SHUBHLAXMI NCDEX

Jeera: Momentum rolls bearish

Jeera has fallen below the 20-weekly moving average (WMA; Rs14,558) and the 40-weekly exponential moving average (WEMA; Rs14,763), which are now acting as resistances. Jeera is falling down as a follow-through of a bearish outside bar that was formed on the weekly chart. The weekly momentum indicator is also showing weakness. It has triggered a bearish crossover. Unless the high of Rs15,010 is crossed the agri commodity is likely to fall towards Rs13,400 (the rising trendline). Whether Rs13,400 holds will decide the future course of action for jeera.

The NCDEX guar seed has been trading in a range. Structurally it is forming a triangle. The 20-daily moving average and the lower end of the rising channel are there to provide support. In the time the commodity has consolidated the daily momentum indicator has cooled off. Unless the swing low of Rs11,035 is broken the view remains bullish. The break-out level on the upside is Rs12,730. The channel target is Rs15,400.

February 07, 2012,Mentha oil: Correction on the cards

Mentha Oil

MCX mentha oil has started correcting from the high of Rs1,619. It has fallen from the daily upper Bollinger Band towards the 20-daily moving average. In the last week it had formed a doji at weekly upper Bollinger Band suggesting a loss of momentum on the upside. As a result, the commodity is falling. The daily momentum indicator has given a sell signal. The targets on the downside are Rs1,440 (the daily lower Bollinger Band) and Rs1,360 (the 78.6% retracement mark).

February 02, 2012,Soy bean (NCDEX 1st month): Quite accumulation

Soya Been

As evident from the chart, the commodity has been finding support near its 50% Fibonacci retracement level that is around Rs2,437. For the last couple of trading sessions it has been finding support near this area. Going forward,the immediate resistance is placed at Rs2,490, which is the falling trend line resistance. Once that is taken off bulls will take charge of this commodity and head higher towards Rs2,470 and Rs2,606. The reversal of this view is placed at Rs2,399, which is 61.8% retracement level.