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The adjoining chart is a weekly chart of NCDEX Soya bean. We can observe that soya bean broke the trading range on the upside and rallied smartly towards the crucial resistances. It has faced resistance at the 20- and 40-weekly moving average. Last week the agricommodity gave a positive weekly close. However, it was unable to surpass the crucial moving averages. On a shorter time frame we can observe that the agricommodity is consolidating in a range and has taken the shape of a triangle. We expect this consolidation to break on the downside. It has also faced resistance at the wnward sloping trendline (shown in blue colour) which will act as a key resistance going ahead. The weekly momentum indicator bears a positive crossover and we feel it will touch the equilibrium line which completes the pull-back cycle. Our view on the agri-commodity remains bearish and we expect soya bean to trade weak going ahead. Our target on the downside is placed at Rs2,845, which is the weekly lower bollinger band. The stop loss should be trailed to Rs3,698, which is the swing’s high.
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The adjoining chart is of MCX mentha oil October contract. We can observe that mentha oil was trading in a range in the past few trading sessions. The range has been broken on the downside. It is currently trading below the 20- and 40-daily moving averages. The daily momentum indicators have a negative crossover. We expect mentha oil to trade weak in the coming trading sessions. We expect the targets of Rs841, which is the daily lower Bollinger Band, and below that Rs830, which is the previous swing’s low. The reversal of the bearish stance is placed above Rs890, which is the swing’s high.
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The adjoining chart is of NCDEX gram chana October contract. We can observe that gram chana was trading in an upward sloping channel which broke on the downside. For the past few trading sessions it has been trading in a sideways manner. Our sense is that it is forming a triangle and we expect it to break on the upside. The daily momentum indicator has been oscillating around the equilibrium line which is in sync with the price action. So the strategy to trade gram chana is to buy on decline near the Rs3,000 level which is the daily lower Bollinger Band for the targets of Rs3,240, which is the swing’s high and above that we expect Rs3,400, which is the weekly upper Bollinger Band. The reversal of the bullish stance is placed below Rs2,875, which is the 50% retracement of the rise.
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The adjoining chart is of NCDEX soya oil October contract. We can observe that soya oil has been correcting sharply for the past few weeks. In the penultimate trading session it formed an engulfing bull candlestick pattern which has bullish implications. In our previous report on soya oil we had forecast that soya oil would correct up to Rs650 which was the 78.6% retracement of the fall. It achieved the target. Going ahead we expect soya oil to trade positive for the target of Rs682, which is the area of 20- and 40-daily moving averages. The reversal of the bullish stance is placed below Rs648, which is the low of the engulfing bull candlestick pattern. And below this level the pattern will get negated.
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