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Turmeric May Ease the Prices and Commodity Intraday Tips

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Information about Turmeric May Ease the Prices and Commodity Intraday Tips
Business-Finance
y e

Published on February 24, 2014

Author: speak2earth

Source: authorstream.com

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PowerPoint Presentation: T u rm e r i c M a y E a se t h e P r i c e s a n d C o m m od i t y I n tr a d a y T i p s Turmeric Prices opened slightly weak below yesterday close at INR 7022 and traded with bearish bias during initial trading hour. However, it decline during next hour and traded sideways to weak during rest part of the trading session. Finally it closes with the formation of filled body candle indicating possibility for further decrease during short term. OI continue to drop down for April contract and the prices able to trade within previous day range indicating near term weakness. However, any major decline is likely to find support towards INR 6696/6510 from where short term technical bounce is possible. The 14 days RSI and Stochastic (9,3,3) starts weakening which shall keep prices to trade steady to weak. MACD is trading in positive zone signifies strength in coming trading weeks. Prices already trading above 50 and 100 day EMA were signaling positive trend in coming trading session. Prices are likely to trade sideways during coming couple of trading session Cardamom After a significant fall during yesterday’s trading session, Cardamom prices pared its initial losses made during the early trading session and surge up to test towards its intraday resistance towards INR 776. It finally closes with the formation of un-filled candlestick indicating either higher open or might cool down after initial surge towards its resistance. However, it is a pullback rally which might results due to short covering in near month contracts. However, OI starts building in the far month contracts with relatively higher volumes which might keep the trade volatile for short term. However, it might find support towards INR 768 and breaching the same might trigger fresh selling which is likely to test towards INR 748. In case of any jump it might find stiff resistance towards INR 805/822 as it might find strong selling pressure towards its falling trend line which might limit any sharp upside. The 14-day RSI and stochastic (9, 3, 3) is trading in neutral region indicating further sideways to positive trend. Concisely prices are expected to show recovery from lower levels and one may buy around supports Jeera Prices opened steady at INR 11560 and slipped sharply but being unable to break the given support at INR 11440 recovered marginally and ended the day with the formation of a bearish candle signifies sideways trade in current trading session but weakness could be seen only below the break of the support at INR 11440. OI improves while Volume declines during Monday trading session indicating long liquidation. Prices are in a bearish phase and the same is likely to extend further. Any surge further might get resistance near its 20 and 50 day EMA where prices might get some resistance. However, any major decline is likely to find support towards INR 11440/11275 from where short term technical bounce is possible. MACD is trading in the negative zone supporting the bear trend in coming days. The 14 days RSI and Stochastic (9,3,3) starts weakening which shall keep prices to trade steady to weak. Concisely prices may slip further and one may enter in short if prices gave some recovery. Soyabean March soybean opened on a positive note and the upward momentum lasted till close of play. The second month derivative successfully closed above the 4000 mark gaining Rs.36 on a quintal. MACD is trading with a positive note. The candlestick pattern once again shows steady improving demand at PowerPoint Presentation: current levels. The RSI bears a bullish view for the upcoming session. Ability of the March contract to trade above an important zone of 3990 and 3995 reflects improving prospects for the upside movement. On the whole there is likelihood for another bullish session. We would suggest initiating long positions after a moderate drop in prices. Commodity Intraday Tips Buy Soyabean Ncdex March Near 4035 Sl 4020 Tgt 4060-4069 Sell Turmeric Ncdex April near 7030 Sl 7135 Tgt 6050-6780 Buy Cardamom Mcx near 768 sl 748 Tgt 790-796

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