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Agri Commodities Looking Mostly Sideways and Commodity Market Tips






     Turmeric Prices opened steady and slipped during early hours of trade but recovered after couple of hours and being unable to sustain at higher levels slipped marginally finally the prices close with the formation of doji candle hinting reversal trend in short term. On the downside 6820 and 6660 might act as strong support zone and may prevent prices to go sharply beyond the given level. Now Open Interest and Volume are increasing signaling some short covering at lower levels. Any near term jump might find stiff resistance towards 7150-7322 and likely to limit aggressive gains. The prices ended above the Exponential Moving Averages and thus indicating the possibility of further uptrend in prices. Moving Average Convergence Divergence is trading in positive territory showing some bullish movement in coming trading session. The 14 day Relative Strength Index is in neutral zone sloping upward and Stochastic (9,3,3) also continued to trade in neutral zone with upward bias. Concisely prices are expected to show some profit booking in coming trading sessions.

Major Resistance on Upside at 7150-7322

Major Support on Downside at 6820-6660

Trend Deciding Level at 7016

Sugar Prices opened flat and surged marginally but being unable to sustain at higher levels and slipped during last trading hours. Finally ended the day with the formation of red candle signifies weak trend in coming trading session. Volume declined during the session and thus the prices may enter in a zone of consolidation of may weaken. Any surge in prices for short term might face stiff resistance barrier towards its Exponential Moving Average zone and breaching the same might turn the sentiments positive. The prices have been trading range bound with weak trade for last couple of trading session. It comes close towards its support from where it is likely to get technical bounce towards 2688. Moving Average Convergence Divergence is trading in neutral region with downward bias indicating weak trend in days to come. The 14 day Relative Strength Index is trading neutral zone with downward bias and Stochastic (9,3,3) is also trading in a neutral zone along with downward. Concisely prices are expected to trade with high volatility and one may avoid aggressive trading.

Major Resistance on Upside at 2688-2705

Major Support on Downside at 2651-2630

Trend Deciding Level at 2665

Cardamom Prices open steady and move sideways during early trading hours but could not been able to sustain at higher price levels. Strong selling pressure from higher levels brings prices to fetch towards its key support zone near 710. Finally prices closes with the formation of positive candle with long upper leg indicating sideways to positive trade during coming couple of trading session. Now OI and Volume are increasing signaling some short covering at lower levels. On the downside 710 and 696 might act as strong support zone and may prevent prices to go sharply beyond the given level. Prices are in the stage of indecisiveness as trading between 20 day Exponential Moving Average support and 50 day Exponential Moving Average resistance. Moving Average Convergence Divergence is trading in neutral region with downward bias indicating sideways to weak trade in near term. The 14 days Relative Strength Index and Stochastic (9,3,3) is trading in neutral region with downward bias indicating sideways to weak trend in coming trading session. Concisely prices may slip further and one may enter in short if prices gave some recovery

Major Resistance on Upside at 736-752

Major Support on Downside at 710-696

Trend Deciding Level at 722

Jeera Prices opened steady and slipped sharply during early trading session and continue to move down till mid day trading session. It marked the days low at 12430 but unable to sustain at lower levels and surged marginally after wards amid intraday short covering. Prices closed with the formation of bearish candle indicating little weakness during coming couple of trading session. Now Open Interest are decreasing signaling some profit booking at higher levels and this situation may lead sharp fall in prices in coming trading session. On the downside 12285 and 12170 might act as strong support zone and may prevent prices to go sharply beyond the given level. The prices ended below the Exponential Moving Averages and thus indicating the possibility of further downtrend in prices. Moving Average Convergence Divergence is trading in neutral region with downward bias indicating sideways to weak trade in near term. The 14 day Relative Strength Index is in neutral zone sloping downward and Stochastic (9,3,3) also continued to trade in neutral zone with downward bias. Concisely prices are expected to show some profit booking in coming trading session.

Major Resistance on Upside at 12620-12758

Major Support on Downside at 12285-12170

Trend Deciding Level at 12443

Commodity Market Tips
SELL CARDAMOM MCX FEB ON RISE NEAR 725 SL 736 TGT 715-710

SELL TURMERIC NCDEX APR ON RISE NEAR 7150 SL 7322 TGT 6950-6720

SELL JEERA NCDEX MAR ON 12620 SL 12758 TGT 12460-12390.






Article Source: http://www.abcarticledirectory.com

Mr. Kiran Kumar Reddy, Technical Analyst and Founder of Charanwings Advisory Services providing trading advisory services in Equity, Derivatives and Commodity.He also made a guest appearance in various workshops which were conducted on stock market awareness www.charanwings.com


Posted on 2014-01-28, By: *

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