In the past week, MCX Gold prices tested the valid uptrend line support visible on daily chart and bounced sharply to close around 28000 levels. This is also coinciding with the neckline support of bullish head and shoulders chart pattern. More Information About share market tips please visit the site stock-market-expert-tips.blogspot.com
We expect prices to rise up from current levels in upcoming sessions.
Recommendation: Buy above Rs28012 for a target of Rs28491 with a stop loss of Rs27791.
MCX Crude Oil:
MCX Crude is forming a broadening pattern on the weekly chart and it is moving higher towards the upper end of the pattern.
On the daily charts it is forming a triangular pattern, and the resistance line is pegged at 5410 levels. Long positions can be initiated above the resistance line.
Recommendation: Buy above Rs5411 for a target of Rs5541 and a stop loss of Rs5348.
The double bottom chart pattern failure is evident in the continuous weekly chart of MCX Nickel. Prices can retest their previous bottoms of 860 levels. Short positions can be initiated below 940 levels.
RSI (14) has given a negative crossover and is on the verge of entering the over sold zone.
Recommendation: Sell at Rs940 for a target of Rs860 and a stop loss of Rs1001.