Weekly

Weekly Commodity Outlook


HIGHLIGHTS:

Jeera is consolidating since last 3-4 weeks after a long bearish spell and it seems that the time has now come for the bulls to bear the fruit. As a typical reflection of a consolidating counter, Jeera traded range bound last week but somehow managed to close in a positive territory on almost all days. We can now see a healthy RSI ready to infuse momentum while MACD is steadily moving forward to get above the crucial ‘zero line’. Most importantly, ADX has shown a positive crossover between its directional threads and it is looking set to turn the tide in favor of bulls once the straight resistance line that resulted due to multiple tops within that range, is breached. So, it’s an ideal buy set-up for every opportunistic trader.

Tags: Technical


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