Technical Outlook & Trading Strategy:-
The price of Mustard seed has been on a decline since it registered a high of Rs 3080 levels as on 01st Aug, 2011.
Since then it has been taking support at its downward sloping trend line support on its daily charts.
But the price has now registered a breakdown from this downwards sloping trend line and this is likely to have negative implications for the price.
The price has also closed below its key moving average clusters on the daily charts and
the indicators are also trading in bearish mode.
We recommend traders to take short positions between Rs 2915--Rs 2895 levels with a stop loss placed above Rs 2953 levels for downside targets of Rs 2850 / Rs 2825 levels.
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