Jeera Downward Trajectory

Jeera has been trading in a sideways manner for the last several weeks. The consolidation has taken support near the weekly lower Bollinger Band. On the higher side, junction of 40-weekly exponential moving average and weekly upper Bollinger Band is putting pressure on the agri-commodity.

The recent price action is unfolding in a channelised manner and currently the commodity is falling from the upper end of the channel towards the lower end. The daily momentum indicator is in a bearish mode. On the downside, Rs14,950-14,800 will be the support area to watch out for. Once that breaks, jeera can test the low of Rs14,400. On the other hand, Rs15,480-15,600 will act as a key resistance zone.

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