Buying Opportunity ahead in the commodity. The commodity is trading at a lower level. At this level we have seen some consolidation and then a single candle was seen with selling pressure with a spike in volume. The spike in volume is twice of the normal volume which suggests taking a contradactive move. Same spike was seen previously near the same levels from where the commodity made its all time high. 

We are not expecting the commodity to make a new high, we are expecting the commodity to bounce back at this level.

Buying at the current price won't be advised. We would be advising to buy the commodity if it's able to sustain above 2240 level for 2 consecutive candles.

If the commodity is able to trade above the mentioned levels and the RSI trading above 48 will be an add up confirmation for the buy side.

The commodity channel index is showing divergence which is giving an add up confirmation to the buy side.

Advice : Buy only if the commodity is ankle to sustain above mentioned level for 2 consecutive candles.

Lead

Dec 03 2021

1