NCDEX Jeera Has reversed down after retesting the channel on the upside. The rise on the weekly charts clearly looks corrective one i.e. an A-B-C pullback. It retraced exactly 38.2% of the fall from 17520 levels to 11275 levels; this also confirms this was a wave X. The minimum target on the lower side is near the previous swing low i.e. 11250 and below that 10700. The resistance on the upside is pegged at 13530 levels.
In NCDEX pepper a stiff resistance is placed at 41000; hence, it is required to break the same with volume for it to continue the rally towards 41500 followed by 42000 levels. Meanwhile, if unable to break the same, we may see a mild profit booking towards 39780 before resuming the next bullish wave. Conversely, only a break of 38600 would negate our near term bullish view.
