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Technical: Cotton Seed Oil Cake Kadi Spot - Reversal On Sustained Rise Above 1647

7 Dec 2017 1:45 pm
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Dated 06/12/2017

Cotton Seed Oil Cake Kadi- Last Close- 1629- Reversal On Sustained Rise Above 1647


Trend is down as prices are below both the averages. Further the 55 VA is below 89 VA indicating bear market is in progress.

In last update, we had indicated a pullback towards the averages and the same is being witnessed.

The averages are placed at 1550 and 1623.

Up trend may resume if sustains above both the average but will not be termed as bull market until 55 VA is not above 89 VA.

Breakout and close above 1648 can show a near term rally. The pullback retracement level are placed at 1736-1840-1969.

Conclusion
Reversal attempt is being witnessed price need to remain above 1647


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