Commodity Mantra – Evening Update

Here are the top two commodities to watch out for the evening.

Oct 29, 2019 04:10 IST India Infoline News Service

Commodities
Nickel
MCX Nickel has found support at the rising trendline on the hourly chart which led to a recovery in the price. The latest price rise has pushed the price above the 100EMA on the hourly timeframe. The trend looks bullish as long as the price sustains above 1190. On the higher end, the price may move towards 1215-1220. Support is placed at 1190-1182.


Crude Oil
MCX Crude has made a double top around 4020 and slipped to lower levels. In addition, the price has slipped below the 100EMA on the hourly chart. Momentum oscillator RSI is in a bearish crossover and falling. The double top breakdown on the hourly chart is likely to take the price of crude oil towards 3870-3850. On the higher end, resistance is seen at 3950.

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