Adjacent chart shows price movement of NCDEX Jeera continuous contract. It was consolidating in a triangle since past many months. However, the triangle has broken on the downside. The bulls have managed to defend 16600 on the downside as of now. However, if the NCDEX Jeera contract closes below 16600 then bears are likely to dominate. Below 16600, it is likely to drift lower towards 16000 to re-test the low of October 2016. A bounce towards 17485 – 17775 is possible as long as it is trading above 16600. The momentum indicator has turned in buy mode on the daily chart. Close eye must be kept o NCDEX Jeera contract as a good move can be expected in coming trading sessions.
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