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Thursday, May 12, 2016

Update on Agri Commodties 12 May 2016




Mentha oil




Support at 860 and Resistance at 893

Two consecutive closes below 860 will take to 820---790 mark in days to come

Fresh buy can initiate only close above 893 mark

Trade with levels only







Soyabean (June)





Weekly close below 4020 will take to 3920---3850 and then to 3700 mark in days to come else it could test its resistance level of 4130 again

Further upside rally will see only weekly close above 4130 mark



Trade with levels only






Soyaref (June)




Support at 658 and Resistance at 668---676


Two consecutive closes below 658 will take to 652---648 and then to 640 mark in days to come else it could test its resistance level of 668---676 again

Further upside rally will see only close above 676 mark


Trade with levels only






CPO




Support at 554 and Resistance at 564

Weekly close below 554 will take to 548---543 and then to 535 mark. More and more downside panic will see only weekly close below 535 else it could test its resistance level of 559---564 again


Major hurdle at 566


Traders can trade safely with levels only and wait for confirmation






Rmseed (June)





Support at 4450---4330 and Resistance at 4550

Close below 4450 will take to 4380---4330. Three consecutive closes + weekly close below 4330 will see sharp downside fall in it else it could test its resistance level of 4550 again


Close above 4550 will see further upside rally till 4650---4730+ mark


Trade with levels only




Chana (June) 




Support at 5500 and Resistance at 5800


Either side break or close with volume will decide further.. Till then traders can trade safely with levels only and wait for confirmation






Turmeric (June)



Support at 8000 and Resistance at 8600

Three consecutive closes + weekly close below 8000 will see sharp downside panic in Turmeric till 7400---7000 mark in days to come else it could test its resistance level of 8600 again

Further upside rally will see only close above 8600 mark

Trade with levels only







Jeera (June)




Support at 16600 and Resistance at 18200

It if unable to breach its support level of 16600 then it could test its resistance level of 17600---18200 again. Further upside rally will see only weekly close above 18200 mark

Fresh selling can initiate only close below 16600


Three consecutive closes + weekly close below 16600 will take to ???

Trade with levels only






Dhaniya






Support at 6900 and Resistance at 7300

Two consecutive closes + weekly close above 7300 will take to 7900---8200+ mark in days to come else it could test its support level of 6900 again

Further downside panic will see only close below 6900 mark

Trade with levels only









More will update soon!!