Ncdex Commodity Technical Report 28 April
SOYABEAN
CHANA
TECHNICAL OUTLOOK: On the technical
charts, Soyabean may futures trend is bullish where it has resistance at
4720 on an intraday basis & 4580 is an immediate support. Soyabean
closed at 4671. Momentum indicator RSI is currently positively biased
& is indicating bullish trend in the commodity. Traders can take a
buy position at around 4620 with a stop loss of 4580 for the day target
of 4720.
FUNDAMENTAL OUTLOOK: Soyabean
exports from US continue to the Chinese Markets. Unfavorable weather
conditions can create volatility in the price of Soyabean.
TECHNICAL OUTLOOK: From an intraday
perspective, chana may contract will trade on a neutral bullish note. A
crucial support is seen around 3070 & resistance is placed at 3160.
Yesterday, Chana closed at 3124. Intraday traders can take a buy
position in chana around 3105 with a stop loss at 3070 & a day
target of 3160. On the daily chart, momentum indicator RSI is positively
biased indicating a bullish trend in the commodity....Read More
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5:30 PM
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