Go long in NCDEX Turmeric on decline: Way2Wealth

Way2Wealth has come out with its technical report on Turmeric and Jeera. According to the research firm, any fall in NCDEX Turmeric April Future in initial sessions of the week should be consider as an opportunity to accumulate fresh longs at support levels.

NCDEX Apr Turmeric; last week it has surged almost 615 points by revering its previous bearish trend. And a strong close by violated its falling trend-line resistance on weekly charts also renders the positive momentum for recapture the previous swing high of 6950 levels. However, any fall in initial sessions of the week should be consider as an opportunity to accumulate fresh longs at support levels. Weekly RSI has pointed in positive territory by giving an upside crossover & MACD is also trading in positive territory. 

NCDEX Jeera Apr futures; significant recovery through the downward slopping parallel channel flowed buy a “spinning top” candle stick pattern has confirmed short-term bottom at 12756 and intact bullish momentum in the counter. Now the bias remains positive and is likely to extend the rally towards 13505, on break of the same can extend towards 13950 levels eventually, which are 23.6% & 38.2% Fibonacci levels of the previous fall (starts from 15926 to 12756). RSI-14 period is trading in neutral zone by showing natural tendency.

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