|
Jul 20, 2012, 03.41 PM IST
Way2Wealth has come out with its special report on Crude Palm Oil (CPO). According to the research firm, one can buy MCX CPO August contract above Rs 579 for targets of Rs 620-640, with a stop loss of Rs 561.
Way2Wealth has come out with its special report on Crude Palm Oil (CPO). According to the research firm, one can buy MCX CPO August contract above Rs 579 for targets of Rs 620-640, with a stop loss of Rs 561.
Bulls to print palm on bear’s face MCX crude palm oil seems to be ready to explode on the upside. It has formed an inverted head and shoulders pattern in which the right shoulder is a channel wherein it has completed an A-B-C pullback of the previous up move. Now, once it surpasses the swing high of 578.50 it will confirm the breakout as then it will move in higher top and higher bottom fashion. The equality target for wave 3/C or the conservative target for the inverted head and shoulders pattern is 620 and above that the aggressive target is 640. The supports on the lower side are 561 and 549. So, once the upside breakout is on hands the risk reward will be quite favorable for the bulls. The momentum indicator RSI (14) is in buy mode after reversing from the oversold region. The daily MACD has also come into buy mode after reversing from the zero reference line which also confirms the expected up move. Investment strategy:
To read the full report click here Tags: Way2Wealth, MCX crude palm oil
|
 From DJ EU Officials Spain Aid Cap Of 100 Bn Euros 'should Be Enough'  The latest earning numbers FIRST on CNBC-TV18
News Videos
|
