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Sell CPO, Cocudakl; buy Jeera: Geojit Comtrade

Geojit Comtrade has come out with its report on agricultural commodities. The research firm has recommended to sell CPO, Cocudakl on pullback and buy Jeera on dips, in its report dated October 21, 2014.

October 21, 2014 / 01:58 PM IST

Geojit Comtrade's report on agricultural commodities

CPO Oct MCX/NCDEX: CPO prices tumbled from the day’s high of 443 and closed the day at 438.80. As prices breached the support of 440, the outlook still on the weaker side and expect to see a downside correction initially towards 435 followed by 430/426.20 levels in the near term. Moreover, daily RSI (14) treading lower, signals a potential fall. Nevertheless, an acute rise from 443 could see retreat rally towards 445.90/450 levels for the day.

Cocudakl Dec NCDEX: As prices broke the trend line support of 1370, sentiments more inclined towards the bearish zone and expect to see downside correction to 1340 followed by 1325 levels.

Jeera Nov NCDEX: Jeera prices escalated higher from the daily bottom of 10850 and closed the day at 10975. Prices are now stable above the 13 and 22 day EMA cluster supports of 10880, bullish view on cards but expect to clear the upper trend line resistance of 11110 for the strong rallies to 11250/11500 levels. Besides that, daily RSI (14) is gradually tuning towards positive zone. However on the other side, break below 10610 could exhibit deep correction to 10500/10400 levels.

Strategies:Sell CPO on pullbacksSell Cocudakl on pullbacksBuy Jeera on dips

(Prices in Rs.)

For all commodities report, click here

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