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As per the daily charts, the overall trend remains positive and bullish for Mustard prices. Technically, prices have sustained and continued to trade above its important level of 6700 area. The above chart is hinting that Mustard prices are facing a strong resistance level around its 50- Moving Average of 7535. Prices are currently trading near 7080 facing a immediate resistance at the 50.00% Fibonacci ratio level of 7100 and once prices break this level we may see it heading towards the Fibonacci ratio level of 38.20% which is 7500 and if it sustains these levels, it may also rally towards our final target of 8000 (23.60% Fibonacci ratio level) with a stop loss below 6600 as per the current fundamentals and technicals. We have scanned the charts technically and found the following reading :

Mustard Report

Ichimoku Cloud : The above daily chart of Mustard shows that Ichimoku clouds have turned red which is a slightly negative sign but since the overall trend is positive, there may be a bullish sentiment for the next few sessions and we can expect an upside in the upcoming sessions. Price action on the daily had confirmed a breakout earlier above the cloud level in July 2021 which drove prices from 6700 till the high of 8800 (in September 2021) which could be repeated this year as well. The Ichimoku Cloud is a collection of technical indicators that show support and resistance levels, as well as momentum and trend direction. It does this by taking multiple averages and plotting them on a chart.

Fibonnaci Retracement Levels : Currently, the daily Mustard chart is in the bullish range and is hovering just below the 50.00 Fibonacci level ratio of 7100. If the prices sustain above this level for the next few sessions, we can see the Mustard prices to reach the next range of Fibonacci level ratio of 38.20% which is 7500. If the prices do not sustain this level we can have a small pullback towards the 61.80% Fibonacci ratio level of 6700 before continuing the uptrend and moving towards our final target levels of 8000 (23.60% Fibonacci ratio level). Fibonacci retracement levels are horizontal lines that indicate where support and resistance are likely to occur, each level is associated with a percentage.

Relative Strength Index (RSI) : From a technical perspective, the Relative Strength Index (RSI) on the daily chart of Mustard is above 43 and ascending. The RSI is displayed as an oscillator, a line graph that moves between two extremes, and can have a reading from 0 to 100. The reading in the chart supports the bullish strength in the Index and suggests that extended upside is possible in the Mustard prices for the next few sessions and hence we can expect continued buying to be seen in Mustard.

Schaff Trend Cycle : STC on the daily chart of Mustard shows that the trend is strongly bullish and there is a heavy participation of buyers in this counter. Schaff Trend Cycle is an oscillating indicator which is widely used to identify trends and their directions. It is sometimes used by traders to predict trend reversals as well.

BE-ALERT POST JUNE GLOBAL OILSEED SOWING WILL RISE WHICH WILL BE STRONG BEARISH TRIGGER FOR ALL EDIBLE OIL AND SEED FOR NEXT 1 YEAR.

BUY SPOT MUSTARD 7000 SL BELOW 6650 TGT 7550-7800

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