MCX March Natural Gas rose to as high as 189.30 levels, before making a temporary top there and turned into weak mode by forming a “bearish engulfing” candlestick pattern on weekly charts. Also it has completed 23.6% Fibonacci level of the previous fall and ensuring the way down towards the swing low of 158 levels. Hence, any rise will be limited at 173 levels and bring some selling pressu re from the same.
RSI & Heiken-ashi momentum indicators both are continued to stay in positive zone.
Candlestick/chart pattern: “Bearish Engulfing”
Recommendation: Sell at entry around 173, target price 158 with stop-loss at 180.
MCX April Copper
After consolidating in a range of 356 to 367 levels over a period of two weeks, MCX copper futures have provided a breakout through the consolidation phase and managed to close well above the same. Further risk remains on upside toward 50% Fibonacci level of 378.20 levels. Hence, any dip can be used to accumulate fresh longs at 367 levels.
RSI coupled with heiken ashi momentum indicator both are placed in positive zone by supporting the view.
Recommendation: Buy around 367, target price 378 with stop-loss at 361.
MCX March Lead
MCX Mar Lead’s bearish outlook remains unchanged, as long as prices continue to decline in a “descending channel”. Currently, prices are on verge to test its support line of 103.60 levels. So me pullback is expected from lower levels that can take the prices towards the channel resistance of 109 levels, however overall view remains weak and one can utilize to create fresh shorts at higher levels.
RSI-14 period has gone into negative territory and long-term momentum indicator MACD has also given a breakdown through the signal line by supporting the view.
Candlestick/chart pattern: - “Descending channel".
Recommendation: Sell around 109, target price 103.60 with stop-loss at 111.15.
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