Latest Post


NYMEX Crude Oil is trading in a rising channel. Currently, it is trading near the upper end of the rising channel. Therefore, a minor degree correction or sideways consolidation is possible in the near term. On the way down, 64.84 – 64 will provide support in the near term. The short-term uptrend in crude oil remains intact as long as it is trading above the 40DEMA, which is currently pegged at 63.56. On the way up, crude oil can inch higher towards 68.50 – 69.20. The daily momentum indicator is bullish.
 


MCX chart shows price movement of MCX Zinc continuous contract. Zinc has seen a minor degree pullback from the low of 207.40. The bollinger band has contracted indicating a sideways movement in the near term. From the near term perspective, 216 will be a crucial resistance on the way up, whereas on the way down, 207.40 will be a crucial support. Sideways movement within the range of 207.40 – 216 is possible in the forthcoming trading session. The momentum indicator is bullish.




Zinc Chart shows price movement of MCX Zinc continuous contract. Zinc has seen a sharp fall from 230 levels. Currently, it is hovering around the medium term trend line support. In the past few trading session, Zinc has consolidated in the range of 207.75 – 214.90. Therefore, a break on either side of the range can decide the near term trend. If it breaches the lower end of the range then it can drift lower towards 203 – 198.50. However, it breaks the upper end of the trading range then it can see a bounce towards 216.60 – 220.30. The momentum indicator has turned bullish.
 



NYMEX Crude Oil retraced 61.8% of its previous up move and has bounced back. More importantly, crude oil has closed above the daily moving averages. In addition, the daily momentum indicator has turned bullish, indicating that crude oil is likely to inch higher towards 64.24 – 65.70 in the forthcoming trading session. On the way down, 60.51 will act as crucial support in the near term. From the medium term perspective, the trend is bullish as long as it is trading above 58.07. The daily momentum indicator has turned bullish.
 



Adjacent chart shows price movement of MCX Zinc continuous contract. Zinc has seen a sharp fall from 230 levels. However, it has found support around the medium term support line and bounced back. In the near term, 207.75 will act as crucial support on the way down. If it holds above 207.75 then it can bounce back towards 215 – 219 in the short term. On the flipside, if Zinc breaches the medium term support line and closes below it then a deeper correction is possible. The momentum indicator is in bearish mode.
 

Author Name

Contact Form

Name

Email *

Message *

Powered by Blogger.