The adjoining chart is a weekly chart of NCDEX Jeera. We can observe that Jeera was trading in a sideways manner since April this year and has range broken out on the upside. It faced resistance at the downward sloping trendline (Yellow colour) and closed negative for the second consecutive week. It is currently trading below the 20- and 40-weekly moving averages and the weekly momentum indicator has a given a fresh negative crossover. In terms of price pattern it has formed a Bearish Flag pattern which is expected to break on the downside. The reversal of the bearish stance is placed at Rs13,800 - Rs13,850, which is the area of the weekly upper Bollinger Band. The target on the downside is Rs12,800, which is the weekly lower Bollinger Band.
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