First, wait for a clear Ascending triangle form. Right now, MCX Mentha oil at the support trendline (rising lower trendline). It will try to hit 964 – 986 – 1000 – 1020 levels from here. Intraday traders can go with the current trend.
But don’t buy below the support trendline. Further information I will update soon for the premium subscriber.
Main scenario: consider long positions from the control price or support trendline for the target level of 1000 – 1040 – 1080 – 1100 – 1110.
Analysis: Daily time frame – presumably, the crude palm oil has started an Elliott wave and made the 4th wave, and now it’s making a fifth wave. According to EWT, the fifth wave will be completed at 61.8% or 50% of Fib retracement 1+3.
Alternative scenario: breakout and consolidation below the support trendline will allow the CPO to continue declining to the levels of 880 – 760.
Silver is growing slowly. According to this chart, silver is trying to move upside from the strong support trendline. It’s a potential reversal point based on a support trendline.
Currently, it has broken a strong support trendline. We have chances to see a tail, fakeout, or excess here. That can be up to a hurdle. And the hurdle breakout is a direct sign of a downtrend.
After all, 200 MA is recommending further advance here. So, we can pick the silver mega lot for the targets of 63000 – 63360 – 63660 – 64000+.
Safe traders can wait for a 50 MA breakout before entering as well.
Click here: Copper detailed reports & tips
In that newsletter, I had written in bold words, “according to a moving average and parallel channel’s support trendline, copper is strongly bullish. It can show us an all-time new high before the end of this month. So, the day traders can buy for the levels of 536 – 540 – 556+“.
On 16 Nov trading session, copper has made a high of 551 and touched the first two targets.
Click here: Will MCX Crude Palm Oil touch the 900?
How many of you bought MCX CPO? I had written, “currently, MCX Crude Palm Oil (CPO) shows an uptrend. By following the ADX, we can say that the trend will rise because ADX is greater than 25 (ADX>25), and +DI is above the -DI. Let’s have a look at the volume. Volume spikes double of the average, so this also shows an uptrend, and it will go to the 900 – 920 – 960+“.
Currently, CPO is running nearby 926 levels.
Accurate entry level, stop loss, and targets are available for premium members only.
Currently, MCX Crude Palm Oil (CPO) shows an uptrend. By following the ADX , we can say that the trend will rise because ADX is greater than 25 (ADX>25), and +DI is above the -DI.
Let’s have a look at the volume . Volume spikes double of the average, so this also shows an uptrend, and it will go to the 900 – 920 – 960+.
Right now, the trend is crossing the parallel channel.
If it is excess, then Crude Palm Oil will start to fall to the following targets 836 – 810. It can be said by following the parallel channel.
According to fundamental research, MCX (NCDEX) cotton seems strongly bullish ahead. The short-term investors can start buying cotton nearby highlighted area for the targets of 19860 – 20000 – 20260+.
Further information will be updated for the premium subscribers only.
NCDEX Soybean futures price is moving higher. As per the current situation and fundamental view, its demand is increasing. It could jump for 4000 – 4160 levels.
Technically, 4200 is a hurdle.
Red zone: 3700 – 4200
As per the following chart, the cotton price may hit 15460 – 15200 – 15000 below soon.
Don’t forget to keep your eyes on the resistance line.