Technical picks: 5 commodity bets analysts recommend now

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© Provided by CNBCTV18 Jindal Stainless (Hisar), Jindal Stainless (Hisar) share price, Jindal Stainless (Hisar) commissions capacity expansion, stock market Buy MCX Metaldex futures | Target price: Rs 18,000 | Stop loss: Below Rs 17,450 | Metaldex futures have formed and cup and handle pattern on the four-hour chart. The price is trading above its 50-day and 200-day moving averages, suggesting the market is in a bullish zone. From a technical perspective, more upside can be expected though some volatility can be expected in the coming sessions. One can initiate longs in the January contract above Rs 17,650. (Ajay Kedia, Kedia Advisory)
© Provided by CNBCTV18 Buy nickel futures | Target price: Rs 1,572 | Stop loss: Rs 1,557 | MCX nickel futures have formed an ascending triangle pattern on the hourly chart. Immediate support for the contract can be expected at Rs 1,556 and resistance near Rs 1,600. One can initiate long positions at Rs 1,565. (Analyst: Kshitij Purohit, CapitalVia Global Research) Buy nickel futures | Target price: Rs 1,642 | Stop loss: Rs 1,610 | MCX nickel January futures could hold the resistance level of Rs 1,625-1,660 levels with support at Rs 1,605-1,590 levels. Longs can be initiated above Rs 1,627. (Kshitij Purohit, CapitalVia Global Research)
© Provided by CNBCTV18 Buy natural gas on dips: MCX natural gas futures are expected to continue their sideways-to-upside move. Natural gas rates have resumed their upward journey after bouncing from key support near the 50-day moving average, placed near Rs 390. Traders can look out for a buy-on-dips opportunity around Rs 380 for a target of Rs 400 with a stop loss at Rs 377. (Analyst: Kshitij Purohit, CapitalVia Global Research) Buy natural gas futures | Target price: Rs 390 | Stop loss: Below Rs 345 | MCX natural gas futures look firm on the four-hour chart. An Ichimoku pattern looks extremely attractive for natural gas. One can initiate longs in the January contract above Rs 360. (Ajay Kedia, Kedia Advisory)
© Provided by CNBCTV18 crude oil futures Buy NYMEX crude January futures | Target price: $82.35 | The contract could attempt to test a sensitive resistance level of $84.65 in the coming week. As shorter-term charts favour a dip, it is more likely to stay below the $82.05/$82.35 region for now for a dip towards $80.75/$80.50. Ideally, it must form an upturn in this support zone to start the next leg rally past $82.35. (Gnanasekar Thiagarajan, Commtrendz Research)
© Provided by CNBCTV18 crude oil, crude oil futures, brent crude, US WTI Buy crude oil futures | Target price: Rs 6,150 | Stop loss: Rs 5,780 | The January contract on MCX looks attractive at current levels. One can initiate long positions at Rs 5,900. (Amit Sajeja, Motilal Oswal Financial Services)

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