Technical Outlook & Trading Strategy:-
We reiterate our bullish bias on Jeera. The price of Jeera has corrected towards the 38.2% Fibonacci Retracement support levels of the rally that started from the lows of Rs 13120 and registered a high of Rs 16920 levels.
But, the key technical factor to be noted over here is that the price action of Jeera over the past two days has formed a Bullish Two bar reversal pattern on its daily charts at this retracement level. The momentum indicators are still trading in bullish mode.
We recommend traders to buy 50% between Rs 15800 — Rs 15875 levels and again on dips to Rs 15700 — Rs 15675 levels with a stop loss placed below Rs 15597 levels for upside targets of Rs 16250 and followed by Rs 16500 levels expected to be achieved over the upcoming 3-5 sessions of trade.
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