13-02-2024 12:33 PM | Source: Kedia Advisory
Turmeric Prices Show Resilience Despite Recent Decline: Bullish Harmonic Pattern Signals Potential Upswin by Amit Gupta, Kedia Advisory

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Despite a recent notable decline in turmeric prices driven by profit booking, market sentiment remains positive in the near term. The decline was attributed to profit-taking following a period of gains supported by reduced supplies in the spot market. However, the anticipation of delayed harvesting for the new crop, tighter ending stocks, and the expectation of increased export demand ahead of upcoming festivals are factors supporting the prices.


One key technical indicator, the Bullish Harmonic pattern identified on the NCDEX Turmeric 4-hour chart, suggests a strong reversal is imminent. Traders are advised to avoid short positions and consider buying opportunities. The pattern indicates a potential upturn, with targets set at 15200 (61.80% Fibonacci retracement) and above 15520 (78.60% Fibonacci retracement).

Traders are recommended to initiate long positions in NCDEX Turmeric with a stop loss below the recent low of 14800 for a target range of 15200 and 15500. This technical analysis emphasizes the early signs of a bullish trend reversal in turmeric prices, highlighting the potential for further gains despite the recent decline.


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