Articles by "Dhaniya"

Showing posts with label Dhaniya. Show all posts

After falling from Rs6,612 to Rs3,688, NCDEX dhaniya formed a bearish triangle. The last leg of the pattern got over near the key resistance zone of 40-weekly exponential moving average and the weekly upper Bollinger Band. The weekly momentum indicator is placed near the equilibrium line and can start new cycle down. The daily momentum indicator has already started a new cycle on the downside. On the daily chart the key moving averages were been broken in the last session. The short term target is Rs3,830, below which the next leg down will start unfolding. The equality target is Rs2,685. The reversal can be trailed to Rs4,535 with tight reversal at Rs4,370.

As evident from the chart, the commodity is nearing the 20-weekly moving average, which is currently placed at Rs4,605. Hence this would be a key make or break level and once the price closes above this area on a weekly basis it is likely to target Rs4,865/5,211. The momentum cycles are in buy mode on weekly and daily time frames suggesting bulls have an upper hand in the short and medium term. Hence any correction should find support at the 20-daily moving average, which is currently placed at Rs4,120.

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