Technical Outlook & Trading Strategy:-
The price of Guar Gum appears to be forming an Inverted head and shoulder pattern on the intraday charts.
A breakout from the said pattern would be confirmed when the price breaks above the neckline level of Rs 10520 levels.
Another sign of strength is that the price of Guar Gum has been sustaining above its key moving average clusters over the past few trading sessions.
The MACD indicator is also in rising mode.
Traders can look to buy on a break above Rs 10520 levels with a stop loss of Rs 10407 levels for upside targets of Rs 10650/ Rs10725 levels.
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