Mustard Adding Flavour to the Market

JC Parets
August 24, 2021

Commodities are just as messy as any other market at this point, with a lot of constituents now flirting with their overhead resistances.

In such a market scenario, there is one name that's peeping out above its resistance. And that's the name we're going to discuss today.

Among the Agri commodities, Mustard has been on a tear for some time now. Going through the weekly dose of charts, it was hard to ignore the move in Mustard. We saw a breakout above the 261.8% Fibonacci extension. This takes the price into completely new territory.

With the indicator supporting this price move, we have momentum in the breakout as well. While the price struggled below 6,200 for a while, the price move since has been rather quick.

If the trend continues, the current price move could be just another quick trip to the next target.

We are bullish above the level of 7.900 with a target of 10,640.

Click on the chart to zoom in.

Mustard has been displaying strength since it broke out above the level of 6,200. It will be interesting to see how the price reacts at higher levels.

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

Allstarcharts Team

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