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The yellow metal consolidated in a triangular pattern since the past few weeks. However, on April 16, 2019, the yellow metal Gold broke triangle pattern on the downside and closed below it. Therefore, gold is likely to drift lower towards 1255 $ – 1231 $, i.e. 50% and 61.8% retracement level of its entire August 2018 – February 2019 rise. On the way up, 1280 $ – 1293 $ shall act as crucial resistance levels in the near term. Bounce towards these resistance levels shall be considered as a selling opportunity as long as it does not break above the swing high of 1311 $. The daily momentum indicator is bearish.

Adjacent chart shows price movement of MCX Lead continuous contract. Lead witnessed a sharp decline post the breakdown from the channel. Currently, it has found support at the lower end of the bollinger band and has bounced back. In the near term, the swing low of 138.25 will act as crucial support level on the way down. Lead can drift lower towards 135 – 133 once it breaks the low of 138.25. On the way up, 142.25 – 143.60 will act as crucial resistance levels in the near term. Bounce towards resistance levels shall be considered as selling opportunity as long as it does not close above 20DMA which is currently pegged at 145.50. The daily momentum indicator is in bearish mode.
MCX lead Pivot Level Live Chart




Adjacent chart shows weekly price movement of MCX Aluminium continuous contract. Aluminium retraced 61.8% of its previous fall and witnessed a correction thereafter. On the way down, 20DMA of 131 will be a crucial support level to watch out for. If aluminium closes below 20DMA with a bearish crossover in momentum indicator then aluminium can start its next leg of down move which can drag it lower towards 127.40 – 124.75. On the way up, 135.50 – 136.80 will act as crucial resistance levels in the near term. The scope for a deeper correction is possible as long as aluminium does not break above 136.80. The daily momentum indicator is bullish



The yellow metal found support at the lower end of the rising channel and bounced back. In the near term, the yellow metal can rise higher towards 1263, i.e. 50% retracement level of the entire fall and upper end of the channel. Once it closes above 1263, it can inch higher towards the 61.8% retracement level of its entire fall, which is pegged at 1287. On the way down, 1233 – 1224 will act as crucial support zone. The trend shall remain bullish as long as it does not close below 1224. The daily momentum indicator is bullish.

MCX Trend

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Adjacent chart shows price movement of MCX Zinc continuous contract. In the short term, zinc was trading in a downward sloping channel. However, in Tuesday’s trading session, it closed above the upper end of the channel thereby reversing its downtrend. On the way up, zinc can rise higher towards 194 – 198 in the forthcoming trading sessions. On the way down, 181 – 174 will act as support. The trend shall remain bullish as long as it does not close below the swing low of 174.50. The daily momentum indicator is bullish.
  MCX Trend

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