Shubhlaxmi Commodity

Adjacent chart shows price movement of MCX Mentha oil continuous contract. It formed a short term correction in the month of January, which found support near the daily lower Bollinger Band & the rising trendline. From there the commodity formed an impulse on the upside & is currently retracing the same. The three wave set back has reached near the trendline as well as near 61.8% retracement of the impulse. Thus hereon Mentha oil can start next set of impulse on the upside. Rs 1,047-1,066 will be the key levels on the upside. On the other hand, Rs995-985 will act as a key support zone

Adjacent chart shows price movement of NCDEX Jeera continuous contract. It was consolidating in a triangle since past many months. However, the triangle has broken on the downside. The bulls have managed to defend 16600 on the downside as of now. However, if the NCDEX Jeera contract closes below 16600 then bears are likely to dominate. Below 16600, it is likely to drift lower towards 16000 to re-test the low of October 2016. A bounce towards 17485 – 17775 is possible as long as it is trading above 16600. The momentum indicator has turned in buy mode on the daily chart. Close eye must be kept o NCDEX Jeera contract as a good move can be expected in coming trading sessions.

Adjacent chart shows price movement of NCDEX Turmeric continuous contract. It has been inching higher after making a low of Rs 6626. However, it is now approaching multiple resistance zones. It has touched the downward sloping trend line and has turned down. Also, it has touched the upper end of the Bollinger Band and has found resistance. It is at a crucial juncture at this moment. The zone of Rs 7000- 7096 will act as resistance in the near term. Once it closes above 7096, the NCDEX turmeric is likely to head higher. On the downside, Rs 6870 – 6800 will act as support in the near term.

Adjacent chart shows price movement of NCDEX Soy Oil continuous contract. It has been in corrective mode after hitting the high of Rs 744. However, it is now approaching multiple support zones. Also, the 61.8% retracement of previous up move is pegged at Rs 669. Therefore, the zone of Rs 673-669 will act as crucial support zone in the near term. Also, there is positive divergence witnessed in the momentum indicator. A bounce in NCDEX Soy Oil contract is possible in the near term. However, if it breaks and closes below Rs 669 then further downside towards Rs 665-657 is likely

The adjacent chart shows price movement of NCDEX Soy Bean continuous contract. It has been trading in a sideways trend since past few months. It is possibly forming a triangle pattern wherein it has reached lower end of the triangle. The NCDEX Soy Bean has formed a ‘doji’ candlestick pattern which is a potential sign of halt in the current down move. Also, it has addition support of the lower end of the triangle and Bollinger band. Moreover it has multiple supports in the zone of Rs 2992 – 2980. If it manages to hold the support zone then a bounce towards Rs 3132 – 3200 is possible. The momentum indicator is sell mode. Close eye must be kept on NCDEX Soy Bean contract as a good move can be expected in the coming trading sessions.

NYMEX crude oil rallied nicely in the month of February and March. From the high of $42.49 it formed a short term correction, which found support near the junction of 40-day exponential moving average, daily lower Bollinger band and the 38.2% retracement mark. Near those supports the bulls rushed in to provide support. Consequently, the oil started its next rally and crossed the high of $42.49. The oil has reached 78.6% retracement of the previous fall. The subsequent level on the upside will be $48.36-50.92. On the other hand, $44.28 will act as a key support on closing basis.

NCDEX Soybean was oscillating about the key daily moving averages for several weeks. In terms of the price patterns, the agri-commodity formed a triangular pattern, which broke out on the upside in March. Since the breakout the commodity was marching towards north in a channelised manner. However near the end of April it broke lower end of the channel and entered correction mode. The fall is breaking up into the lower degree waves. On the downside, a medium-term rising trendline will be the key level to watch out for. Once the key support zone of Rs 3,775-3,755 breaks, target on the downside will be Rs 3,585. The daily momentum indicator is in line with the price action. On the other hand, Rs 3,970 - 4,000 will act as a crucial resistance zone on a closing basis.

The adjacent chart shows the price movement of MCX nickel continuous contract. The base metal formed a significant bounce from the daily lower Bollinger band. The rise continued till Rs 634, where nickel faced sharp selling pressure. Consequently, it has formed a large bearish outside bar on the daily chart. In terms of price pattern nickel seems to be taking form of a triangular pattern. Within the triangle it is forming a leg on the downside, which is subdividing into lower degree waves. The commodity is expected to tumble towards the lower end of the pattern, ie Rs 565. An intermediate support zone will be Rs 591-587. On the other hand, the level of Rs 634 will act as a crucial resistance.