Agro Soy Oil Bean Chana Jeera

Published: Wed, 03/09/16

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Agro in Focus
Dear ,

Last week I wrote about Agro Commodities being important and Shared a video that was convinced it will be that way. But if fundamentals were good prices would not be down and so news and views run on extremes. The charts show that the previous trend for some reason is reversing. It could become a long term reversal and if not at least one that will last for months. I have covered Domestic Agro Ncdex contracts as well today and should add more as they confirm in the days ahead. Food inflation again? Lets see.

If you missed my Video update on the markets they here is the link

Soy Meal Continous

Soy Meal prices continued to languish for a while but have gone above the 40dema for the first time since Oct. So once again the case is that the final bottom should have been put in place. Prices were ending lower slowly but remained in the region of wave 4 of lower degree long term as shown here which is the ideal range for a bottom to form. It has taken its time. This is a weekly chart and sports a positive divergence on the RSI now as well

soy090316



Wheat

Wheat, has continued to form what looks like wave E of an ending diagonal in wave C longer term. Prices have just stayed there and we might have a small throw under. We have multiple positive divergences and waiting for a trend to develop strongly on the upside.

wheat090316


Soy Bean Quintal

Soy Bean NCDEX - Soy bean has been consolidating near the 3550 support and once the next move up starts wave III could test the upper trendline and III=I is near 4870

soybean090316


Soy Oil 10kg

Soy Oil 10kg NCDEX - Now this looks text book, a triangle. So it might be wave 2 but wave B. But I am not changing those markings on my chart yet. In either case gthe projection for the next wave is C=A or 3=1 both point to 695.

Support is near 595 near the recent low at the lower end of the triangle

soyoil090316


Jeera Quintal

Jeera Quintal - Wave 3=1 to 16000 starting here, note wave 2 retraced exactly 61.8% and this would also breakout of the falling channel since May 2016

jeera090316


Gram Chana

Gram Chana - just got interesting, after a 50% retracement into wave 4 of minor degree if wave 3 of a larger degree starts wave 3=1 is at 8000. And the support is near 4000. Remember these are long term waves and play out over months so you have to look at short term indicators to take a trade. But a fall to wave 4 of lower degree and support there is usually bullish. Similar to what we saw at one higher degree in 2014.

gram090316
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Rohit Srivastava
www.indiacharts.com
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