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Technical picks: 5 commodity bets analysts recommend now

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As wild moves in the greenback continue to create ripples in the world of commodities, are there any opportunities for traders now? Analysts have handpicked five commodity bets for traders to make the most of the market over the short term. On their playlist now are crude oil, nickel and Metaldex.

Technical picks: 5 commodity bets analysts recommend now
Buy MCX Metaldex futures | Target price: Rs 18,000 | Stop loss: Below Rs 17,450
| Metaldex futures have formed and cup and handle pattern on the four-hour chart. The price is trading above its 50-day and 200-day moving averages, suggesting the market is in a bullish zone. From a technical perspective, more upside can be expected though some volatility can be expected in the coming sessions. One can initiate longs in the January contract above Rs 17,650. (Ajay Kedia, Kedia Advisory)
crude oil futures Buy NYMEX crude January futures | Target price: $82.35 | The contract could attempt to test a sensitive resistance level of $84.65 in the coming week. As shorter-term charts favour a dip, it is more likely to stay below the $82.05/$82.35 region for now for a dip towards $80.75/$80.50. Ideally, it must form an upturn in this support zone to start the next leg rally past $82.35. (Gnanasekar Thiagarajan, Commtrendz Research)
Buy nickel futures | Target price: Rs 1,642 | Stop loss: Rs 1,610 | MCX nickel January futures could hold the resistance level of Rs 1,625-1,660 levels with support at Rs 1,605-1,590 levels. Longs can be initiated above Rs 1,627. (Kshitij Purohit, CapitalVia Global Research)
Buy natural gas futures | Target price: Rs 390 | Stop loss: Below Rs 345 | MCX natural gas futures look firm on the four-hour chart. An Ichimoku pattern looks extremely attractive for natural gas. One can initiate longs in the January contract above Rs 360. (Ajay Kedia, Kedia Advisory)
crude oil, crude oil futures, brent crude, US WTI Buy crude oil futures | Target price: Rs 6,150 | Stop loss: Rs 5,780 | The January contract on MCX looks attractive at current levels. One can initiate long positions at Rs 5,900. (Amit Sajeja, Motilal Oswal Financial Services)

Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
Note To Readers

Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.

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