The Turmeric futures extended the previous sessions loss on the long position liquidation influenced by the favorable weather in the major growing areas. The NCDEX Turmeric futures benchmark October contract, which touched the lower circuit on Thursday, drifted lower further nearly Rs 81 or 1.99% to the session’s low of Rs 3990 per quintal. The counter currently doing the business at the sessions low and the open interest in the contract decreased 0.98% to 23090 lots, indicating long position liquidation. The contract slumped more than 24% from the contract high of Rs 5267 per quintal as on 19-07-08.
Technically the prices are hovering far below the short term and long term EMA’s, indicating short term and long-term trend remains bearish. The MACD entered in the bearish zone, it also supporting the weakness. The RSI entered in the oversold zone, the 14 day RSI currently hovering at 24.71, indicating the contract is in the oversold zone.
Technically the prices are hovering far below the short term and long term EMA’s, indicating short term and long-term trend remains bearish. The MACD entered in the bearish zone, it also supporting the weakness. The RSI entered in the oversold zone, the 14 day RSI currently hovering at 24.71, indicating the contract is in the oversold zone.
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