MCX COMDEX, the composite commodity index of the Multi Commodity Exchange of India (MCX), at 3,846, declined in the past week. This was due to a weak crude oil price, the index’s largest component with 33.2 per cent weight.
MCX-Crude (₹3,980)
The December futures contract of crude oil had been moving in a sideways trend for most part of the last week. Unable to crack the resistance at ₹4,200, the contract declined on Friday and closed the week at ₹3,980. This level also coincides with the 50-day moving average, from where the contract took support and bounced two weeks ago.
Thus, the contract seems to form a range between ₹3,980 and ₹4,200, and unless it moves away from this range, the next leg of the trend is less likely to be established. There is a down-tick in the daily relative strength index (RSI), and the moving average convergence divergence, too, shows weakness.
If the contract breaks below ₹3,980, it has immediate support at ₹3,870. Below that, the contract might weaken to ₹3,700 over the medium term. On the upside, the resistance beyond ₹4,200 is at ₹4,314.
MCX-Gold (₹38,004)
Bu hikaye The Hindu Business Line dergisinin December 02, 2019 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye The Hindu Business Line dergisinin December 02, 2019 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Covid Presents An Opportunity For India
India must attract investors exiting China post-Covid. Streamlining of project clearances and relaxation in FRBM norms will help
Did Alternative Assets Shield You From Covid-19 Volatility?
The assets closely linked to stock and debt markets could not stave off the losses
How To Put Aircraft To Bed
Preserving grounded planes, to get them up and flying at short notice, is a challenging task. Ashwini Phadnis captures the process
There Can Be No Going Back On WFH
Covid-19 has fast-forwarded the shift to ‘work from home’. However, some face-to-face connect will always be needed
UN, WHO Urged To Ensure ‘Benefit Sharing' Of Covid-Related Data
Biopharma firms should reach vaccines, medicines to poor nations at an affordable price, say civil society bodies
With No Clear Signal From Rlys, States Explore Ways To Bring Back Migrants
Quarantine centres, cross-country buses being arranged even as migrants hop on to boats, trucks and ambulances
Centre Allows All Neighbourhood Shops To Open But With Riders
Final call will be taken by local authorities; shopping complexes that draw fewer ‘outsiders’ are permitted to operate
Covid Impact Relatively Muted In India
Compared to Italy and the US, India’s rate of infection spread has been slow. This can be attributed to the strict measures in place
How Global Trade Will Fare Post-Covid
China isn’t likely to lose its pre-eminent position soon. India, for one, will need to make manufacturing globally competitive
How To Curb Harassment In The Virtual Office
Training and sensitisation are essential. Institute a strict dress code and chat etiquette to ensure professionalism during video calls
