The price of Jeera has been trending up for the past few years. Every correction from higher levels has been taking support at the rising trendline.
But, the first bearish signal arose when the recent rally that began from the trendline support could only register a lower top of Rs 16948 levels as on 24th June, 2011.
The recent sell-off from the highs mentioned above has dragged the prices below its moving average clusters support.
This could see the price of Jeera correcting towards levels of Rs 14240 / Rs 13970. The MACD indicator has given a fresh sell signal backed by a negative divergence.
We recommend traders to sell between Rs 14550--Rs 14430 levels with a stop loss placed above Rs 14773 levels for down targets of Rs 14240 / Rs 13970 levels expected to be chieved over the upcoming 3-4 sessions of trade.
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