, on the higher side resistance are seen at 30630 then 30950 levels.
The momentum indicator stochastic has made a negative cross over on the weekly chart and the RSI has remained on flat note at 59.
Going forward, gold prices are likely to remain weak and could slip till the supports of 39750 levels in the coming sessions. Thus, we recommend selling below 30380 levels for targets of 29950 and lower.
MCX CRUDE OIL MARCH
After two weeks of sharp pullback, crude oil prices failed to continue the rally in the last week and turn lower and declined till 3933 and finally settled at 3995.
Price has penetrated the key immediate support of previous swing high and has settled below that. The next support is at 3780 mark and a convincing close below that will change the over out look to bearish. On the higher side, immediate resistance is around 4130 levels.
The momentum indicator RSI has slipped lower from 64 to 58, while the stochastic has recovered and has moved till the verge of positive cross over.
For the week, the immediate support is at 3960; break down below that will draw down the crude oil prices till the next supports of 3780 levels. Thus, we advise selling below 3960 levels for targets of 3780 levels.
MCX Lead March
In the last week, Lead prices opened at 165.40 and from there it inched slightly higher till 168.10. Thereafter it made turnaround and tumbled sharply and finally ended at 160.40.
The prices have given a bearish breakdown of the rising trend line and as well as the immediate swing low of 160.20. The next supports are seen at 154.50 then 150 levels.
The momentum indicator stochastic has made a negative cross over and the RSI has also slipped lower signifying bearish sign.
For the week, lead is likely to remain bearish and can draw down till the supports of 154.50 then 150 levels. Therefore, we advise selling on break of 160 for above mentioned targets of 155 then 152.
NCDEX CASTOR SEED APRIL
In the last week, castor seed prices once again slipped lower and declined till the low of 4106 and finally ended at 4153.
On the technical front, prices penetrated the immediate trend line support during intraday session, but it managed to settle above that on weekly basis. Going ahead, if prices declined below the supports of 4130 then further fall can be seen till 3970 and 3870 levels.
Momentum indicator RSI slipped slightly lower from 44 to 40 and while the stochastic is still trading on the side way’s note.
For the week, immediate support is at 4130 and break down below that will extend the fall till the above mentioned supports of 3970 and lower. Hence, we advise selling on break of 4130 levels.
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