NCDEX-COCUDAKL breaches a hurdle by admin- Wednesday, November 11th, 2020 07:34:54 AM
Between June and September this year, the December futures contract of cottonseed oil cake (COCUDAKL) on National Commodity and Derivatives Exchange (NCDEX) witnessed a full-size fall in fee. That is, it declined from about ₹2,000 levels to make a low of ₹1,766 in early September, dropping nearly 12 in step with cent.
But then, the settlement entered consolidation phase where it became largely oscillating between ₹1,780 and ₹1,900. Following this, it broke out of the resistance because it opened with a gap-up on Monday. This has opened the door for further strengthening and the opportunity of a fashion reversal, as a minimum in the near-time period, seems high.
Supporting the effective outlook, the each day relative electricity index is showing a fresh uptick and has crossed over the midpoint level of 50. The shifting common convergence divergence indicator on the every day chart, that’s within the bullish region, is hinting at a clean build of upward momentum.
Traders can provoke clean lengthy positions within the agreement with stop-loss at ₹1,850 and look for a capacity target of ₹2,250.