MCX Crude oil has support at Rs 4795: Way2Wealth

Way2Wealth has come out with its report on commodities. According to the research firm, MCX Crude oil prices has been moving in a broader range of Rs 5400- 4500, so a break above Rs 5000 levels can take it back to the upper end of the range.

MCX Silver has reversed well from the bottom providing a breakout from an inverted head and shoulders pattern. It has also completed a retest of the pattern and is now trading well above its 40 DEMA which is a positive sin for the bulls going forward. So, we maintain our bias up for silver in the short term. The initial target comes to 62600 and above that 63300.

MCX Crude oil has provided breakout form a double bottom formation and a minimum target comes to 5000 levels i.e. near the previous swing high. The prices has been moving in a broader range of 5400- 4500, so a break above 5000 levels can take it back to the upper end of the range. The immediate support is pegged at 4795 and below that 4700 levels.

MCX Nov Copper: Has been falling in a downward sloping parallel channel and it has a resistance around 425. The target on the downside comes to 410 and below that 405. Recently it has formed a triangular pattern within the channel which further confirms that the trend is still down. On the contrary, if the prices provide a breakout from the channel on the upside then that will lead to a trend reversal which will trigger a buy, hence one should apply SAR i.e. stop and reverse strategy in that case.

MCX Lead has come near the crucial resistance of a downtrend line which warns that there is a possibility of a downturn again from hereon. It has been consolidating in a broader range and now since it has come towards the upper end a sell till the lower end is expected which now comes to 107 and below that 106 levels. The resistance on the upside is pegged at 125 levels. The medium term traders can initiate short here while the short term traders can wait for an opportunity to sell on rise near 123.5

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