The price of Mustard Seed faced heavy selling pressure during the previous session.
But the keyobservation to be made is that the price has registered a bearish head and shoulders breakdown during the previous session.
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 MACD indicator has also given a sell signal backed by a negative divergence.We recommend traders to sell between Rs 2856--Rs 2840 levels with a stop loss of Rs 2877 levels for the above entioned implied target levels.
NCDEX MUSTARDSEED JULY CONTRACT OPEN Rs 2870.00 HIGH Rs 2878.00 LOW Rs 2844.00 CLOSE Rs 2847.00
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