Friday, 10 July 2015

Daily Commodity Live Market Trends and Tips

MCX July Natural Gas was reversed the downtrend by forming a “bullish hammer” candlestick pattern on daily charts. This development argues that the temporary short covering has intact in the counter, which can take the prices further up towards 175 & 177.80 levels.

MCX July Aluminum’s uptrend has intact. A strong bull close followed by a “bullish hammer” candlestick pattern on daily charts renders that the trend remains positive and is likely to extend the gains towards 108 & 109.35 levels, which are 50% and 61.8% Fibonacci level of the recent fall. However, downside support pegged at 105.40 levels. 

MCX July Mentha Oil has given a breakdown from the falling channel support line at 1010 levels and managed to close well below the same. Further bearish outlook remains unchanged and is likely to extend the fall towards long-term rising trend-line support at 973 levels.
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