Friday, 14 August 2015

Daily Updates about Metals and Energy in Commodity Market

MCX Aug Crude oil futures have resumed its privileged bearish trend by violating its rising trendline support at 2804 levels and ended at 2773 levels. This signifies for a continuation of bearish trend in the near future towards 2710 & 2650 levels. Hence, any bounce can be utilized to create shorts at 2800 levels.

MCX Aug Cotton sharp rebound followed by a “spinning top” candlestick pattern on daily charts renders that the near-term uptrend has intact and further rally could be possible towards 16450 & 16600 levels. Hence, any fall can be hold at 16200 and add some fresh buying pressure from the same.
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