Sell CPO, Gur, Maize on pullback: Geojit Comtrade
Geojit Comtrade has come out with its report on agricultural commodities. The research firm has recommended to sell CPO, Gur and Maize on pullback in its report dated August 09, 2012.
August 09, 2012 / 12:00 IST
Geojit Comtrade has come out with its report on agricultural commodities. The research firm has recommended to sell CPO, Gur and Maize on pullback in its report dated August 09, 2012.
CPO Aug MCX: Prices broke a crucial support of 556 levels yesterday and settled negatively at 549.70. For the day, we expect continuation of the prevailing lower correction towards 545 followed by 540 levels. Moreover, the daily RSI is confirming the bearish view. Any pullback above 560 may dent our bearish outlook and take prices higher.Maize Sep NCDEX: Prices plummeted sharply and closed yesterday at 1427 levels. Intraday, we expect a mild short covering rally before resuming the downfall towards 1400 followed by 1370 levels. In addition, prices are trading well below 45 day EMA resistance indicating a near term bearish outlook. On the other side, a pullback above 1500 is required to dent our bearish view during the day.Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.To read the full report click on the attachment 
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