Technical Outlook & Trading Strategy:-
The key observation to be made is that the price of mustard seed has registered a bearish head and shoulders breakdown on its intraday charts.
This is a bearish formation and this will have a negative effect on the price of mustard seed over the near term to short term.
The measuring implication of the pattern suggests that the price can decline to levels of Rs 2820 and/or Rs 2790 levels. The momentum indicators are also trading in bearish mode.
We recommend traders to sell between Rs 2860--Rs 2845 levels with a stop loss of Rs 2879 levels for the above mentioned implied target levels.
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