- HDPE Injection prices traded on weaker note and is currently trading at 95.31 INR/Kg.
- After placing top near 126 INR/Kg during Mar’22 (Russia-Ukraine war), prices traded flat for 6 months and retraced in 3 leg shape towards 93 INR/Kg and trading in the range from past few months with upside range of 100.5 INR/Kg.
- Prices are hovering below the medium term moving average of 50-Week EMA.
- Momentum Oscillator Stochastic (21,13,8) is trading below from its neutral region suggests a weaker price action in the coming weeks.
- Taking medium term call, prices are likely to stay below the resistance of 98 INR/Kg and correct lower towards 93 INR/Kg in the medium term.
- On the upside, 98 INR/Kg acts as immediate resistance.
- On the downside, 93 INR/Kg acts as an immediate support.
- Concisely, HDPE Injection prices are likely to stay below the resistance of 98 INR/Kg in the coming 3 to 4 weeks.
| 16-Dec-2024 | India PP Injection INR/Kg | |||||||||
- PP Injection grade prices traded on weaker note with prices currently trading around 97.61 INR/Kg.
- After placing long term bottom at 72 INR/Kg during Mar’20 (Covid-19 pandemic), prices spiked to 138 INR/Kg during Mar’22 (Russia-Ukraine war) and witnessing a correction thereafter.
- Prices are trading above the medium term moving average of 50-Day EMA which suggests for a mixed price action going ahead.
- Momentum Oscillator Stochastic (21,13,8) is have entered into the oversold which can continue its weaker price action.
- Taking call on technical picture, prices are likely to stay below the resistance of 100 INR/Kg and correct lower towards 94 INR/Kg in the medium term.
- On downside, 94 INR/Kg zone acts as immediate support.
- On upside, 100 INR/Kg acts as immediate resistance.
- Concisely, PP Injection prices are likely to stay below the resistance of 100 INR/Kg in the coming 3 to 4 weeks.
| 16-Dec-2024 | India PET Bottle INR/Kg | ||||||||||
- PET bottle grade resin prices traded on a positive note with prices trading around 101.70 INR/Kg.
- After trading flat near 66 INR/Kg for 8 months during onset of Covid-19 pandemic, prices witnessed gradual and steady rise towards 128 INR/Kg by May’22 and witnessing a significant correction thereafter.
- Momentum Oscillator Stochastic (21,13,8) is entering into oversold region. Taking call on technical picture, prices are likely to stay below the resistance of INR 103 and correct lower towards 96 INR/Kg in the medium term.
- On downside, 96 INR/Kg shall act as an immediate support.
- On the upside, 103 INR/kg shall act as an immediate resistance.
- Concisely, PET Bottle prices are likely to stay below the resistance of 103 INR/Kg in the coming 3 to 4 weeks.
| 16-Dec-2024 | India IOCL PP Raffia INR/Kg | ||||||||||
- IOCL PP Raffia India prices traded on a weaker note with prices trading around 98.32 INR/Kg.
- After reaching a significant high of 137.59 INR/Kg in April 2022, prices witnessed a sharp fall and hit a low of 88.79 INR/Kg by June 2023. Currently, prices are experiencing range-bound trade action.
- Prices have been facing resistance from their long-term 55-Week EMA and 21-Day EMA respectively. This suggests that prices are likely trade on weaker note in the near term.
- Momentum Oscillator Stochastic (21,13,8) is entering into oversold region. Taking call on technical picture, prices are likely to stay below the resistance of INR 102 and correct lower towards 95 INR/Kg in the medium term.
- On downside, 95 INR/Kg shall act as an immediate support.
- On the upside, 102 INR/kg shall act as an immediate resistance.
- Concisely, PP Raffia prices are likely to stay below the resistance of 102 INR/Kg in the coming 3 to 4 weeks.
| 16-Dec-2024 | India HDPE Pipe INR/Kg | ||||||||||
- IOCL HDPE Pipe prices traded on a flat note with prices trading around 97.27 INR/Kg.
- After reaching a significant high of 137.27 INR/Kg in Feb’22, prices witnessed a sharp fall and making lower high and lower low in the weekly chart. This suggest the ongoing downtrend in offing.
- Prices hovering below from it’s long-term 55-Week EMA and 21-Day EMA respectively. This suggests that prices are likely continue it’s downtrend in the near term.
- Momentum Oscillator Stochastic (21,13,8) is entered into oversold region and turned flat. Taking call on technical picture, prices are likely to stay below the resistance of INR 99 INR/Kg and correct lower towards 94 INR/Kg in the medium term.
- On downside, 94 INR/Kg shall act as an immediate support.
- On the upside, 99 INR/kg shall act as an immediate resistance.
- Concisely, HDPE Pipe prices are likely to stay below the resistance of 99 INR/Kg in the coming 3 to 4 weeks.