The price of Jeera have been on a consistent downtrend since it hit a high of Rs 17520 levels as on
01st Mar, 2011 to register a low of Rs 13120 17th June, 2011.
But, the key observation to be made is that the price of Jeera has given a breakout above its downtrend line as shown in the chart above.
Another key observation to be made on the charts is that the up move seen over the past
few sessions was on the back of robust volumes which indicates buying interest in the counter.
The Prices of Jeera have also closed above its near term and short term moving averages which
is also a sign of strength in the counter.
The MACD indicator has also given a fresh buy signal.All of the above technical evidence is suggesting a trend reversal.
We recommend buying at current levels and again on dips to Rs 14000 -- Rs 13875 levels with a stop
placed below Rs 13777 for an initial target of Rs 14625 -- Rs 14850 in the coming sessions.
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