SHUBHLAXMI NCDEX

Adjacent chart shows price movement of NCDEX turmeric continuous contract. From the high of Rs 10,660, the agri-commodity had entered correction mode. The fall is breaking up into the lower degree waves. Recently turmeric broke out from a falling channel and formed a pullback. The bounce faced resistance near the multiple hurdles. From there turmeric has started falling once again. The daily momentum indicator is poised for a new cycle on the downside. Rs 7,815-7,475 will be the key levels on the downside from short- to medium-term perspective. On the other hand, Rs 8,632-8,700 will act as a key resistance zone.

The adjacent chart shows the price movement of NCDEX turmeric April contract. The agri-commodity has been rallying for the last several sessions. However it faced resistance near the rising trendline from the previous crucial swing’s high. The short-term momentum indicator is showing a negative divergence in the overbought zone and has triggered a bearish crossover. Thus the commodity looks set for a short-term correction. The price can correct till Rs8,586 and Rs8,500. On the other hand, Rs9,430 and Rs9,680 will act as key resistances.