The price of Turmeric has witnessed a sharp correction from the highs of Rs 10980 levels as on 09th Mar, 2011 to register a low of Rs 7150 as on 10th Jun, 2011.
But, over the past few sessions of trade the price of Turmeric has taken support around the RS 7150--7200 zones and appears to be forming a double bottom formation.
It rallied smartly from a low of Rs 7150 to a high of Rs 7426 levels.
The Prices of Turmeric have also closed above its key near term moving averages which is also a sign of strength in the counter.
The MACD indicator has also given a buy signal backed by a positive divergence.
All of the above technical evidence is suggesting a trend reversal.
We recommend buying between Rs 7325 -- Rs 7220 levels with a stop placed below Rs 7143 levels for targets of Rs 7450 -- Rs 7575 levels in the coming sessions.
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