Last Updated : 17 September 2012 at 17:50 IST
The trend reversal pattern: What it means for Castor Seed prices
Source :Commodity Online Research
“According to this pattern, we expect price movement to the upper levels in the coming sessions.” said Melbin Noble, agri-commodity analyst with Commodity Online.
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AHMEDABAD(Commodity Online): Castor seed recoded 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, agri-commodity analyst with Commodity Online.
The commodity dipped from 4990 levels to 3500 in last few weeks. It was trading with a bearish trend. Now this reversal pattern has given positive outlook for the commodity.
“According to this pattern, we expect price movement to the upper levels in the coming sessions.” he said.
