Geofin Comtrade has come out with its report on agricultural commodities. The research firm has recommended to buy Turmeric on dip, Mentha oil above Rs 759 and sell Jeera below Rs 15100, in its research report dated January 05, 2015.
Jeera Jan NCDEX: Jeera prices extended its losses and finally closed the last week session at 15305. Prices need to break the immediate trend line support of 15130 for the following correction to continue towards 15000/14800 followed by 14540 levels. Moreo-ver, the daily RSI seems overbought and trailing lower suggests an immediate profit booking. However, unable to do so could see pullbacks rallies to 15420/15530 levels in the immediate run. Hence, we suggest to sell below 15100 levels for the day.
Menthaoil Jan MCX : Menthaoil prices skyrocketed on Friday's session and later closed at 756.6 levels. Prices need to clear the upper trend line resistance of 759 for the strong upside rallies to 771 followed by 785 or even higher to 803 levels in the near term. Fur-ther, weekly RSI is running through the positive horizon, signals a near term uptrend. However, any slip below 709 could negate our bullish outlook for the day. Overall, the trend remains positive and recommends buying above 759 levels.
Turmeric Jan NCDEX : As prices are able to stabilize above 8900 could see upside rallies to 9500 followed by 9680 or even higher towards 10000 levels for the day.
Strategies
SELL JEERA BELOW 15100
BUY MENTHAOIL ABOVE 759
BUY TURMERIC ON DIPS
For all commodities report, click here
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To read the full report click here
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