According to NCDEX Pepper April contract chart, Pepper was trading in a
counter trend rally retracing the recent fall. For the past few trading
sessions it has seen selling pressure from the upper Bollinger Band, and
has also broken the previous swing low which indicates weakness in the
agri-commodity.
The momentum indicators have a negative crossover and are also trading below the 20-and 40-daily moving averages. Thus considering all the above factors we expect pepper to trade with a negative bias for a target of Rs33,820, which is the weekly lower Bollinger Band. The reversal of the bearish stance is placed above Rs36,581, which is the 20-daily simple moving average
The momentum indicators have a negative crossover and are also trading below the 20-and 40-daily moving averages. Thus considering all the above factors we expect pepper to trade with a negative bias for a target of Rs33,820, which is the weekly lower Bollinger Band. The reversal of the bearish stance is placed above Rs36,581, which is the 20-daily simple moving average
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