Consider sparkling quick positions in cottonseed oilcake by admin- Wednesday, September 13th, 2023 07:07:03 AM
Cottonseed oilcake (COCUDAKL) futures had been oscillating in the wide range of ₹2,280-2,830 for the reason that May remaining year. While the agreement moved above ₹2,830 in early 2023, that turned into brief-lived as the contract quickly fell underneath ₹2,830. Otherwise, the resistance at ₹2,830 has been conserving properly.
That stated, in early August this yr, the agreement bounced off the support at ₹2,280 and mounted a rally. The fee expanded over the past month and the agreement is now hovering round ₹2,830.
Since that is a strong barrier, the settlement is probable to fall off this degree. While the closest aid is at ₹2,450, the downswing would possibly extend to ₹2,280.
On the opposite hand, if cottonseed oilcake futures escape of ₹2,830, it can see a brief rally to ₹three,one hundred fifty. A breach of this will push the contract to ₹3,400.
Given that the agreement is now buying and selling close to a resistance, traders can take into account fresh brief positions. Sell cottonseed oilcake futures now at around ₹2,830 with preliminary forestall-loss at ₹three,000.
When the settlement falls to ₹2,550, tighten the stop-loss to ₹2,680, and e-book earnings at ₹2,450 considering a corrective rally may be probably after this.