NCDEX KAPASRNR Apr2012 CMP—Rs 732.80
Technical Outlook & Trading Strategy:-
After the sharp correction from the highs of 780.80 levels, the price of Kapas had been consolidating within a
narrow range of Rs 739.50 to Rs 719 levels. But, the price action of Kapas within this consolidation range has taken the shape of a bullish inverted head & shoulders price pattern. Traders would note that this is an extremely bullish price pattern and is a sign that the price of Kapas will trade with a positive bias for the upcoming few sessions of trade.
We recommend traders to take Long positions between Rs 735--Rs 730 levels with a stop loss placed below Rs 717.40 levels for upside targets of Rs 750 / Rs 775 levels expected to be achieved over the upcoming 4-5 sessions of trade.
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