Technical Outlook & Trading Strategy:-
The price of turmeric witnessed a smart up move towards the Rs 7950 levels once it registered a breakout above the upward sloping trend line resistance placed at the Rs 7410 levels on 24th June, 2011.
The price of turmeric has now given a pullback to towards these levels and we believe that the price will take support between the Rs 7410—Rs 7375 levels.
The recent pullback from the highs of Rs 7950 levels was also on the back of declining volume which clearly suggests that the price weren’t under any real supply pressure.
Traders can look to buy on dips between Rs 7430--Rs 7375 levels with a stop loss of Rs 7297 levels for upside targets of Rs 7650 / Rs 7950 levels.
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