Technical: Turmeric Nizamabad Spot: Correction Is For Consolidation
TURMERIC Nizambad- Last Close- 7395 : Correction is for consolidationMonthly Chart
Not much change of view post last update is noticed.
Trend is up as prices are above both the averages.
In last few days, the 55 VA is above 89 VA suggest that bull market is likely to be in place.
Resistance of 7810 must be crossed in order to confirm the bull market.
Subsequently expect 9628 at least and may exceed to attain 13400-1900.
For the time being resistance of 7810 is critical for upside momentum.
Correction and retracement of the last rise from 5377 to 7772 are placed at 7200-6855-6555-6269.
Correction to retracement of 6855-6555-6269 will be opportunity for consolidation.
The 55 VA and 89 VA are placed at 7001-7047 and are likely to offer support for consolidation along with retracement.
Conclusion
Breakout and close above 7810 is essential for upside momentum.
Lower correction to averages and retracement are for accumulation.
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