MCX CPO Medium Term Outlook

CPO Medium Term Outlook: A long term up move was finished on May 2012 (which was started since Dec- Jan 2008-09) with lower closing at 585.90; after tested resistance at 632.00 levels. After that this is an eighth continues month of downward in CPO prices. As per candle stick patterns there is no sign of reversal on chart. The theory of Fibonacci Retracement suggests support seen at 380.00 levels which is 62 % Fibonacci Retracement level from 228.50 to 632.20 moves. Breaks below 380.00 levels next supports are seen at 359.00 then 342.00 levels as per candles swing low.

{May or may not be} dramatically CPO prices will be touch 324.00 levels which is 76.4% Fibonacci Retracement level of the same range.

On the above chart initial Resistances are seen at 430.00 levels which is 50% Fibonacci Retracement and 445.00 then 460.00 levels as per candles swing low.

Exchange	S3	S2	S1	R1	R2	R3
MCX CPO	342	359	380	430	445	460
Probabilities	A small quantity buying will be initiated at 392-396 levels for the TGTS of 418-428 levels with stop loss of 378.00 levels on daily closing basis. CMP 405.80 SELL MCX CPO 430-432 TARGETS 398-388 LEVELS WITH STOP LOSS OF 448.00 LEVELS ON DAILY CLOSING BASIS, CMP 405.80 SELL BELOW 360.00 to 368.00 LEVELS TARGETS 320-290 LEVELS WITH SL OF 418.00 LEVELS ON DAILY CLOSING BASIS, CMP 405.80

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...to be continued


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