Review report on Agri Commodity Dated 11-01-2018.
Following are the recent developments in Major Agri commodities…
Technical Aspect
Guarseed (Feb)
After a steep rise from last couple of days, we have seen a profit booking activity at higher levels during the session. But rising export demand along with higher crude oil prices may support in near term.
Now what to expect?
Support is at 4300 and Resistance is 4480.
If prices unable to break and close below 4300 we can expect the ongoing rally likely to continue till 4480. Break and close above 4480 will take it towards 4550—4680++ mark in near term.
Fresh selling can be seen on close below 4300 mark.
Trade with levels only.
Chana (March)
After a long consolidation from last couple of days we have seen good rebound with high volume in prices during the session.
Now what to expect?
Support is 3740 and Resistance is 3880
Traders can buy and accumulate more here. Looks positive on chart and likely to hit 3880. Break and close above 3880 will take it towards 3940—4000 and then 4060++ mark in near term.
Fresh selling only can be seen on close below 3740 mark.
Trade with levels only.
RM Seed (April)
We expect downside momentum likely to continue in near term.
Now what to expect?
Support seen at 4020 and resistance is at 4150.
Looks weak on chart and any sharp rise will be a selling opportunity in it.Break and close below 4020 will take it towards 3960—3920 and then 3850 mark in near term.
Fresh buying only can be initiated above 4150 mark on closing basis.
Trade with levels only.
Soybean
Dull activity with lower bias has been noticed during the session.
Now what to expect?
Support seen at 3150 and Resistance is 3320.
We expect positive move likely to continue in near term. Buy and accumulate more on decline and likely to hit 3320. Break and close above 3320 will take it towards 3400—3460 and then 3550++ mark in coming days.
Fresh selling can be seen on close below 3150 mark on closing basis.
Trade with levels only.
Castor Seed (Feb)
We are carrying sell position from 4305 in it.
Today we have seen a bit rise in prices but overall trend still seems to be negative on chart and it’s likely to continue in near term.
Now what to expect?
Support at 4050 and Resistance at 4220.
Panic likely to continue till 4050. Break and close below 4050 will take it towards 3980—3930 and then 3850 mark in near term.
Fresh buying can be initiated above 4220 mark on closing basis.
Trade with levels only.
Cotton
Good rebound has been seen in last 2 trading session.
Now what to expect?
Support is 20100 and Resistance is 20600.
Looks superb on chart and likely to hit 20600. Break and close above 20600 will take it towards 20850—21200 and then 21500++ mark in near term.
Fresh selling can be seen on close below 20100.
Trade with levels only.
More will update soon!!!
