Weekly MCX & NCDEX Commodity Market Updates
Monday, March 19, 2012
MCX Silver
MCX Silver broke out from the inverted head and shoulders pattern and the down trend line resistance line, however failed to sustain above these resistance levels.
MCX Crude oil
MCX Crude is a triangular pattern of which wave c appears to be completed, hence it is still expected to move sideways in the triangle.
MCX Copper
Copper has been moving up in an upward sloping parallel channel, so it can touch the upper end of the channel i.e. 446; however the risk-reward doesn`t favor the bulls as of now. So, one can sell near 446 for the target 418 which is its 20 DMA.
NCDEX Chana April
It has provided a breakout from the triangular pattern and has reached near its conservative target of 3846. Now, it has also provided a breakout from the range formed just above the triangle. Hence, the overall trend continues to be up and so we maintain our bias up.
MCX Silver broke out from the inverted head and shoulders pattern and the down trend line resistance line, however failed to sustain above these resistance levels.
MCX Crude oil
MCX Crude is a triangular pattern of which wave c appears to be completed, hence it is still expected to move sideways in the triangle.
MCX Copper
Copper has been moving up in an upward sloping parallel channel, so it can touch the upper end of the channel i.e. 446; however the risk-reward doesn`t favor the bulls as of now. So, one can sell near 446 for the target 418 which is its 20 DMA.
NCDEX Chana April
It has provided a breakout from the triangular pattern and has reached near its conservative target of 3846. Now, it has also provided a breakout from the range formed just above the triangle. Hence, the overall trend continues to be up and so we maintain our bias up.
