Price had made extreme low at 795 on 20 Apr '20.
It had started a quick recovery after an inviolable bottom-out. Due to bearish sentiments and no evidence of the verified bottom, It had constructed 2nd wave correction. The second wave retraced 38.2% of wave 1, which indicates a sturdy bull trend is ahead!
The acceleration phase lasted for 246 days and, the...
1) On Daily time frame, we can see now it is back to the level range which was earlier working as resistance and it was breakout level.
Now it has come to test this and if it sustain and gets support then this range will work as support level.
We can see good bounce back and the bullish up move can re-start again.
Please refer below...
MCX Mentha oil can bounce here. It can retest the 960 . The intraday & short-term investors should enter around the support trendline for the targets of 926 - 936 - 958 .
Further information I will update you soon.
1) On Daily time frame it is already trading below 200DMA.
Please refer below chart : daily time frame.
2) On Daily time frame it has taken reversal from it's critical support 1455 level range and also closed above 400DMA. It shows the strength will come in stock to get bullish now.
Look at the above weekly chart of MCX Copper. It has created an ascending channel pattern without breakout. This channel started in the previous year's April month. At present, it's falling after making a tail. But how much it can go down? Copper may fall more from here, and that can be up to 728 - 710.6 levels.
But overall, it's on an uptrend. So, soon it will...
Is it a good time to take a long position in silver?
According to the previous data, it has breaks 2021's support trendline. But the price has bounced off from the 200 moving average. And it's not crossing the 0.886 value of retracement. Hence, at the present silver trading range is between 73222 - 69076 levels.
This week silver may collapse up to 0.786 ( TP:...
MCX Mentha oil can try to collapse up to the support line before hitting the following targets: 986 - 1000 - 1020
Attention: don't buy below the support trendline.
This MCX Mentha oil research is based on the Feb 24 article. Click the below link to read it:
Volume accumulation is confirming a downtrend. Here, the price is in a downtrend. But if you look for the short-term, silver price has started rising nearby the retracement value of 0.382. We may see a bullish reversal from the 0.236 value for 0.382 to 0.5.
MCX silver futures prices may hike to the levels of 66000 - 66600 - 67000 - 68000 .
Overall, a clear...
Why now might be a good time to buy aluminium...
According to this chart, MCX Aluminium can fly from here if it does not close below 176.4 levels.
Targets: 178.6 - 179.6
Short-term targets: 180 - 181.6+
But, if it closes below 176.4 levels, then this call will deactivate. And it will start collapsing for the levels of 174 - 172 from there.
MCX Gold Guinea is following a parallel channel since August 2020. Recently, it has touched the support trendline and started moving forward. Will it keep moving? How much? It will keep running for 37600 - 38000 levels.
But according to MA, Gold Guinea should keep falling. And for the following levels: 36800 - 36400 - 36000
First, wait for a clear Ascending triangle form. Right now, MCX Mentha oil at the support trendline (rising lower trendline). It will try to hit 964 - 986 - 1000 - 1020 levels from here. Intraday traders can go with the current trend.
But don't buy below the support trendline.
Copper has made the Bullish Elliott wave on the daily timeframe. It's completed the five-wave cycle, ABC correction is remaining. After the 5th wave, the trend started to make the A, and it's still making it. It has to cross 585 - 580 - 560 . After that, It will rise for a short period to make the B. And it will fall again to make C. But all over, it's an uptrend.
Gold is bouncing from the hurdle (support). And if we look at the Gold Spot, the RSI is bullish and calls for further upside. Hence, MCX traders can buy for the following targets: 50060 - 50120 - 50200.
According to MA, EMA, and DMI, it's bearish. If it remains below to hurdle, intraday traders must sell it for the targets of 49860 - 49800.
Here's the daily chart of the MCX zinc. It has made two Elliott waves. The first one is bearish, and the second one is bullish. The bearish was started from the 11th of April 2019 and ended on the 19th of March 2020. The bullish one started on the 19th of March 2020, and the fifth wave of this Elliott wave is remaining. In the Elliott wave theory, each wave has...
According to this chart, nickel is further advance. Once it breaks the hurdle, it will start marching for 1260 - 1280 - 1300 levels.
Whenever it hits the hurdle level, what will happen? Here, it will act as resistance. We may see reversal up to the support line ( 1212 - 1180 ).
Short-term investors can continue position for the above targets.