There is a strong likelihood of soyabean topping out before end of August 2012 in the price range between Rs3,850 andRs4,100. Thus, it would be prudent to exit longs in soyabean in any further rise even though it’s in a “new high” territory
Soyabean close: 3,746 (23/06/2012)
Short Term: Up
Medium Term: Up
Long Term: Up
One can see in the daily chart of soyabean (spot) that the price has rallied from a low of Rs2,031 (8 October 2011) to the current levels of Rs3,746 (23 June 2012), a stupendous 84.50% rise in a period of slightly more than nine months. We will now try to ascertain from this movement whether soyabean in nearing a significant top in prices.
The movement in price is as under:
From the above it is very clear that we are nearing a very significant time/price window in which soyabean could make a significant top. There is a very strong probability that soyabean is likely to top out before end of August 2012 in the price range between Rs3,850 andRs4,100 or slightly higher before a sharp correction sets in. The oscillators are also in extreme overbought territory and also signaling a negative divergence. Looking at the overall picture it would be prudent to exit longs in soyabean in any further rise even though it’s in “New High” territory.
Soyabean is planted in the US ideally in May. These initial reports will also be available during the July/August period. The other interesting thing to note is that this commodity has invariably moved against the overall commodity pack which has been under pressure for some time now, hence an ideal situation for a top. On the other hand, it also implies that precious metals and energy might be nearing a bottom in the months ahead. Well, only time will tell but as they say, “It’s better to be safe than sorry”.
Note: The waves mentioned above are meant to be significant advance/decline in prices and by no means idealistic Elliot Wave patterns. They have been mentioned above for making it easier to understand.
(Vidur Pendharkar works as a consultant technical analyst & chief strategist at www.trend4casting.com)
CBI had arrested Averjeet Singh along with his accomplice on a complaint filed by Ahmedabad-based trader for demanding and accepting bribe of Rs10 lakh to clear his name in a case of market manipulation
Ahmedabad: The Gujarat High court granted bail to Avarjeet Singh, the suspended deputy general manager of Securities and Exchange Board of India (SEBI) in a bribery case lodged by a city-based trader, reports PTI.
Justice JC Upadhyay, while allowing the bail petition of Singh, also directed him not to go to Mumbai, where he used to work at Sebi office, till 31st July.
The court has granted bail to Ashok Mehta, an accomplice of Singh in the case, as well.
"The bail was granted subject to both of them furnishing bonds of Rs25,000 and would need to report once every month to CBI office here which is investigating the case," said Senior Counsel PM Thakkar, who represented Mehta.
The bail applications of the accused currently lodged in Sabarmati Central Jail under judicial custody were rejected by the special CBI court last week.
CBI had arrested Averjeet Singh on 2nd June along with Mehta on a complaint filed by a city-based trader for demanding and accepting bribe of Rs10 lakh to clear his name in a case of market manipulation.
Singh was first sent for three-day remand by a CBI special court. The agency then sought further remand which was refused by the court.
Following this, the investigating agency approached the high court pleading that it needed five more days to interrogate the accused. The court on 15th June allowed another four days' custodial interrogation of Singh.
The Hinduja group MSO had challenged TRAI's order that the charges collected from the subscription of paid channels or bouquet of paid channels shall be shared in the ratio of 65:35 between MSO and the local cable operator respectively
New Delhi: Broadcast tribunal the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) allowed several news channels and the News Broadcaster's Association (NBA) to be a party in the dispute between the sectoral regulator and multi system operator (MSO) IndusInd Media Communications Ltd (IMCL) over tariff as part of proposed digitalisation, reports PTI.
A TDSAT bench allowed news channels - NDTV, Time Global (holding company of Times Now), India TV, TV Today, Total TV and NBA -- to be a party a case filed by IndusInd Media Communications Ltd (IMCL) against the Telecom Regulatory Authority of India (TRAI).
IMCL, a Hinduja group MSO firm, had challenged TRAI's order that the charges collected from the subscription of paid channels or bouquet of paid channels shall be shared in the ratio of 65:35 between MSO and the local cable operator respectively.
The TDSAT also allowed the plea of India Broadcast Foundation (IBF), a lobby group of television broadcasters to be a party in it.
However, the TDSAT also said that broadcasters' impleadment would be subject to the objections raised by IMCL.
Impleadment means to be added as a party.
It also asked TRAI and broadcasters, which has allowed to implead to file a comprehensive reply before it within four weeks and three weeks to MSO to file its rejoinder.
TDSAT asked to list the matter on 7th August for next hearing.
The tribunal's direction came while hearing the petition filed by the Hinduja group owned MSO challenging TRAI's tariff order for digital addressable systems.