Duration: 30 days
Jeera Future Price NCDEX
Jeera futures contracts have experienced a persistent downtrend since reaching their peak in September 2023, with prices consistently trading below key moving averages such as the 50-day, 100-day, and 200-day. This sustained downward movement confirms the prevailing bearish sentiment in the market.
Despite the overall downtrend, a positive divergence is observed on the charts. While the price has made lower lows, the Relative Strength Index (RSI) has been forming higher lows after hitting the 20 level. This divergence suggests a potential reversal in the bearish trend.
A critical support zone at 23,600 has proven to be significant, with the price bouncing back from this level. The weekly chart further supports a potential reversal, revealing the formation of a hammer candlestick pattern at the support area. This pattern is traditionally considered a bullish signal, indicating a possible turnaround in the price direction.
Considering these technical indicators, there is a likelihood of a rebound in Jeera prices. The anticipated targets for the upcoming sessions are 28,500 and 30,200, with a crucial support level near 23,500. Traders and investors should monitor the price action closely, as a sustained move above the mentioned targets could validate the reversal, while a failure to hold the support zone may lead to a continuation of the downtrend.
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