Last Updated : 18 September 2012 at 11:15 IST
Castor Seed sustains bullish trend on trend reversal pattern
Source :Commodity Online Research
“First resistance is seen at 4020. I am expecting that level in coming days, and the break out of that level may take the price to 4220 in medium term”, said Melbin Noble Agri analyst with Commodity Online.
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MUMBAI(Commodity Online): Castor seed futures continue to sustain a bullish trend subsequent to yesterday's climb. Caster seed for September delivery recorded an up-tick of 0.38% at Rs.3710 per 100 kg on NCDEX at 11.04 am.
“First resistance is seen at 4020. I am expecting that level in coming days, and the break out of that level may take the price to 4220 in medium term”, said Melbin Noble Agri analyst with Commodity Online.
Castor seed recorded a sudden movement after 12.45 PM IST on India's NCDEX on Monday and was eventually seen hitting the upper circuit one contract after the other spanning 3696 and 3984.
“It is a trend reversal pattern, which will be giving bullish outlook for the commodity. It is one of the patterns made in technical charts.” said Melbin Noble yesterday
“The trend is bullish for mediumterm.”
