SHUBHLAXMI NCDEX

Adjacent chart shows price movement of NCDEX soya oil continuous contract. Structurally the oil formed a multimonth triangle, which broke out on the upside. From there the oil rallied nicely. The up move got over at 682.70. From there the agri-commodity has entered correction mode. The daily momentum indicator is in bearish mode. A minor degree bounce faced resistance near the key daily moving averages (DMAs). Thus the next leg down is expected to start off, which can target Rs621-615.5. on the flip side, Rs652-657 is a key resistance zone on a closing basis.

 

NCDEX jeera is moving up in a channelised manner since the beginning of February. It has formed a channel within a channel. The move that has started from the March low has now reached near a crucial resistance zone. This leg has achieved 161.8% of the equality target and retraced 78.6% of the previous fall. It has also halted near upper ends of both the channels. The short-term momentum indicator has been stretched to the overbought zone. Thus the agri commodity can go for a correction. Rs16,670-16,625 will be the key area on the downside. On the higher side, Rs17,670-18,185 will act as a key resistance area.

Adjacent chart shows the price movement of NCDEX soya oil continuous contract. Structurally, the oil formed a multi month triangle, which broke out on the upside. Since then the oil rallied nicely. However the up move looks complete at Rs 682.70. From there the agri-commodity has entered short-term correction mode. The daily momentum indicator is showing negative divergence and has given a fresh sell signal. Thus soya oil can come down to test the daily lower Bollinger Band, ie Rs 635.

 

Adjacent chart shows price movement of NCDEX turmeric continuous contract. From the high of Rs 10,660, the agri-commodity had entered correction mode. The fall is breaking up into the lower degree waves. Recently turmeric broke out from a falling channel and formed a pullback. The bounce faced resistance near the multiple hurdles. From there turmeric has started falling once again. The daily momentum indicator is poised for a new cycle on the downside. Rs 7,815-7,475 will be the key levels on the downside from short- to medium-term perspective. On the other hand, Rs 8,632-8,700 will act as a key resistance zone.

For several weeks NCDEX soybean was oscillating about the key DMAs. In terms of price patterns, the agri-commodity formed a triangular pattern, which broke out on the upside. Since the breakout the commodity has been marching towards north. It consolidated near the previous high of Rs4,121 and 78.6% retracement mark for few days and started moving higher. The commodity is moving up in a channelised manner. The subsequent levels on the upside will be Rs 4,412 and Rs 4,560. The level of Rs 4,121 will act as a crucial support on a closing basis

MCX mentha oil was falling for several weeks. The fall unfolded in a channelised manner. However the agri commodity has entered a pull-back mode for the last few sessions. It has broken out from the channel on the upside. In terms of price pattern it has formed an inverted Head and Shoulder, which is bullish. The agri-commodity has completed the right shoulder and is on the verge of a breakout from the neckline. The daily momentum indicator is in line with the bullish formation. Thus this is an opportunity for bulls to go long with reversal below Rs.926. On the higher side Rs.1,016 and Rs1,030 will be the levels to watch out for.

The adjacent chart shows price movement of NCDEX soya oil August contract. From the high of Rs.616.6, soya oil has been heading towards south. On the occasions of minor degree bounces it has been facing resistance near the key day moving averages. Recently it faced resistance there and has started falling down. The fall is breaking up into lower degree waves. The medium term momentum indicator is in line with the fall, whereas the daily momentum indicator has triggered a fresh bearish crossover. Thus unless the level of Rs.583 is crossed the agri-commodity is expected to trade with downward bias. The key levels on the downside will be Rs.566.80 and Rs.555.50.

The adjacent chart shows the price movement of NCDEX cotton seed oil cake continuous contract. The agri-commodity was trading in a sideways manner for few sessions. It found support near the key day moving averages as well as near the medium-term rising trendline. The daily momentum indicator has triggered a buy signal. Thus from there the commodity has started heading higher. On the way up it crossed the high of Rs.1,907, however couldn’t sustain in the higher territory. As long as it trades above Rs.1,820, the bullish potential remains intact. Once the recent high of Rs.1,916 is crossed, the weekly upper Bollinger Band ie Rs1,953 will be the target.

NCDEX jeera has fallen signifi cantly in last few weeks. It has fallen towards the lower end of the reverse channel. On the higher side, it is facing resistance near the junction of the 40- day exponential moving average and the daily upper Bollinger Band. It is trading within this range for a last few sessions. Thus the agri-commodity is in a make or break zone. The short-term momentum indicator has completed its pull-back cycle whereas the medium-term momentum indicator is in a bearish mode. Thus unless the swing’s high of Rs.16,675 is crossed the commodity is likely to slide down. The key levels on the downside will be Rs15,100 and Rs.14,530.

The adjacent chart shows price movement of NCDEX soybean continuous contract. From the high of Rs.4,412 it has entered correction mode. The fall is breaking up into lower degree waves. Recently the agri-commodity formed a minor degree bounce, which faced resistance near the key daily and weekly moving averages. The upper end of the reverse falling channel is also restricted the bulls. Thus the price has started falling again. On the downside Rs3,408-3,400 is acting as a key support zone. Once that breaks, the price can tumble down till Rs3,325- 3,300. On the other hand, Rs3,547-3,580 will act as a key resistance zone.

The adjacent chart shows the price movement of NCDEX turmeric April contract. The agri-commodity has been rallying for the last several sessions. However it faced resistance near the rising trendline from the previous crucial swing’s high. The short-term momentum indicator is showing a negative divergence in the overbought zone and has triggered a bearish crossover. Thus the commodity looks set for a short-term correction. The price can correct till Rs8,586 and Rs8,500. On the other hand, Rs9,430 and Rs9,680 will act as key resistances.

The adjacent chart shows the price movement of NCDEX soya oil January contract. The agri-commodity is moving up in a medium-term rising channel. Within that channel it had formed a short-term falling channel. Recently it has broken-out from the falling channel. The daily momentum indicator is in line with the bullish breakout. The key level on the upside will be Rs.632, ie the upper end of the rising channel. The swing’s high of Rs.615.20 will act as an intermediate resistance. On the other hand, Rs.603 and Rs.596 will act as the key support zone.

The adjacent chart shows price movement of NCDEX cottonseed oilcake January contract. In last few sessions the agri-commodity has formed a short-term correction. It has taken support near the key daily moving averages. From there the commodity seems to have started next leg on the upside. The daily momentum indicator is in bullish mode. Once the swing’s high of Rs1,436 is crossed the price can head up till Rs1,453 and Rs1,487. On the other hand, Rs1,396 and Rs1,390 will act as a key support zone

As can be seen from the adjacent chart, MCX mentha oil was trading in a medium-term downward sloping channel. Recently it crossed the upper end of the channel and retested it. Along with the channel line key daily moving averages acted as crucial supports for the agri commodity. At these supports the oil formed a bullish outside bar on the daily chart. As a follow through mentha oil has started a fresh move on the upside. It is forming higher tops higher bottoms on the daily chart, which is a bullish sign. The daily momentum indicator is in line with the price action. The key level on the upside will be Rs.746. On the other hand, Rs.708 and Rs703 will act as a key support zone.

The adjacent chart shows price movement of NCDEX chana 2-month contract. It has formed short-term correction, which has retraced 50% of the previous up move. Near the key Fibonacci level it found support at various parameters. From there the agri-commodity has started the next leg up. The short-term momentum indicators are in bullish mode. From a short-term perspective chana is expected to test the high of Rs.3,287. Once the high is crossed it will be poised for a larger upside. The subsequent level on the upside will be Rs3,458. On the other hand, Rs.3,090 and Rs.3,034 will act as a key support zone.

The adjacent chart shows the price movement of NCDEX RM seed 2-month contract. It was moving up for last several sessions. However it faced resistance near the upper channel line. From there it has entered a correction mode. The daily momentum indicator that had been stretched to the overbought zone has triggered bearish crossover. On the downside junction of 20-day moving average and the lower channel line ie Rs.3,950 and Rs3,935 will be the key area to watch out for. On the other hand, Rs4,093 and Rs4,110 will act as a key resistance zone

The adjacent chart shows the price movement of NCDEX soya oil 2-month continuous contract. For the last few sessions it is facing resistance near the key daily moving averages. Structurally it is poised for the next leg down. In the last session it has formed a bearish Belt Hold candle. Thus the agri-commodity is expected to fall towards the low of Rs.585.50. The equality target on the downside comes to Rs.565. On the higher side, the swing’s high of Rs.593.80 will act as a key resistance on a closing basis.

The adjacent chart shows the price movement of NCDEX RM seed 2-month contract. It has been moving up for the last few sessions. However it recently faced resistance near the upper channel line. From there it entered a correction mode. The daily momentum indicator has reached the overbought zone and needs to cool off. From a short-term perspective the agri commodity can come down till Rs.3,965 and Rs.3,915. On the other hand, the recent high of Rs.4,154 will act as a key resistance.

As can be seen from the adjacent chart, MCX mentha oil was trading in a medium-term downward sloping channel. Recently it has crossed the upper end of the channel and has retested it. Along with the channel line the key daily moving averages are there to provide support to the agri-commodity. At these supports the oil formed a bullish outside bar in the last session. Thus the commodity looks set to move higher. The key levels on the upside will be Rs740 and Rs.746. On the other hand, the swing’s low of Rs.691 will act as a key support on a closing basis.

The adjacent chart shows the price movement of NCDEX soyabean December contract. For last few sessions the agri-commodity has been trading in sideways to a bearish manner. Currently it is trading near the lower end of a sideways channel. The junction of 40-day exponential moving average and the daily lower Bollinger Band is acting as an additional support. Thus the commodity seems to be forming a short term base. Rs3,217 and Rs3,196 is a key support zone. Till the time the support zone holds on a closing basis soyabean can move higher. The key levels on the upside will be Rs3,300 and Rs3,370.