SHUBHLAXMI NCDEX

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