NCDEX Soya Bean Weekly April 2019: Correction Phase In Progress

Report For Date: 18/03/2019


NCDEX Soya Bean: (Price Are INR (Rs)/Quintal)


Correction been witnessed since the recent peak of 3958.

The Standard Error Channel’s low channel line is violated with bearish candle indicating correction.

Retracement level of the rise from 3180 to 3958 is placed at 3576 and 3476.

Correction can end on rise and close above 3724.

Expect support at WRV-3622 or at retracement level of 3576/3476.

Resistance will be at 3662-3694-3724.

Traders can buy if sustains above the weekly open and above 3724 with low of the week as the stop loss or 3630 whichever is lower.

As long as 3724 is not crossed correction phase will continue with volatility to test the lower range of 3600-3506 or the set of retracement level mentioned above.



TREND INFORMATION WITH WEEKLY LEVEL

*Trend will remain Down as long as last close is below the pink color WRV. Trend will be Up as long as Price is above WRV. Positional Traders can hold long position with WRV as the closing stop loss and close > WRV. Traders can hold short position with WRV as the closing stop loss and close < WRV.

PRICE, VOLUME AND OPEN INTEREST STRATEGY

TECHNICAL INDICATORS TABLE

Disclaimer: There is risk of loss in trading in derivatives and the report is not to be construed as investment advice. The information provided in this report is intended solely for informative purposes. The author, directors and other employees of CC Commodity Info Services cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above.