AHMEDABAD (Commodity Online): NCDEX Mustard April contract opened at 486.5 per 20 kgs. vs. previous close of 486.3, made an intraday low at 486.5 and rise on higher demand from oil miller and reports of lower sowing.
Currently at 12.55 pm, the contract traded at 492.2 up by 5.9 rupees near its intraday high of 493.3.
“Technical range for Mustard is from 470-510,” said Shyamal Mehta, Sr. Commodity Analyst with Commodity Online.
14 days RSI for Mustard Apr contract is 58.52 and it shows uptrend. Support for the Mustard is seen at 480 and below could see a test of 470. Resistance is now likely to be seen at 500, a move above could see prices testing 515.
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