SHUBHLAXMI COMMODITY

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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Adjacent chart shows the price movement of MCX Lead continuous contract. Lead has witnessed a sharp recovery from the low of 137.25. It has broken resistance line thereby reversing the short-term downtrend. In the near term, lead has resistance around 148 – 149.20 on the way up. If it closes above 149.20 then the rise can extend higher towards 151.35. However, if it fails to break above 149.20 then some consolidation is possible. On the way down, 143 – 141 will act as support in the near term. The short-term outlook remains bullish as long as it is trading above the swing low of 137.25. The daily momentum indicator is bullish. MCX Trend

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NYMEX Crude Oil retraced in last week’s trade but overall chart structure indicates buy on dips. On the daily charts, it took support on the 20 DMA and is moving higher. On the way up, it is likely to inch higher towards the upper end of the channel which is currently pegged at 79. On the way down, 68 will be a crucial support zone in the near term, which is 61.8% of the recent rise. A pullback towards the support zone can be considered as a buying opportunity. The daily momentum indicator is negative but weekly the momentum indicator is still in the positive mode.