Agri-Commodity Update 17th February -2020

Agri-Commodity Update 17th February -2020


Fundamental Aspect:

Chana prices slipped in the early morning after making a high of 4099. The major trend is still positive as it took a sharp reversal from lower levels. Chana is still trading below its Minimum Support Level by 14 percent. NAFED is currently holding a stock of about 19 lakh tonnes of Chana and now it is gearing up for good procurement of Chana which providing support to the prices.

Technical Aspect

CPO (February)

CPO has its support at 716 and resistance 728.

Break and close above 728 will see a rise till 735---744 levels or else it can touch its support level of 716 again.

Sell it on rise!

Trade with levels only.

Guarseed (March)

Guarseed has its support at 3820 and resistance is seen at 3910.

Break and sustain above 3910 will see a rise till 4000---4050 levels or else it can touch its support level of 3820 again.

Fresh selling can be done on a close below 3820.

Trade with levels only.

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Tags:Agri Commodity

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