NCDEX-COCUDAKL breaches a hurdle by admin- Tuesday, November 10th, 2020 07:20:10 AM
Between June and September this 12 months, the December futures settlement of cottonseed oil cake (COCUDAKL) on National Commodity and Derivatives Exchange (NCDEX) witnessed a sizable fall in price. That is, it declined from about ₹2,000 degrees to make a low of ₹1,766 in early September, losing almost 12 consistent with cent.
But then, the settlement entered consolidation segment in which it was 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 similarly strengthening and the possibility of a trend reversal, at least inside the close to-term, appears high.
Supporting the fine outlook, the every day relative power index is displaying a fresh uptick and has crossed over the midpoint stage of 50. The shifting average convergence divergence indicator on the each day chart, that’s in the bullish quarter, is hinting at a clean build of upward momentum.
Traders can initiate sparkling long positions within the settlement with stop-loss at ₹1,850 and look for a potential goal of ₹2,250.