AHMEDABAD (Commodity Online): Cotton prices at NCDEX, April contract continues its downtrend today as well.
It opened at 728 per 10k.g and after making an intraday high at 728.80 it started trading downside and made an intraday low at 718 and still expected to trade down side.
Higher global output against lower demand is likely to pull down local prices in October 2011-September 2012 season.
According to traders, Cotton may fall by Rs 1,000 a candy in the second week of November as arrivals likely to jump after Diwali.
Technically, 14 days RSI on Daily chart at 42 indicates down side trend in near future.
‘’Intraday traders can look for the opportunity to sell near 715”, said Milan Shah, Commodity Analyst with Commodity Online.
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