Adjacent chart shows price movement of NCDEX Turmeric continuous contract. It has been inching higher after making a low of Rs 6626. However, it is now approaching multiple resistance zones. It has touched the downward sloping trend line and has turned down. Also, it has touched the upper end of the Bollinger Band and has found resistance. It is at a crucial juncture at this moment. The zone of Rs 7000- 7096 will act as resistance in the near term. Once it closes above 7096, the NCDEX turmeric is likely to head higher. On the downside, Rs 6870 – 6800 will act as support in the near term.
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