Sell CPO, Castor Seed, Refined Soy oil: Geofin Comtrade

Geofin Comtrade's report on agricultural commodities

Jeera Feb NCDEX: Jeera prices slumped yesterday from a high of 16900 and later closed the day at 16200 levels. As prices are unable to trade above 16550 could see lower correction for the day. But, it is required to clear the 13 day EMA support at 16030 towards 15910 followed by 15835/15600 levels. In the meantime, daily RSI (14) is treading lower from yesterday suggesting downside correction is on cards. Conversely, on the other side, if prices restricted to trade below the suggested support of 16030, could see pullbacks during the day. But major upside is would see only a close above 17000 levels. Hence, we recommend to avoid fresh long positions and sell below 16000 levels.

Refined Soy oil Feb NCDEX: Prices plummeted sharply from the high of 644.85 and later closed lower at 636.90 levels. As prices cleared  22 day EMA support at 640.50 in yesterday’s session, sentiments turned towards negative territory. But, for the day, it is compulsory to breach the support of 634.60 for the lower correction towards 630.50 followed by 628/625 levels. Anyhow, the daily RSI (14) is treading lower which keep the fall in track. On the other side, an unable to break the support could see a sharp bounce back for the day. Hence, we recommend to sell below 634 levels.

Castor seed Feb NCDEX : Current lower correction would continue towards 4150 levels.

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