MCX Cardamom turns positive, breach of 'Inverse Head and Shoulder' pattern

By Anuj Gupta


As seen in above daily price chart of MCX Cardamom July contract, it is trading in a positive trend from last 4 days
and today it has breached the “Inverse Head and Shoulder Pattern” which indicates optimism.

- Prices are trading above its 5 Days, 20 Days EMA (Exponential Moving Average) which also signals positivity.
- On the oscillator front, RSI is rising and MACD crossover showing positive divergence indicates bullishness.
- MCX Cardamom July contract can initially find support around 740 levels and below that strong support is
seen at 710 levels.
- Resistance is seen at 790 levels and above that at 820 levels.

Looking at Inverse Head and Shoulder breakout coupled with oscillators supporting bullishness, we recommend
Buy in MCX Cardamom July contract.

Positional Call (2-3 Days) - Buy MCX Cardamom July between 741 - 746, SL - 710, Target - 790
(CMP - 746)

The author is AVP Research at Angel Commodities.
Courtesy: Angel Commodities

http://www.commodityonline.com/futures-trading/technical-reports/MCX-Cardamom-turns-positive-breach-of-Inverse-Head-and-Shoulder-pattern-30700.html