As seen in MCX Potato March Daily price chart, yesterday we have seen that prices had breach the Trend Line “AB” and closed below it. As per candle stick pattern prices formed a “Long Bearish Candle with same open high” after a consolidation phase indicating the start of Bearish trend.
We noticed substantial volumes at point “V” after 16 days in the market which also supports the bearishness. Prices are trading below its 10 and 20 Day EMA (Exponential Moving Average) which is the indication of reversal in trend.
Technical oscillator MACD is in negative territory indicating weakness. The combination of Trend line break down with substantial volumes, formation of bearish candlestick along with Moving Average crossover towards southward one can adopt a sell strategy for MCX Potato March contract for near term trading perspective.
Resistance is seen at 810 levels and then 850 levels. Support could be seen at 750 levels; below 750 levels it may trigger a fresh rally towards 700 levels.
Strategy (7–10 Days) –Sell MCX Potato March between 810–815, SL–850, Target – 750
We noticed substantial volumes at point “V” after 16 days in the market which also supports the bearishness. Prices are trading below its 10 and 20 Day EMA (Exponential Moving Average) which is the indication of reversal in trend.
Technical oscillator MACD is in negative territory indicating weakness. The combination of Trend line break down with substantial volumes, formation of bearish candlestick along with Moving Average crossover towards southward one can adopt a sell strategy for MCX Potato March contract for near term trading perspective.
Resistance is seen at 810 levels and then 850 levels. Support could be seen at 750 levels; below 750 levels it may trigger a fresh rally towards 700 levels.
Strategy (7–10 Days) –Sell MCX Potato March between 810–815, SL–850, Target – 750
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