Commodity Check: Jeera July 2022

JC Parets
July 22, 2022

Base Metals have been correcting off late and tearing through their support zones. Agricultural commodities on the other hand have displayed resilience during this market correction. While prices have moved lower, the inherent strength is still visible.

Today we're here to discuss a commodity that is trading at new multi-year highs: Jeera.

Jeera has quietly been forming a base and waiting for its moment in the sun. It seems as though that moment may be upon us.

The price has broken out above its resistance and we're now seeing a follow-through! Jeera has attempted to breach its resistance of 22,360 on two occasions in the recent past, but without any success. The price seems ready for the move as it breaks out of a four-year base! That's right, we have a 4-year base breakout, folks!

The indicator too is in bullish territory, supporting this price move. If you are invested in this commodity or are looking to take a position, these are the levels to follow.

We are bullish above the risk management level of 22,360 with a target close to 28,485. Keep in mind that the market is still volatile and not out of the woods yet. It is of utmost importance to follow the risk management levels diligently.

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