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In August 2021, (Cumin Seed) surged Rs 2000 after testing a low at Rs 13,035/- on August 11, amid rising worry of a poor monsoon.
Jeera Futures has began to commerce as soon as once more and witnessed a pointy fall on February 8 as much as Rs 19,351/- adopted by a steep reversal on the identical day. And this worth rally continued until February 21, 2022, when the Jeera met with first resistance at Rs 22,585/-.
Jeera futures, buying and selling in a slim vary from Rs 21,000/- to Rs 22,585/- since Might 11, and look prepared for a sudden breakdown amid recessionary worry after a sudden surge in internet lengthy U.S. greenback positions within the newest week, based on calculations by Reuters and U.S. Commodity Futures Buying and selling Fee knowledge launched on Friday.
I discover that the rising weak point within the Indian rupee may end in a promoting spree in Jeera Futures as the great monsoon may observe this month.
Undoubtedly, Jeera Futures witnessed a steep fall on January 19, 2018, whereas buying and selling close to the present worth degree. There was a giant gap-down opening of Rs 4,364/- on January 22, 2018.
I discover that the Jeera Futures may repeat the identical downward transfer from the present ranges through the upcoming week because the NCDEX June Futures contracts are about to run out on June 20, 2022.
Technically within the weekly chart, exhaustion is seen from the previous couple of weeks for the reason that formation of a peak at Rs 23,246/- on April 5, 2022, which may end in a pointy fall through the subsequent two weeks in Jeera costs.
In a day by day chart, Jeera Futures are buying and selling properly beneath the 9 DMA, which has already crossed downward to 26 DMA. So the formation of a ‘Bearish Crossover’ confirms an creation of a breakdown transfer shortly.
Disclaimer: The creator of this evaluation doesn’t have any place in Jeera futures. Readers are suggested to take any place at their very own threat; because the altering geopolitical equations may improve volatility in commodities.
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