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Technical Trend Weekly dated - 16th January, 2013

NCDEX Pepper Medium Term Bullish (Daily chart)

NCDEX Pepper has been in an downtrend since the past three months forming lower tops and Higher bottoms within the channel (R-S). The price has recently broken the medium term resistances line (R) at Rs.35200 and closed above the same. Hence the medium term trend continues to look bullish for Pepper and a test of previous top at Rs.36250 (R1) level looks possible.
The 14-period RSI is sustaining above the resistance line well above the 50 mark and is currently pointing higher which indicates bullish momentum.
Until price closes below trend line (R ) at Rs.35200 level, Buying on dips is advisable.

NCDEX Pepper Medium Term Bullish (Daily chart)

As per our previous recommendation dated 11th January 2013 of going Long on NCDEX Pepper, first target of Rs. 37000 has been achieved.
Hence, in our view, profits on Long positions (as per our previous recommendation) should be booked at the current levels and fresh Long positions should be initiated on dips. The price is currently holding near Rs.37000 (T1), a sustainable close above this could trigger an extended rally till the previous top Rs 38500(T2).
The price is also supported by good volume and the 14-period RSI is above 50 marks and is pointing higher which indicates bullishness.

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