Buy MCX Cotton Feb Fut around Rs 16650-16680: Angel Comm

Angel Commodities has come out with its report on Cotton and Soybean. According to the research firm, one can buy MCX Cotton February Future around Rs 16650-16680 with stoploss of Rs 16540 for a target of Rs16850.

MCX Cotton Feb Contract:

On the daily chart, price bounced taking support at the Apex of symmetric triangle it cleared last week. Additionally price managed to close little above 20 EMA and MACD also positive.

Intraday Strategy: Buy MCX Cotton Feb between 16650-16680, SL 16540, Target – 16850.

NCDEX Soybean March Contract:

On the daily chart, price took support at 21 EMA & bouncing from neckline of Inverse Head & Shoulder it completed 4 days back. MACD also positive indicating bullish market sentiments.

Intraday Strategy: Buy NCDEX Soybean March between 3235-3245, SL 3190, Target – 3310.

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To read the full report click on the attachment

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