Technical Outlook & Trading Strategy:-
The price of Mustard seed has been on a decline since it registered a high of Rs 2912 levels as on 22nd June, 2011 levels.
Since then it has been taking support at its downward sloping trend line support on its intraday charts.
A breakdown from this downwards sloping trend line is likely to have negative implications for the price.
The price has also closed below its key moving average clusters on the daily charts and the indicators are also trading in bearish mode.
Traders can look to sell on a break below Rs 2840 levels with a stop loss of Rs 2869 levels for downside targets of Rs 2810 / Rs 2790 levels.
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