NCDEX Turmeric Bullish, May Test Previous Top Of 6950
CommodityOnline | Mar 10, 2013 12:04AM ET
NCDEX Turmeric has been in a downtrend since the past three months forming lower tops and higher bottoms within the channel (R-S). The price has recently broken the medium term resistances line (R) at Rs.6250, and closed above the same holding near the previous top of Rs 6486. The medium term trend continues to look bullish for Turmeric, and a test of previous top at Rs.6950 (T1) level looks possible.
The 14-period RSI is sustaining above the resistance line well above the 50 mark and is currently pointing higher which indicates bullish momentum.
Until price closes below trend line (R) at Rs.6250 level, buying on dips is advisable.
By Dharmesh Bhatia
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