Jeera has been in a downtrend. It has broken the rising trendline decisively. Thus it has broken down from the wedge pattern. It has fallen towards the weekly lower Bollinger Band, which is expanding, indicating that further fall is likely. The weekly momentum indicator is in sync with the bearish breakout. However the daily momentum indicator is showing a positive divergence. Thus a short term bounce is possible, which should be used as a selling opportunity. The channel target on the downside is Rs10,250. Reversal can be trailed to the 20-weekly moving average (Rs14,300).
