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Published on 26/04/2019 11:26:31 AM | Source: Kedia Commodity Ltd

Turmeric major support zone 7200-7350 - Kedia Commodity

Posted in Commodities Reports| #Kedia Commodity Ltd #Commodity Tips

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Turmeric

Turmeric’s trend for Monthly is still down while weekly trend shows sideway and Daily Trend Sideway to Up. In December 2017 Turmeric made high near 8060 to low made 5958 in March, 2019. Price are making continue Lower low on chart. 1st time this month price of Turmeric makes higher low on monthly basis as of now, as last month low 5958 and this month April, 2019 low is 6102. On a Daily Chart Turmeric in last 2 days making higher high and higher low which suggest trading upside in coming days. Moreover, the Scripts is sustaining above its 21/ 50/100 Days Exponential moving average which signifies positive trend in the counter. Closing above 200 Exponential moving average 6570 confirm more bullishness for long term. Moreover, as per Indicator Bollinger Band the scrips is trading above middle range in weekly and daily charts which also suggest positive upside continue. With other indicator MACD weekly trading above 0 line with positive crossover showing more upside in coming weeks. A Daily ADX (S14) Indicator is trending above 26 marks which indicates strength in the counter along with a positive crossover of ADX Plus and ADX Minus. Major Momentum Indicator RSI Weekly & Daily momentum indicator RSI reading is at 55 levels with positive crossover and trending upward, which points out for a positive breath in the counter. Based on the above technical structure we are expecting a good upside movement in the counter in coming weeks and month. For short term Turmeric major support zone 7200-7350 while buy on dip for upside target 6800-7000-7500 in coming days.

TECH: BUY TURMERIC JUNE ABV 6600 SL BELOW 6250 TGT 6980-7350. NCDEX

 

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