The prices of Jeera have been trending down since it registered a high of Rs 17360 levels as on
25th July, 2011.
An examination of the chart above clearly shows that the key moving average clusters and the downtrend line have been acting as stiff resistance for the price of Jeera on every upmove.
The price witnessed heavy selling pressure around the moving average cluster resistance during the latter half of the trading session as a result of which it registered a close below its 200 DMA. The RSI indicator is also trading in sell mode despite the recent pullbacks.
All the above mentioned technical factors point that the price of Jeera are likely to trade with a
negative bias over the upcoming few sessions.
We recommend traders to sell between Rs 15580--Rs 15660 levels with a stop loss placed above
Rs 15807 levels for downside targets of Rs 15375 / Rs 15050 levels expected to be achieved over the upcoming 3-4 sessions of trade.
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