SHUBHLAXMI NCDEX

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