Jeera prices have been on a corrective mode since many months and recently prices seem to have taken a pause from weakness. From mid Sep’12, when prices made a low of Rs13,455 which also coincided with the medium term support line, strength is seem building for an upward momentum. Prices are making higher lows, gradually though as seasonal demand provides the undercurrent for recovery. Price action from 8 th September till date has formed into a diamond pattern (potential) which can pave way for further
Positional strategy – BUY
Can initiate long position in the range of Rs13,800-13,900 with an initial target of Rs14,450 followed by a potential target Rs14,700. Overall stop loss can be kept at Rs13,420.
Closing below Rs13,500 could open doors for a bear wave towards the long term support level of Rs12,750.
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