Castor Seed shows mixed sentiments in today’s trading session as Castor Seed prices at NCDEX, May contract has given an opening at 4995 per quintal and after making intraday high of 5015 it started trading down side and made an intraday low at 4970 and still expected to trade down side.
Slackness in demand and ample supply in physical markets likely to Support bearish trend of Castor Seed in near term.
Technically, 14 days RSI on daily chart currently indicates at 47.00 shows that it may go down in near future.14 days RSI on weekly chart currently indicates at 56.00 also suggest that it likely to go down in near future. Castor Seed prices at NCDEX, May contract has crucial support at 4850 and it likely to test it in near term.
Risky Traders can sell NCDEX, May contract for target of 4850 in short term. Intraday traders can look for the opportunity to sell at higher levels.
Read more at the Source: Commodity Online