Technical Outlook & Trading Strategy:-
The key observation to be made on the intraday price charts of Guar gum is that the price has given a smart breakout above its downtrend line that has been taking shape since 04th July, 2011.
This downtrend line had been acting as stiff resistance whenever the price attempts to breakout above the same.
The breakout registered during the previous session confirms that the prices are now ready for a fresh upmove over the upcoming sessions.
Some of the other positive technical factors are that the prices are trading above all its key averages and the momentum indicators are also in buy mode.
We recommend traders to buy between Rs 11775--Rs 11850 levels with a stop loss of Rs 11707 levels for targets of Rs 11930 / Rs 12075 levels.
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