DAILY COMMODITY MARKET STRATEGY-14 Aug 2015

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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