Copper and crude have given sell in short term momentum and lets look at each
Copper has formed a 5 wave decline from the high of wave E discussed in the last update. In other words the triangle is a bearish triangle and the lower end of 3.47 is under threat The chances are the lower line will eventually break and copper could head to 3.2 or lower. Bullish bets should be off the table but note we are in wave I down and a wave II bounce at some point may occur. But the trend should be down from 3.76$.
Crude unlike copper is forming an ending pattern and could still go up to 95.3$ so we will have to wait for a trend reversal confirmation from price itself.
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Gold declined in the domestic market. But is traded on the edge on international market. Currently MCX gold is trading at Rs 30750 with a decline of 0.1 per cent. However MCX silver is trading around Rs 58400 with a gain of 0.3 per cent.
MCX crude oil has come down to Rs 5130 slipped 0.2 per cent. MCX is seeing a decline in base metals. copper is trading at Rs 445 with a decline of 0.15 percent. Other metals has weakened by 0.5 per cent.
In today's frenetic spices. April futures price of Rs 7.00 on NCDEX Coriander is crossed. Cumin, cayenne pepper and turmeric have also gone up. NCDEX 0.5 per cent in the cumin, cayenne pepper and turmeric rose nearly 2 percent gained more than 2 per cent.
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Copper was up last night closing at Rs 449 per kg, up Rs 1.4. However, steel material Nickel ended in red at Rs 961 per kg, down Rs 7. The gain in Indian Rupee that is at 54.5 against the US Dollar is expected to create profit booking opportunities in metals. Currently copper is trading at 447.75 level down by 0.23%. Copper suggest that prices are trading near a crucial support of 445. MACD is in a buy mode. We expect prices to go up to levels of 452. We suggest a buy in MCX Copper on Lower levels.
As can be seen from the chart, nickel formed a pullback that retraced more than 78.6% of the previous fall. It was a channelised pullback. However, the price faced a selling pressure near the daily upper Bollinger Band. In terms of the price pattern, it formed an ending diagonal and broke on the downside. Recently, from the daily lower Bollinger Band, nickel bounced towards the upper Band, where it is facing a selling pressure once again. In the last session, it formed a bearish outside bar. Thus, nickel seems to have started the next leg on the downside. It can fall towards the recent low (934) and the 50% retracement mark (917) from a short-term perspective. The levels of 967.50 and 977 will act as key resistances.
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Gold futures on domestic exchanges were trading lower tracking the fall in international markets, and on a strong rupee against the US dollar. On COMEX, gold futures were stuck in a narrow range with a negative bias due to the firm dollar against the euro and as investors booked profit amid uncertainty in the precious metal's near-term direction. Although it is looking batter for evening trend for today. MCX Gold has a strong resistance at 30950 for today beyond this it may creck the 31100 level. MCX Silver also has a up trend in evening session. Silver is suggested to break out its first resistance at 58600 level and after that it has 59200 level to check.
MCX Copper Tips:
Base metal futures on the MCX were trading in a range tracking the trend on the London Metal Exchange, where investors await fresh cues from Chinese
data on inflation and trade, slated for release on Friday. MCX Copper February contract is looking slightly positive for the day. Market may find support near 446 & 443; intraday resistance can be seen near 450 & 453. Day traders are advised to buy intraday on dips. Buy MCX Copper around 446 with SL 443, for the target of 450 & 453.
Crude Oil Tips:
MCX Crude oil January contract is looking slightly positive for the day. Market may find support near 5070 & 5020; intraday resistance can be seen near 5140 & 5190. Day traders are advised to buy intraday on dips. We suggest to Buy MCX Crude around 5070 with SL 5020, for the target of 5140 and 5190.
NCDEX Tips For Today:
In NCDEX Tips Jeera futures are likely to trade lower as concerns over sharp fall in sowing fade. Strong demand from stockists and exporters amid lower output estimates may boost turmeric prices next week. Ncdex Pepper future contract is expected to remain Negative on chart, traders are advised to sell Intraday resistance is seen near 35418, 35737 and 36078. Intraday support is seen near 34758, 34417 and 34098. Ncdex Jeera future contract is expected to remain Negative on chart, traders are advised to sell Intraday resistance is seen near 14229, 14373 and 14634. Intraday support is seen near 13968, 13824 and 13563. For More Tips Please Visit @ MCX Gold Tips