Technical Outlook & Trading Strategy:-
The price Turmeric rallied to register a high of Rs 7990 levels as on 12th July, 2011 on the back of a bullish inverted head & shoulders pattern.
Since then the price has corrected and have now pulled back towards its neckline support of Rs 7770 levels.
The recent pullback has been on extremely low volumes which indicate that the price of turmeric hasn’t been under any real supply pressure.
The momentum indicators are still trading in bullish mode. Thus, considering the overall technical factors mentioned above we expect the price to rally to levels of Rs 7960 / Rs 8050 levels over the upcoming sessions.
We recommend traders to between Rs 7750 -- Rs 7860 levels with a stop loss of Rs 7683 levels for upside targets mentioned above.
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