According to Angel Commodities one can buy NCDEX Cocudakl (Cottonseed Oil Cake) July between Rs 1620-1628 with a stop loss of Rs 1570 for the target price of Rs 1710-1720.
NCDEX Cocudakl (Cottonseed Oil Cake) July contract, it was trading in the "Higher Top Higher bottom formation" from last couple of days after making a low of 1,513 levels (In daily price chart in the attached pdf).
We observed today that as per candlestick pattern it gives "V pattern" breakout and trading above it. According to Harmonic Trading pattern it has also completed "AB=CD pattern" which is also positive for the prices.
Indicator Analysis
Technically speaking on the oscillator front, 14 day RSI is rising and currently reading at 56 and MACD is also trading in positive zone, which indicate optimism.
Key Levels
Resistance could be seen at 1,710 levels and then final resistance will be observed at 1,780 levels. Prices can find support at 1,570 levels and below that strong support is seen at 1,510 levels.
Looking at positive chart formation coupled with oscillators indicating optimism we recommend Buy in NCDEX Cocudakl July contract.
Positional Call - Buy NCDEX Cocudakl July between 1620 - 1628, SL - 1570, Target - 1710 / 1720.
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