Technical Outlook & Trading Strategy:-
The price of Guar Gum was consolidating in a narrow range over the past few sessions of trade, after it witnessed a correction from the highs of Rs 15525 levels as on 28th Jul, 2011.
The price had been taking support around its key moving average clusters during the recent consolidation.
Another key observation to be made is the steady rise in volumes over the past few sessions of trade, which clearly depicts fresh buying interest creeping into the counter.
The smart upmove witnessed over the past two sessions of trade have also helped the price of Guar Gum to break out of this consolidation range.
Traders can look buy between Rs 14650--Rs 14550 levels with a stoploss placed below Rs 14429 levels for upside targets of Rs 14825 / Rs 15000 levels, expected to be achieved over the upcoming 2-3 sessions of trade.
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