A part of Indiaonline network empowering local businesses

MCX CPO Mar Short Term Bullish

Posted by : Karan Hakim on | Feb 16,2015

MCX CPO prices are trading in a primary down trend indicated by lower tops lower bottoms. Prices made low at Rs.413 and rallied back with “doji’ candle stick pattern on weekly chart. Recently prices have taken support near previous low at Rs.420 and now we expect CPO prices to trade higher in short term. Hence we recommend to go long in MCX CPO(Mar) for the target of Rs.473 with the support at Rs.445.

The 14 period RSI is also showing positive divergence indicating bullish trend.

About Kotak Commodities

Kotak Commodities is promoted by the Kotak family that has decades of experience in commodity trading, they have a full-fledged research division involved in macro & commodity complex research and commodity specific research. This is combined with a strong and well networked sales force, which helps deliver current and up-to-date market information and news. For more information visit their website. http://www.kotakcommodities.com/