The NCDEX cotton seed oilcake seems to have completed a three-wave pull-back. It has done a deep retracement of the previous fall. From the upper end of the channel the agri-commodity is now expected to travel southward. The daily momentum indicator has given a sell signal from an overbought level. The intermediate and lower channel lines are near Rs1,260-1,215 respectively. The reversal has been kept at Rs1,360.
