# Cotton Seed Cake Update: Short term Traders Earned Profit

On our #1 Cocudakl update on 23rd of Sept we recommend going long for traders at 1449 with a final tgt of 1513 which was achieved yesterday. We recommend Investors to hold long initiated at the same price on 23rd sept. Now coming back to the chart, indicators are still at the mid-way indicating some more upside on daily chart. We can also notice that commodity is in continuous uptrend channel. Secondly it has closed above short term moving average for the first time in near term. So we are still bullish for traders

Our Recommendation: Go long on near to 1509 tgts 1528/1549/1590 SL:1489 for traders and Investors HOLD

#3 Chana Update

#1 Chana Update we gave a call to short Chana Oct to traders with tgt of 3044 which has been achieved. On other hand we did ask long term investors to get into commodity upto 2983 while chana is trading below that level. We didnt mention any stop loss as the commodity is volatile. Now the daily charts are in oversold zone which is signing of a pull back pretty soon. Currently it is trading below all the short term moving averages so its a risky call to go long. But as per elliot wave theory we should expect a turnaround and the rally now would be a long one.

Our Strategy: We recommend Traders and Investors to go Long at CMP 2886 (oct) with tgts of 2952/3061/3200. SL would be at 2765 on Closing basis

#1 Cotton Seed Cake Update (Cocudakl)

Cotton Seed Cake (Cocudakl) December expiry is trading at a string support line which has been tested twice before in last 3 years. With Some simple logic it is trading in a upside channel as you could notice in the attached graph. Currenctly it is at the downside line or you may say at the best possible price to enter. Indicators on daily charts are totally oversold and its trading below all the short term averages. For Short Term traders its clear buy at CMP of 1449 tgts 1463/1488/1513 with sl of 1428 where as for Long term investors also its a buy but with larger SL of 1414  as the weekly charts havent been strong bullers yet. For trading tips on commodities follow us at @chartechnician on twitter and Facebook page Chartechnician 

#1 Chana Update:

Chana has found bottom around 2600 and bounced back sharply to near term high of alomst 3200+. Now the Pulse is in some short term profit booking. It has been closing and trading below the short term moving averages showing some weakness in the bull power. RSI has just signaled a Sell from the overbought zone while MACD had already given a crossover sell on 4th Sept. But the weekly indicators are positive and secular trend has turned towards the hand of bulls. Chana has been trading sideways between a downward sloping resistance line and upward sloping support line. but today Chana (Oct) has managed the close below the support line adding to short term weakness.

Our strategy: For Short Term traders: SHORT CHANA (OCT) WITH A CLOSING SL OF 3200                                                                   AND TGTS OF 3100/3044
                    For long term Investros: BUY ON DIPS AT 3103 AND 2983 AND ON THE REVERSE                                                          SIDE BUY BLINDLY ABOVE 3200 

#2 Dhaniya Update: closes below strong support

Dhaniya saw 100 points fall today to close at 5730. Yesterday we recommended to short dhaniya with near term support at 5743. Today it has closed below tht support comfortably to confirm short term weakness in near term. Indicators have turned completely bearish. Still have the Sl at 5993 as its a volatile comnodity. Next tgts are intact at 5539 and 5382 in extreme weak sentiments. We may see some upward movement here which could considered as a short opportunity.

#1 Soya Bean Update

SoyaBean Indore Ncdex has seen some straight vertical upside move from 2872-3703. It resisted near to a downward sloping resistance line. Currently it is trading below 100 DMA which is at 3553 i.e., it suggest a weak trend below the said level. Today SoyaBean is trading below short term moving averages adding a weak trend characteristics. We expect it to correct in near term.

Strategy: Short SoyaBeanIDR (Oct) NCDEX with SL of 3705 and tgts 3386/3288/3190/3050 All the levels are closing basis.

#1 Dhaniya Update: Outlook

Dhaniya (Oct) NCDEX closed negatively today at 5830 (-164). Dhaniya had a non stop run from 5182-6116. Today it has closed below short term moving averages and now it has a near term support of 50 day Moving average at 5743. But today we have seen huge volumes with increasing open interest at low prices. So we expect Dhaniya to see some profit booking upto 5539. In extreme panic we have a strong support at  5382 which could be taken as a buying opportunity. So our strategy for Dhaniya in near term is to Short with SL of 5995 CLOSING Basis.