The iCOMDEX Composite Index, the commodity index of the Multi Commodity Exchange, after hovering around 595 levels, attempted a recovery on Friday where the index rose above an important level at 600. However, after trading above that level briefly, it declined on the back of a late sell-offin the bullion, overpowering the positive contribution from crude oil, its biggest component. It closed the week at 598.
Thus, the resistance at the key level of 600 is still valid, and a visual inspection of the chart denotes that the attempted recovery could just be a pull-back of the broader bearish trend, where the index could resume its downward movement in the upcoming sessions led by the bullions.
MCX-Crude (₹3,869)
Crude oil, after declining for two weeks at a stretch, recovered during the past week. The October futures contract of crude oil moved past the resistance at ₹3,850 on Friday and closed the week at ₹3,869. Technically, the contract turned bullish, and will most likely appreciate and test the resistance at ₹3,975. That level is significant as the 21- and 50-day moving averages coincide with the 38.2 per cent Fibonacci retracement level.
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