IMV Commodity: Agro Technical Update From Research Desk In July future: Soya bean Rmseed Castor seed Guar seed Jeera Dhaniya Turmeric (Follow-up update) Cotton Seed Oil Cotton IMV Commodity Research Desk www.indianmarketview.com research@indianmarketview.com 0120-654-6555
Soya bean As visible in the daily chart, we have seen sharp downside fall in soybean Since Feb 16. It crashed vertically from Rs.3385 to Rs.2643 down by more than 15%.While writing, Soybean (July) future is trading around Rs.2840. Now we are expecting a smart recovery in prices with an immediate hurdle of Rs.2880. Sustainable move above Rs.2880 (55% projection of 3156-2760-3098) followed by rising volume could spark a fresh rally towards Rs.3100 and above the same rally likely to continue. Three consecutive closes + weekly close above Rs. 3100 will see more upside rally till Rs.3460- --3700+++mark in the near month. The momentum indicator RSI-14 hovering within the oversold zone and is indicating re-bounce in prices. On the basis of oscillator, soybean price is taking strong support of its 21 DMA (Rs.2750) and 55 DMA (Rs.2826) showing a strong up move likely to take place in the near term. We will make position on successfully breach of Rs.2880 as an immediate resistance. Traders don t go for aggressive or positional selling at all because trend is positive and we will expect rally to remain continue till Rs.3100---3460+++ initially. For positional trade, stop loss seeing at Rs.2600 which is near to its recent bottom (closing basis). It will get positional weak only below Rs.2600 mark which is unlikely to breach in near terms. Buy Soya bean above Rs.2880. Stop loss below 2600*.Target 3100--- 3460++++. If anything reversal seen will update.
Rmseed We have seen downside trend in Rmseed as crashed vertically from Rs.4038 to 3461 but, it is unable to breach its major support level of Rs.3450 and bounced back sharply now trading around Rs.3552 at the time of writing. Here are optimistic about the Rmseed for short to medium term as chances are bright for upside move in it. Following developments in the daily chart, it is in bottom out formation pattern while, oscillator MACD and RSI too indicating positive diversion on charts along with its 21 DMA which stood at Rs.3530. Rmseed has a key support at Rs.3450 and resistance at Rs.3620. Three consecutive closes + weekly close above Rs.3620 will take it to Rs.3840 and then Rs.4060++ mark in days to come. We will expect rally to remain continue until and unless any major reversal seen or news comes out from developed arena. So traders don t go for aggressive selling in Rmseed. On the basis of sustainable move above Rs.3620 we will make a long position with the stop loss below Rs.3450 on closing basis. Buy Rmseed above Rs.3620. Stop loss below 3450*.Target 3840- --4060++++. If anything reversal seen will update.
Castor seed As visible in the Daily chart, we have seen sharp downside fall in Castor seed since April 17. It crashed vertically from Rs.5218 to Rs.4089 down by more than 15%. While writing, it is trading around Rs.4350. Prices have given a strong break out of upper trend line resistance which is quoted at Rs.4350 with rising volume showing a smart uptrend which is likely to come in the near term. A series of lower lows and lower highs in the daily chart likely to be bottom out in the chart which is clearly indicating further up move in the prices towards the Rs.4480 (34% retracement of Rs.5218-Rs.4089). Three consecutive closes + weekly close above Rs.4480 rally likely to remain continue towards Rs.4710 and then Rs.4900+++ mark in days to come. Rising volume along with momentum indicator like RSI-14 hovering within the oversold zone and is clearly indicating a re-bounce in prices. Moreover, it is also getting support of its 21 DMA (Rs.4315) but, still moving below and 55 DMA (Rs.4460) showing a range bound activity with positive bias may remain in near term. Traders don t go for aggressive selling at all because trend is positive and we will expect rally to remain continue till Rs.4480---4710 and 4900 mark in coming months. For positional trade, stop loss seeing at Rs.3900. It will get positional weak only below Rs.3900 mark which is unlikely to breach in near terms. Buy Castor seed around Rs.4350. Stop loss below 3900*.Target 4710--- 4900++++. If anything reversal seen will update.
Guar seed (Sideways) As visible in the daily chart, we have seen downside trend in Guar seed as crashed vertically from Rs.4129 to 3172 and tried to bottom out here but failed to sustain at higher level. While writing, it s trading at Rs.3258 which near to support level of Rs.3170. A breakdown of rising trend line during his recovery path clearly showing that prices still following the major downward trend line and likely to remain continue ahead if once it gives sustainable close below Rs.3170.Three black crows formation in the daily chart clearly indicating the demand for an asset is weakening and when the price break below the lower support (Rs.3170) the downside momentum likely to continue or become stronger. It will be an opportunity to make substantial profits over a period of time. Alternatively, on the higher side Rs.3490 is an immediate major hurdle where once we expect downward correction in prices. Three consecutive closes + weekly close above 3490 will take it Rs.3700 3850 and then to Rs.4130 mark in weeks to come, further upside rally will see if closes above Rs.4130. RSI-14 (44) is still hovering in the vicinity of oversold zone while, ADX-14 (22) is opposing the strength in it. Prices also traded below its 21 DMA and 55 DMA which quoted at Rs.3328 and Rs.3605 is also a bearish indication in the chart. Traders advised to wait for either side break out of Rs.3170-3490 which will set the further trend in it. Wait for either side break out of Rs.3170---Rs.3490 which will set the further trend in it. (Weak below 3170 and strong above 3490)
Jeera Weekly Chart: Following developments in the weekly chart, we have seen a northward rally with the zigzag mode in the prices from Rs.9665 to Rs.20020. While writing it is trading around Rs.18850. On seeing weekly chart, Jeera prices taking a support of its rising trend line while oscillator MACD and RSI too indicating positive diversion on charts along with it 21 and 55 DEMA stood at Rs.18075 and Rs.17948 respectively. Jeera has support at Rs.17950 and resistance at 19350. Three consecutive closes + weekly close above Rs.19350 will take it to Rs.20020---20600 and then Rs.21500+++ mark in days to come. On the higher side major resistance seen at Rs. 20020 and sustainable move above the level rally likely to continue. For short term to medium term outlook, we will expect a rally towards its Rs.20020 remain continue until and unless any major reversal seen or news comes out from developed arena. So traders don t go for aggressive selling in Jeera. Try to get an opportunity to buy on decline around Rs.18600 and add more lots above Rs.19350 with stop loss below Rs.17950 on closing basis. Buy Jeera above Rs.19350 or in panic decline around Rs.18600. Stop loss below 17900*.Target 20020---20600---21500++++. If anything reversal seen will update.
Dhaniya Rounding Bottom Pattern : In line with our previous report of Dhaniya we were extremely bearish from Rs.7100 to 4500 and made a low of Rs.4535 on 5 th June.Now prices taking U TURN from here and we are here to share our further strategy in it. We have seen sharp downfall in Dhaniya from Rs. 13444 to 4535 almost down by more than 60%. Now Dhaniya future is trading around RS.5170. As visible in the daily chart, rounding bottom formation seen in the chart which is clearly indicating a positive trend which is likely to be seen in near term. Support is seen at Rs.4800 and resistance is seen at Rs.5280. Daily close above Rs.5280 will see sharp upside till Rs.5470- --5600 and then to Rs.6050 mark in days to come. Beside, Dhaniya is trading above 21DMA which is at Rs.4847 while, MACD and RSI too showing positive diversion which indicate that lower side seems limited. Traders don t go for aggressive or positional selling at all because trend is positive. Mandi traders those are having stock of Dhaniya can try to take advantage of this view by holding their position by long Dhaniya on NCDEX division. Buy Dhaniya above Rs.5280 or in panic decline around Rs.5050. Stop loss below 4800*.Target Rs.5470---5600---6050++++. If anything reversal seen will update.
Turmeric (Follow up update of previous report) This is a follow-up view on Turmeric and we will continue with our bullish outlook ahead. We have publish a special report on Turmeric (13th June) in which we have recommended buy Turmeric around Rs.5520 and now it s made a high of Rs.6396. As visible in the daily chart, we have seen sharp upside move in Turmeric future price. We are holding long position from Rs.5520 and still we are expecting a sharp uptrend in it. Rising volume along with positive open oscillator divergence clearly showing the buyers interest in the chart. Now support is seen at Rs.5900 and Resistance is Rs.6450.Daily close and sustained move above Rs.6450 will take it to Rs.6650---6900---7150+++mark in days to come. The momentum indicator RSI-14 hovering within the oversold zone along with it is also getting support of its 21 DMA (Rs.5610) and 55 DMA (Rs.5742) showing strongly a bull run in it. For the medium-long term prospects, we expect turmeric prices to go further higher from here. So trader can make fresh position on close above Rs.6450 and on decline near Rs.6200 with stop loss below Rs.5900 for the mentioned upside targets. We are holding long in Turmeric from Rs.5520 and fresh can be accumulate on break and close above 6450. Stop loss below 5900*.Target Rs.6650---6900---7150++++. If anything reversal seen will update.
Cotton Seed Oil (Seems Bottom Out) As visible in the daily chart, we have seen downside trend in Cotton seed oil as crashed vertically from Rs.2303 to 1568 and tried to bottom out here with the formation of symmetrical Triangle formation. While writing, it s trading at Rs.1650 which near to support level of Rs.1568. RSI-14 (44) is still hovering in the vicinity of oversold zone while, ADX-14 (26) is clearly supporting our bullish view in the chart. Apart from this Prices also traded above its 21 DMA which quoted at Rs.1650 is also a bullish indication in the chart. Now support seen at Rs.1560 and resistance is Rs.1695. Break and close above Rs.1695 will take it to Rs.1820---1970--- 2100+++ mark in near term. So traders don t go for aggressive selling in it. Try to get an opportunity to buy on decline around Rs.1630 and add more lots above Rs.1695 with stop loss below Rs.1560 on closing basis Buy Cotton seed oil above Rs.1695 or in panic decline around Rs.1630. Stop loss below 1560*.Target Rs.1820---1970---2100++++. If anything reversal seen will update.
Cotton (Seems Bottom Out) As visible in the Daily chart, prices taking U TURN from its lower Bollinger Band (20:2) which is quoted at Rs.19400 and able to trade above the same showing demand activity which may likely to take place at lower level. Rising volume along with positive RSI-14 divergence clearly showing an indication of bottom out formation which may take place here in the chart. Now, support seen at Rs.19400 and then Rs.18650 while, Resistance is seen at Rs.19700. Daily close above Rs.19700 will take it to 20400 and Rs.20900 in near term however, lower band which is unlikely to breach in near term. So traders don t go for aggressive selling in it. Try to get an opportunity to buy on decline around Rs.19400 and add more lots above Rs.19700 with stop loss below Rs.18650 on closing basis. Buy Cotton oil above Rs.19700 or in panic decline around Rs.19400. Stop loss below 18650*.Target Rs.20400---20900---21250++++. If anything reversal seen will update.
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