Agri Commodities In Focus

JC Parets
April 22, 2021

Over the past month, we've seen agricultural commodities catch a bid as they break out of overhead supply zones and long-term consolidations.

We're tracking some commodities that have been witnessing a sharp move and demand to be noticed. So let's dive right in!

Mustard has been on our radar for some time and a fierce move has come through over the last ten days. The price has absorbed all overhead supply and is zooming away as we speak. The price has been in a sideways trading range for more than seven months and is now on the move. The indicator is in bullish momentum territory, looking good for a move towards 7,900.

We are bullish above the level of 6,200 with a target near 7,900.

Click on chart to enlarge view.

We're tracking Turmeric closely as it seems as though the price has caught a bid from a support level that has been in place for four years now! The recent price correction has halted at the level of 7,950 which has a long-term price memory. A bounce back from current levels could take the price back towards the swing high of 9,522.

We are bullish above the level of 7,950 for a target near 9,265.

Cotton is another commodity that has been showing some resilience. This is one to keep on the radar as the price seems to be holding on to these levels tightly. Post the breakout above 21,500 the price corrected and moved below this crucial level. We saw an immediate pullback and the price has maintained a sideways move ever since. It is that instant pullback that is hinting at another possible attempt at a breakout.

We are only bullish above the level of 21,500 with a target near 24,330. As long as the price remains below 21,500 we want nothing to do with it.

While we've followed base metals and their recent recovery closely, agri commodities seem to be catching up as well. We are keeping a close eye on these constituents and will update any actionable idea as it develops.

Is there any agri commodity that you follow in particular? Share your thoughts with us. We'd be happy to hear from you.

Allstarcharts Team

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