By Dharmesh Bhatia
Strategy ?Go Long on (cmp 2350) and on dips towards 2300 Tgt ?Rs.2500/2600 SL (closing below) ? Rs.2200 level.
Bursa crude palm oil: Short term Bullish (Weekly Chart)
Bursa crude palm oil price has been trading within the downward-sloping trend channel R-S since the past one year forming lower tops and lower bottoms formation. The price has recently broken the previous top and channel resistances (R) at 2300. A test of immediate resistances at 2500 (T) level looks possible in the short term.
The 14-period RSI is currently pointing higher and holding well above the 50 marks indicates? further bullish momentum.
As long as the price sustains above short-term channel resistances line (R) at Rs.2250 level on a weekly closing basis, Buying on dips is advisable.
(Courtesy: www.kotakcommodities.com , a leading commodity broking firm offering commodity trading service?s along with a research division specializing in fundamental and technical research. Research report disclaimer: www.kotakcommodities.com/research-report-disclaimer.html)
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