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Coriander Rectangle Pattern


From the below chart of Coriander (Daily continuous contract), prices after falling from the top of 7889 levels, it started consolidating, thus forming a classical rectangle pattern. It is imperative for prices to break and close above or below the boundary of the rectangle pattern for a trending move to emerge. As of now prices are below both the short term moving averages and it is now at the support of the lower horizontal line. Momentum indicator RSI exhibited positive divergence but there is no confirmation from prices. Breach of 4350 levels can drag prices lower till 4300 followed by 4250 levels.
 
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Shubhlaxmi Harish

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