website: contact no: 0413-4200100 email id: … · 2019-02-04 · mcx copper daily chart: copper-1m...
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32,00
04 February, 2019
Bottom-Line: Trend for Gold is sideways to positive, For Silver prices are range bound between 40700 and 40000 for MCX Copper the trend remains positive and trend MCX Crude is bullish.
MCX Gold Continuous Daily chart:
GOLD-1M - Daily 01-02-2019 Open 33057, Hi 33464, Lo 32953, Close 33405 (1.1%) EMA(Close,50)
34,000
33,405
33,000
wave 3 is corrective as it is part of Ending Diagonal
(i) c
c e
31,880 0
(d)
(f) a
b
a f 31,000
b d 30,000
(ii) 29,000
(c)
(e)
(g) 2
28,000
27,000
2017 Apr Jul Oct 2018 Apr Jul Oct 2019
GOLD-1M - RSI(14) = 77.64 77.6434
70
30
2017 Apr Jul Oct 2018 Apr Jul Oct 2019
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MCX Gold Feb 60 min chart:
Wave analysis: In previous session MCX Gold we mentioned that, “Move towards 33500 can be expected. It is advisable to maintain proper support near 32800 levels to capture the upmove.” Prices have moved in similar manner making a high near 33464 levels. As shown on daily chart, prices are moving towards higher levels and managing to protect its previous bars low from past 6 sessions. Break below 32950 will be first sign of concern. wave g of Diametric pattern is ongoing on upside. As shown on hourly chart, Prices are moving within the upward slopping blue channel and as long as channel support is protected on downside move towards higher levels is expected. Currently, wave a is ongoing on upside. Its 50-periods EMA is providing an important support zone as long as it is intact on downside bias remains positive. In short, trend for MCX Gold is positive. Move towards 33800 can be expected. It is advisable to maintain proper support near 33200 levels to capture the upmove. However, some sideways action cannot be ruled out which will help relive RSI from its overbought zone.
50
4
February 2019 2018
28 21 14 7 31 24 4 1
Relative Strength Index (70.0899)
33900
33800
33700
33600
33500
33400
33300
33200
33100
33000
32900
32800
32700
32600
32500
32400
32300
32200
32100
32000
31900
31800
31700
31600
31500
31400
31300
31200
31100
31000
30900
30800
f
(x) (b)
(a) (b)
(x) (c)
(a)
(c)
M_GOLD-FEB (33,750.00, 33,750.00, 33,365.00, 33,370.00, -40.00)
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70
MCX Silver continuous daily chart:
SILVER-1M - Daily 01-02-2019 Open 40251, Hi 40786, Lo 40200, Close 40576 (0.3%) EMA(Close,20) (x)
(b)
44,000
43,000
(a)
(d)
(f)
(x)
(b)
(d)
(f)
(x)
b
d
42,000
41,000
40,576
40,000 39,560.7
39,000
(c)
(g)
(a)
(c)
(e)
(g)
c
f
38,000
37,000
(e)
a
e
g
(a)
36,000
35,000
34,000
SILVER-1M - RSI(14) = 70.99 70.9893
30
Apr Jul Oct 2018 Apr Jul Oct 2019
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Silver Mar 60 mins chart:
x
a
M_SILVER-MAR (40,505.00, 40,539.00, 40,326.00, 40,510.00, -70.00)
e
c
g
d
f x
b
41000
40900
40800
40700
40600
40500
40400
40300
40200
40100
40000
39900
39800
39700
39600
39500
39400
39300
39200
39100
39000
38900
38800
38700
38600
38500
38400
38300
38200
38100
38000
37900
37800
37700
37600
37500
37400
37300
37200
37100
37000
36900
Relative Strength Index (50.3549)
80
70
60
50
40
30
20
1 4 24 31 7 14 21 28 4 2018 2019 February
Wave analysis Silver in the previous session opened near high however failed to sustain near the same and started moving towards lower levels. Prices showed a v shaped and moved within range of 40200 and 40700. The momentum hereon will be crucial to determine the price action.
As shown on the daily chart, prices formed a small red candle and showed an inside bar kind of formation. A break below 40200 will infuse selling pressure and take prices towards lower levels.
As shown on hourly chart, post completion of wave x prices are moving in the form of wave a. Also prices are hovering near the support trendline. We are also seeing divergence between the RSI indicator and prices. However the rise has been corrective so one should wait for the break of crucial levels to initiate fresh positions. A break below 40200 can take prices lower towards 40000 as long as 40650 remains intact on the upside. In short Silver is stuck in a range and a break above 40700 is required to resume the upmove whereas on the downside a break below 40200 can take prices lower towards 40000 levels.
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4,0
70
a
MCX Crude daily chart:
CRUDEOIL-1M - Daily 01-02-2019 Open 3839, Hi 3989, Lo 3814, Close 3963 (2.4%) EMA(Close,20)
X (g) c 100.0%
6,000
5,500
(e) a
(e)
(g)
(a)
(b)
(c)
(d)
bx bd b
c ac e (f)
61.8%
50.0%
38.2%
5,000
4,500
3,963 00
3,737.02
(b)
)
(c)
(e) Y
(a)
(c)
(b)
(d)
(f) (x)
0.0% a
3,500
3,000
2,500
Apr Jul Oct 2018 Apr Jul Oct 2019
CRUDEOIL-1M - RSI(14) = 63.42
63.4175
30
Apr Jul Oct 2018 Apr Jul Oct 2019
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MCX Crude Feb 60 min chart:
Wave analysis:
In the previous update for MCX Crude we mentioned that “trend for MCX Crude is short term positive and move towards 4000 can be expected in form of wave c whereas on downside immediate support is placed near 50-periods EMA i.e. near 3830.” Prices moved in similar manner on upside making high near 3986 levels.
As shown on hourly chart, wave b is completed near 3660 levels and wave c is currently ongoing of Complex Correction pattern. Prices are currently trading near channel resistance so some sideways to positive action cannot be ruled out. However a decisive break above 4000 levels can take prices towards 4050 levels.
In short, trend for MCX Crude is positive. If prices manage to surpass and sustains above 4000 levels rally towards higher levels near 4050 can be witnessed. As long as 3850 is protected on downside trend remains positive.
4050
4000
3950
3900
3850
3800
3750
3700
3650
3600
3550
3500
3450
3400
3350
3300
3250
3200
3150
3100
3050
3000
50
4
February 2019 2018
28 21 14 7 31 24 3 1
Relative Strength Index (71.3919)
a
b
x
a
c
b a
b x
c
a
M_CRUDEOIL-FEB (3,959.00, 3,970.00, 3,959.00, 3,968.00, +0.00)
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44
MCX Copper Daily chart:
COPPER-1M - Daily 01-02-2019 Open 435.5, Hi 439.85, Lo 434.45, Close 438.75 (0.3%)
iii g
500
490
e a i of v
c c
a b
a
480
470
460
450
d f
x x
b b
c x
y
iv
a ii of v
c w
438.75 0
430 424.865
420
410
400
390
70 62.3361
30
2018 Apr Jul Oct 2019
2019 Oct Jul Apr 2018
COPPER-1M - RSI(14) = 62.34
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MCX Copper Feb 60 mins chart:
M_COPPER-FEB (438.40, 439.25, 437.65, 438.70, +0.00)
440
435
d
430
425
420
e
ii of v
415
410
c
405
400
395
70
60
50
40
30
20
4
February
Waves Analysis:
MCX Copper has been moving in a broad range of 435 and 440 levels since past two sessions. A break above this range is now required to gain momentum.
As shown in the hourly chart, Prices are moving in range with resistance placed near 439.90 levels. An important low is formed near 414 levels in form of wave ii of v and currently wave a is ongoing on upside. Its 50-periods is now providing a support indicating positive bias. Prices are hovering near the channel support and have bounced back previously from the support trendline. A break above 440 is required for the resumption of the upmove.
In short, for Copper trend is positive. Move towards 445 can be expected. For this outlook to remain valid 433 must be intact on downside.
9
28 21 14 7
Relative Strength Index (63.0895)
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