Geofin Comtrade has come out with its report on agricultural commodities. The research firm has recommended to sell CPO on pullback, Kharif Maize below Rs 1210 and Refined Soy oil below Rs 640, in its research report dated January 21, 2015.
Jeera Feb NCDEX: Jeera prices witnessed a higher level profit booking and later closed the day at 16720. Though prices was witnessed a sharp fall in yesterday's session and if prices are able to sustaining above the support of 16550 could see uptrend towards 17000 followed by 17200/17500 levels. Moreover, daily RSI (14) is still trading higher which implies a near term upward bias. Conversely, on the other side, any close below 16250 could negate the existing bullish trend in the near term. Overall, we recommend buying on dips for the day.
Refined Soy oil Feb NCDEX: Prices trailed lower in yesterday's session and finally settle at 641.70. Prices are required to clear the downside 45 day EMA support at 640.50 for the trend to turn bearish towards 639 followed by 637or even lower to 634.70 levels.
Moreover, prices had broken the internal trend line support at 647 which in turn supports the bearish view. Additionally, the daily RSI (14) is treading lower which keep the fall in track. On the other side, an acute rise above 650 could deter the bearish sentiments in the
near term. Hence, we recommend to sell below 640 levels for the day.
CPO Jan MCX : While trading below 454 could see down side correction towards 446/443 levels.
Strategies
SELL CPO ON PULLBACKS
SELL REFINED SOY OIL BELOW 640
SELL KHARIF MAIZE BELOW 1210
For all commodities report, click here
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To read the full report click here
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