CNXCOMMODITIES trade ideas
World Market as of 10-Feb-2024:-
US Market:-
1.Dow Jones :-
Monthly:- RSI above 60 + All time high
Weekly:- RSI above 60
Daily:- RSI Above 60 but has multiple bearish diversion
Overall:- All RSI above 60 + All time high but daily has multiple bearish diversion which are some concern point.
2.S&P 500 :-
Monthly:- RSI above 60 + All time high
Weekly:- RSI above 60
Daily:- RSI above 60
Overall:- All RSI above 60 + All time high but daily has multiple bearish diversion which are some concern point.
3.NASDAQ 100 :-
Monthly:- All time high + RSI above 60
Weekly:- RSI above 60
Daily:- RSI above 60 but daily has multiple bearish diversion
Overall:- All RSI above 60 + All time high but daily has multiple bearish diversion which are some concern point.
4.Nikkei (Japan) :-
Monthly:- RSI above 60 + All time high
Weekly:- RSI above 60
Daily:- RSI above 60 but has multiple bearish diversion
Overall:- All RSI above 60 + All time high but daily has multiple bearish diversion which are some concern point.
5.Kospi ( South korea):-
Monthly:- Sideways RSI between 40 and 60 and Monthly at major resistance
Weekly:- Sideways RSI between 40 and 60
Daily:- Above 60 + 60 support + bollinger band squeeze breakout
Overall:- Sideways once its crosse major resistance then we have positive view
6.Hang Seng ( Hong Kong):-
Monthly:- RSI below 60 but one point taking support ( make form W pattern)
Weekly:- RSI below 60 making LH and LL
Daily:- Sideways making LH and LL
Overall:- This market is not Good monthly and weekly RSI below 40 and daily between 40 and 60 but has 20 MA support
7.SSE( China):- .
Monthly:- RSI below 40 but at major support
Weekly:- just crossing above 40 but still making LH and LL
Daily:- sideways but cross 20MA but still making LH and Ll
Overall:- This market is not Good monthly below 40 and weekly daily RSI between 40 and 60
8.DAX ( Germany):-
Monthly:- RSI above 60 but not able to cross high from last 3 months
Weekly:- RSI above 60 but need to wait till its cross high
Daily:- Bearish diversion + Range shift
Overall:- Monthly , Weekly RSI above 60 but daily has concern
9.FTSE 100 ( London):-
Monthly:- sideways between 40 and 60
Weekly:- sideways between 40 and 60
Daily:- sideways between 40 and 60
Overall:-Side market as RSI moving between 40 and 60 .
10.CAC 40 ( FRANCE) :- .
Monthly:- RSI above 60 but still not cross last month high
Weekly:- RSI above 60+ 60 support but has bearish diversion
Daily:- RSI above 60 but made major bearish island pattern
Overall:- All RSI above 60 but has some concern point once its clear then good
11.ASX 100 index(Australia):-
Monthly:- RSI in between 40 and 60 ,So sideways
Weekly:- RSI above 60 but has bearish diversion + major resistance
Daily:- RSI above 60 but has multiple bearish diversion
Overall:- looks side ways until its cross major resistance
Note: -
1. Uptrends: - Dow Jones , S&P 500 , NASDAQ 100 , Nikkei (Japan) , DAX ( Germany) , CAC 40 ( FRANCE) but has some major concern on daily chart
2. Sideways: - Kospi ( South korea) ,FTSE 100 ( London),ASX 100 index(Australia)
3. Downtrend: - Hang Seng ( Hong Kong), SSE( China)
Conclusion:- Major world market still bullish but on daily has some concern like at resistance or multiple bearish diversion etc.
Currency Market: -
US Dollar index :-
Monthly:- sideways + at major resistance
Weekly:- sideways + at 20MA resistance
Daily:- RSI above 60 + 60 support but looks like bull trap
Overall:- Monthly and Weekly RSI in between 40 and 60 but daily above 60
2.USD INR:-
Monthly:- RSI above 60 but not crossing high from many month
Weekly:- Sideways
Daily:- Sideways
Overall:- Side ways as RSI in between 40 and 60 on Weekly and daily on monthly RSI above 60 but not crossing the 84 price from many months.
Conclusion: - US dollar price and USDINR are side ways as dollar price not increasing which are good for Indian market
Commodity market:-
1.Gold:-
Monthly:- RSI above 60 but has bearish diversion + from last 3 months not crossing high
Weekly:- sideways + Bearish diversion + rangeshift
Daily:- sideways + rangeshift + Bearish diversion once 20 MA break then good for sell
Overall:- Median and Short term side ways but on daily has PRS which are concern point.
2.Silver:-
Monthly:- Sideways
Weekly:- Sideways
Daily:- Sideways + LH and LL
Overall:- All 3 time frame side ways
3.Copper:-
Monthly:- Sideways
Weekly:- Sideways
Daily:- Below 40
Overall:-long ,medium time frame Sideways and daily downside
4.Crude Oil:-
Monthly:- Sideways
Weekly:- Sideways
Daily:- Sideways
Overall:-long , medium and short time frame Sideways.
5.COMMODITIES:-
Monthly:- RSI above 60
Weekly:- RSI above 60
Daily:- RSI above 60 but has multiple bearish diversion which are concern point
Overall:-long , medium and short time frame above 60 but daily has has multiple bearish diversion which are concern point.
NIFTY COMMODITIES - seems bullish This chart is looking very bullish on daily as well as monthly timeframes. One can trade in commodities concerning their RR ratio. After a long up move the chart is consolidating and trying to break the resistance. Get your analysis done and have a good profit.
Nifty Commodities Sector CautiousNow Sector to Study
Daily RSI above 60
Weekly RSI above 60
Monthly RSI above 60
Resistance Level 6673
Check Inverted Hammer Formed
NIFTY CommoditiesThis chart is breaking out and here we may see some run away move in near time as other sectors have participated
NIFTY CommoditiesIt has broken out from good consolidation and hence good upmove is expected in coming weeks here. Choose the winners
NIFTY CommodityAfter small correction, it seems again going towards upside and hence one may look into it for coming weeks.
Nifty Commodities: not out of the downward channel- we will most likely test the 200 DMA before the actual recovery.
Test Testing Trading view Publishing Testing Trading view Publishing
Test Testing Trading view Publishing
Test Testing Trading view Publishing
nifty commodities sector sector has formed triangle , by seeing candles bulls are having wide spread, other side cement companies are standing on resistance showing they may breakout jk cement,jk laxsmi, ultra tech forming triangle too , ramco cement and ambuja cement all these are showing strength with scetor indices. for me it looks bullish
Big Level For Nifty Commodities IndexThe weight of the evidence remains mixed and suggests that there will be winners on the long side, winners on the short side, and a lot of stocks in the middle that aren’t going anywhere. Nifty Commodities remain below the 38.2% Fibonacci Retracement of its 2020 decline at 2,635. With momentum in a bearish range and stuck below this level, then it makes sense to be erring on the short side and looking for a move back towards the lows near 2,075.
