NCDEX CASTOR 16OCT2026 (1-Hour timeframe, 3-Month view), here is a detailed breakdown of market direction, support and resistance levels, and an analysis of the visible price structure.
Market Direction
- Medium-to-Long Term: Bullish. The broader 3-month chart shows a clear, sustained ascending structure with consistent higher highs and higher lows following the foundational base in early June.
- Short Term: Bullish and Pressing Upper Limits. The price action exhibits steady upward momentum, currently trading near 7,670.00, testing the upper boundaries of its recent consolidation zone.
Support & Resistance Analysis
| Level Type | Price Range / Zone | Description & Technical Significance |
|---|---|---|
| Major Resistance (R2) | 7,850.00 – 8,000.00 | Major psychological round number and multi-month contract peak ceiling. |
| Intermediate Resistance (R1) | 7,700.00 – 7,750.00 | Immediate overhead barrier aligning with recent hourly spike highs. |
| Current Price / Pivot | 7,670.00 | The immediate market equilibrium point where price is consolidating near recent highs. |
| Immediate Support (S1) | 7,500.00 – 7,550.00 | Recent swing low and short-term demand floor protecting the current upward push. |
| Intermediate Support (S2) | 7,250.00 – 7,350.00 | Confluence zone of prior hourly consolidation levels and moving averages. |
| Major Support (S3) | 6,900.00 – 7,000.00 | Major structural baseline established during previous corrective phases. |
Price Action Analysis
- Observation: The hourly candles display strong buying interest, characterized by progressive upward steps punctuated by occasional volume/price spikes (such as the recent sharp peak near 7,750 followed by controlled consolidation at 7,670.00).
- Interpretation: The dominant trend remains firmly in the hands of the buyers. The shallow nature of recent pullbacks indicates high underlying demand and minimal aggressive profit-taking from long positions.
