MCX Silver broke out from the inverted head and shoulders pattern and the down trend line resistance line, however failed to sustain above these resistance levels. This kind of failure leads to opposite reaction or sideways movement. Hence, Way2Wealth now maintains their bias sideways to down. More information about Silver Tips Today you can visit the site mcx-today.blogspot.com
RSI (14) is has come into the neutral zone
Recommendation: Sell at CMP Rs57239 for a target of Rs53502 with a stop loss of Rs59370.
MCX Crude Oil:
MCX Crude is a triangular pattern of which wave c appears to be completed, hence it is still expected to move sideways in the triangle. However, the triangle is a symmetrical one in the wave 4 which will eventually break on the upside. The Bollinger bands have started narrowing down, once an upside breakout is in hands the bands will expand which will lead to a thrust in wave 5 up. So, Way2Wealth continues to maintain their bias up.
RSI (14) has reversed from the neutral region
Recommendation: Buy near Rs5260-5309 for a target of Rs5500 and a stop loss of Rs5232.
Copper has been moving up in an upward sloping parallel channel, so it can touch the upper end of the channel i.e. 449; however the risk-reward doesn’t favour the bulls as of now. So, one can sell near 446 for the target 418 which is its 20 DMA.
RSI (14) is placed in neutral zone.
Recommendation: Sell near at Rs446 for a target of Rs415 and a stop loss of Rs451.
It has provided a breakout from the triangular pattern and has reached near its conservative target of 3846. Now, it has also provided a breakout from the range formed just above the triangle. Hence, the overall trend continues to be up and so Way2Wealth maintains their bias up.
RSI (14) has reversed from the neutral zone to positive.
Recommendation: Buy near Rs3720 for a target of Rs4000 and a stop loss of Rs3640.