Bull and Bears remained equally active during first week of February 2015. The week started with a bullish undertone, but after the initial gains for first two days, prices hovered in a narrow range thereafter for most of the time throughout the week and finally closed in Red. However, on weekly basis marginal gains were seen during this week.
NCDEX Soy oil Feb Contract
Weekly Open = 618
Weekly High = 634.95
Weekly Low = 618
Weekly Close = 627.50
Difference between Open & Close = 9.5
%age weekly gains =( 9.5/618) *100 = 1.53%
This indicates that market is getting resistance on current levels and it needs some big news to push market up from current levels.
These gains were mainly seen due to sharp rise in international crude oil prices, and improvement in the CPO prices at BMD, Malaysia.
The next week may prove deciding in finding the direction of the market for medium term.
In India summer season is just starting from March onwards and demand of crude palm oil increases as compared to soy oil.
NCDEX Soy oil Feb Contract
Weekly Open = 618
Weekly High = 634.95
Weekly Low = 618
Weekly Close = 627.50
Difference between Open & Close = 9.5
%age weekly gains =( 9.5/618) *100 = 1.53%
This indicates that market is getting resistance on current levels and it needs some big news to push market up from current levels.
These gains were mainly seen due to sharp rise in international crude oil prices, and improvement in the CPO prices at BMD, Malaysia.
The next week may prove deciding in finding the direction of the market for medium term.
In India summer season is just starting from March onwards and demand of crude palm oil increases as compared to soy oil.
NCDEX Soy Oil Feb Contract as on 6 Feb 2015
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