Agri Commodities Check Up

While Agri-commodities are not as widely followed as the base and precious metals commodities, it helps to keep track of the general trend across the board.

Let's take a look at a couple of such developing trends.

Jeera had been in a downtrend since 2018 and managed to break out of the downward-sloping trendline in 2021. Over the past week, the commodity broke above its resistance of 14,600 which has been in place all through 2020. With the breach of 14,600, the commodity is now looking at a range breakout long-term target of 16,300. Minor resistance is placed at 15,350 as well.

We are bullish above the level of 14,600 with targets of 15,350 & 16,300.

Click on chart to enlarge view.

Turmeric is another commodity that caught our attention. After breaking out of a big 3-year base, Turmeric achieved the target of 9,265 and moved back towards the support of 7,950. This is technical analysis 101. Resistance becomes support and a strong one at that when that level has a great price memory! The positive trend remains intact and hence this correction presents a good opportunity from a risk-reward perspective.

We are bullish above the level of 7,950, with a target near 9,265, followed by 10,200.

So this was an update of the Agri Commodities that we found interesting. We will share many more such interesting setups as and when the price patterns develop.

Thanks for reading and please let us know if you have any questions.

Allstarcharts Team