DAILY COMMODITY MARKET STRATEGY-25 Aug 2015
MCX Aug Aluminum futures recovered from 99.45 levels and ended in positive note by forming a “bullish hammer” candlestick pattern on daily charts. This signifies that trend remains positive and further rally can be possible towards 102.60 & 104 levels.
MCX Aug Nickel futures shed almost 8% in the early trades and reached to its 6 year low of 618 levels. However, a subsequent recovery from the same has kept the prices at 641 levels, down by 5% on d-o-d basis. Overall bearish outlook remains unchanged and any rise can be considered as fresh selling opportunity at 653 levels. Downside support remains at 629 & 618 levels.
NCDEX Sep Chana; sharp bounce in the past session was engulfed its last three days losses and kept the prices in a positive tone. Further rally can be seen towards 4856 & 4910 levels, where as a support lies at 4783 levels.
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