The price of Pepper is currently in a strong uptrend. The prices witnessed a slight correction since it registered a high of Rs 37190 levels as on 22nd Sep, 2011.
As outlined in the chart above the price gave a smart bounce from the 23.6% Fibonacci retracement levels.
The formation of the 2 bar bullish reversal pattern also confirms that the prices might have completed the pullback and likely to continue with their uptrend.
Apart from the Fibonacci retracement support the key moving average clusters are also providing good support for the prices of pepper.
A move past the Rs 36200 levels will see the prices of pepper move towards its recent swing highs or even surpass those levels.
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