Geojit Comtrade has come out with its report on agricultural commodities. The research firm has recommended to sell Cardamom on pullbacks, Chana below Rs 2814 and buy Refined soy oil on dips, in its report dated June 18, 2014.
Cardamom July MCX: Cardamom prices plummeted sharply from 921.7 and finally closed at 895.4 levels. Prices broke the lower trend channel support of 915 and triggered selling pressure. For the day, expect to continue the liquidation towards 880 followed by 860 levels. The daily RSI (14) is also indicate weakness in the counter. On the other side, any rise above 942 could reverse the negative momentum and take prices higher.
Chana July NCDEX: Chana prices Slipped lower from the high of 2913 and closed the day at 2825 levels. Prices are now required to break the horizontal trend line support of 2814 to set off major selloffs towards 2799 followed by 2760/2720 levels. Moreover, daily RSI (14) also showing negative sentiments for the day. Conversely, a direct rise above 2960 could negate the intraday bearish sentiments and open up strong rallies.
Refined Soy oil July NCDEX: As long as prices stay above 674 sharp rallies likely to see towards 683/685 or even higher to 690 levels.
Strategies:
Sell Cardamom on pullbacks
Sell Chana below Rs 2814
Buy Refined soy oil on dips
(Prices in Rs.)
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