We can observe that Jeera has broken down from the upward sloping channel and been trading in a volatile manner for the past couple of weeks. The 40-daily exponential moving average (DEMA) ie, Rs13,740, has been acting as a stiff resistance and the agri-commodity has been unable to surpass it despite several attempts. In terms of price pattern it has formed a Bearish triangle.
The daily momentum indicators have been whipsawing on the back of volatility witnessed in the agri-commodity, however, on a longer time frame, i.e. the weekly charts momentum indicators, have a negative crossover. It is also trading below its 20-and 40-weekly moving averages. Considering all these factors we continue to be bearish on the agri-commodity for a target of Rs12,500 on the downside, which is the equality target. The reversal of the bearish stance is placed above the crucial resistance of Rs13,740, which is the 40-DEMA.
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NCDEX Jeera Mar Fut may slip to Rs 12500: Sharekhan
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