NCDEX Kapas April contract, was trading in the rising mode since the starting of December 2013. Last week we saw that prices have breached this rising price channel after making a high of Rs. 1047.50 levels and also on this levels we saw "The Triple Top Reversal" pattern which indicates the Trend reversal.
Indicator Analysis
Prices are trading below its 5, 20 days EMA (Exponential Moving Average) which is also one of the major negative sign for the prices.
On the oscillator front, 14 days RSI is falling from the overbought zone and its currently reading at 51 which indicates pessimism. MACD is also showing the negative divergence which can put the pressure on the prices.
Key Levels
Near Term Resistance could be seen at 1030 levels and then final resistance is observed at 1055 levels. Price can find support at level of 990 levels and below that strong support is seen at level of 970 levels.
Looking at the Trend reversal coupled with oscillators indicating pessimism, we recommend to sell in NCDEX Kapas April contract.
Positional Call - Sell NCDEX Kapas April between 1025 - 1030, SL - 1050, Target - 990 / 980
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Sell NCDEX Kapas April; target Rs 990-980: Angel
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