As outlined in the chart above, the price of Jeera had registered a bearish head & shoulder
pattern breakdown on its intraday charts during the previous week.
The measuring implication of the pattern gives a downside target of Rs 15150 / 14950 levels. Since the short term RSI indicator is already trading in oversold territory, we expect the price of Jeera to bounce back from current levels, towards its near term moving average placed at the 15450 levels.
Thus, traders can look to open up short positions on pullback towards these levels. We recommend traders to sell between Rs 15425--Rs 15475 levels with a stop loss placed above Rs 15689 levels for downside targets of Rs 15150 / Rs 14950 expected to be achieved over the upcoming 3-5 sessions of trade.
NCDEX JEERA SEP. CONTRACT OPEN Rs 15380 HIGH Rs 15411 LOW Rs 15277 CLOSE Rs 15324
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