NCDEX jeera has been moving up in a channelised manner since the beginning of February. It has formed a channel within a channel. The move that started from the March low reached near a crucial resistance zone. This leg achieved 161.8% of the equality target and retraced 78.6% of the previous fall. It also halted near upper end of both the channels. Thus the agri-commodity has entered correction mode. It is about to break lower end of the inner rising channel. Once the key support of Rs 16,590 breaks, Rs 16,076-15,800 will be the key area on the downside. On the higher side, Rs 17,300 will act as a crucial resistance on a closing basis.
