3 Commodities to Focus in the Near Term - Crude Oil, Copper & Silver

  

In the last week, MCX Crude Oil traded with positive bias rising 3.48% and settling at 6292. Crude Oil is in the formation of a rising channel where the support is near 6000 levels and resistance near 6700. The momentum indicators (RSI) started to rise and trying to touch the overbought readings bouncing it off from the previous supports near 40 which is a clear sign of bull market. The crossover of 13 and 34 EMA started turning positive which adds to the positive view on this commodity. Any dip near the supports of the moving averages near 6150 would be used a s buying opportunities for the near term keeping its stop losses below 6000 and expecting the targets of around 6700.

Last week, Copper settled 1.47% up at 407.00. Copper traded within the range of 400 and 408 but on Friday’s trading session it broken the resistance area near 409 and made a high of 411.70 but could not close above the resistance levels of 409. The wave formation of the price chart of Copper suggest the correction of the previous down move may have got completed which was targeting 411.40. Now Copper may start its downfall again and may touch levels just below 391 which we are expecting to touch in the coming two weeks. But for a precaution, any up move which sustains above 412 may take prices to 421 levels even and that too with strong momentum.

Silver closed 0.48% up at 43177 last week. Silver is trading near the strong support levels of 42000 and from these levels the price charts are showing positive reversals from these levels. Further these expected reversals are supported by the positive divergences from RSI. If silver prices sustain above the levels of 43800 in the coming trading sessions then in the near term Silver prices are expected to rise till the levels of 47000. The momentum is shifting towards the buying side in the white metal. Any buying positions in this commodity are advised to be made with stop losses below 42000. Support for Silver is at 42600 and 42000 & resistance is at 43900 and 45000.

Disclaimer: The views and recommendations presented here are our personal views. Investing or trading is very risky activity. We are not liable for any losses made from this information. One should be cautious and should conduct his own research before using this information. One should not use this information for publishing their blog or website. Legal action will be taken against the person using this information for publishing their blog or website.