Agri Weekly Report By Ways2Capital.com 12 May 2014
Market sources suggest that the spot and futures prices will also gain some buying due to strong demand of stockiest and exporters from lower levels. Most of the exporters
Guar Seed Jun futures has been in a Volatile phase and Moving in between level of 5700 to 5400 since last 8th Trading session. Now it seems to take a turning Point for a bull run or bearish run in coming sessions if it breaks resistance or support level. On Daily chart a downside gap has been emerged and price are ready to fill the gap in next coming trading session. Also momentum indicators RSI and Stochastic oscillator indicating little downtrend.
Technically if price breaks the level of 6195 and close above to this level on daily chart basis it may test level of 6515-6700. And if price breaks the level of 4995 and close below to this level on daily chart basis it may test level of 4695 – 4450.
Short-term Resistance- 5800
Short-term Support - 5289
R1 R2 R3
5800 6195 6515
S1 S2 S3
5289 4995 4695
GUAR SEED FUNDAMENTAL VIEW
Buying may be continue in guarseed futures from lower levels due to restricted supplies by stockiest in local mandies along with strong off take by exporters. The spot market data suggested that the daily arrivals of guarseed have been around 0.30-0.40 lakh bags due to limited supplies by cultivators in major mandies.
Market sources suggest that the spot and futures prices will also gain some buying due to strong demand of stockiest and exporters from lower levels. Most of the exporters are expecting that Guargum exports demand in the coming days due to robust demand from China and U.S. if it happen in same direction than Guarseed price may be supported by robust demand from China and U.S. Also Adverse monsoon forecast
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