Turmeric Future Price Predictions 2024

Duration: 30 Days

Turmeric future price has traded in an upside momentum over the course of the week and made a high at the 20,000 level in previous sessions. However, Haldi price has taken a throwback from its peak level and is likely to test support levels in upcoming sessions.

In the previous week's move. Turmeric's future has surged by nearly 15%, after sustaining over 20-EMA support mark near the 16000 level. Looking at the Daily chart, we can observe that the price has been traded in Rising channel formation and sustained over the 50-DMA level, currently placed at 17064 which will be the key support level for the Turmeric. Price has formed a Rounding bottom formation on the same chart with a neckline hurdle near the previous day's high i.e. 20,174.
Breach of this hurdle will boost the upward momentum in Turmeric and the next key price resistance would be 21300-22000 respectively.

The momentum indicator, RSI has remained firmed over 65 level on 4-hourly, Daily as well as Weekly timeframe. Also, there is a Bullish crossover on MACD on the Daily chart alongside positive histograms. These collectively suggest a Bullish bias in Turmeric price.

We anticipate further continuing the Bullish trend in Turmeric in upcoming sessions where traders may look forward to a Buy-on-dips strategy from the support levels.

FAQ

What is The Yield of Turmeric Per Acre?

The Yield of Turmeric Per Acre is around 8 to 10 and sometimes fluctuates.

What is the duration of the turmeric crop?

A well-managed turmeric crop is ready for harvest in seven to nine months, usually between January and March. Mature leaves turn dry and become light brown to yellowish.

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