Turmeric prices look to trade in the range of 5300-5900 a break above the same will face resistance at 6200.00 level. Overall Crop / Demand position should be monitored for the next 1 month to get a proper view. While prices near 5200-5300 level make prices very attractive to buy and hold.
Turmeric Prices were following a downward trend till the end of May 2020 making lower highs. Prices are expected to move sideways and 5582 levels can act as new support. Prices are expected to break out and go up once it breaks 6201 levels or 0.6180 Fibonacci retracement levels. The 200 Day moving average is near 6600 levels. RSI is at 48.4181 levels and waiting for a breakout. The Choppiness Index is at 57.81 and is at a downward slide which suggests upcoming volatility in the market. Meanwhile, the Vortex Indicator shows a sideways move in prices.
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