There is a buying opportunity seen in the commodity and is expected to trade high in coming days. Looking at the candles Buyers have been active in the market from the lower trendline, next day at the high of the candle we saw some selling pressure coming which lead to close the commodity below the open, today we again saw buyers coming in the market and the commodity is trading near the high of previous day, if the commodity closes near the high we can expect more buyers entering the commodity.

Looking at the BB band we can examine that the commodity is in an oversold zone, after this we can assume the BB to come out of the oversold zone and for that the commodity needs to trade high.

The Commodity on the other hand is trading near the SMA of the BB. If the commodity closes above the SMA of BB we can expect the commodity to move near its upper band.

The momentum indicator is trading near 0, if it closes above 0 we can expect more buying pressure coming.

The CCI is also near 0 if it closes above 0 we can expect the CCI to trade high.

Buy

Aug 13 2021

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