Technical Outlook & Trading Strategy:-
As we had been pointing out in our previous daily outlooks, the price of Jeera has now registered a breakout above its neckline resistance level of Rs.15690levels during the previous session of trade.
This augurs extremely well for the future price movements of Jeera. We now expect the price to rally towards the implied targets of the inverted head & shoulders price pattern i.e. towards levels of Rs. 16300 / Rs. 16900 levels over the upcoming few weeks of trade.
Traders who had taken long positions between Rs. 15350 -- Rs. 15500 levels can now take part profits and trail their stoploss to Rs. 15677 levels, whereas traders willing to take fresh long positions can buy 50% at current levels and again on dips to Rs. 15750 — Rs. 15650 levels with a stoploss of Rs. 15497 levels and hold for targets of Rs. 16300 and Rs. 16900 levels.
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