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 10525 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 and is trading above its respective trigger lines.
Traders can look to buy on a break above Rs 10525 levels with a stop loss of Rs 10427 levels for upside targets of Rs 10650 / Rs 10725 levels.
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