CHANA GRAM INDORE DOLLAR – Last Close (Mean Price- 20/1/2017)-12700: Resistance Of 13500 To Be Tested

Dated 21/01/2017

CHANA GRAM INDORE DOLLAR – Last Close (Mean Price- 20/1/2017)-12700: Resistance Of 13500 To Be Tested

Trend is up on monthly chart with resistance at higher level from current level of 12700 to 13500.

Wave b for Wave iv is in progress which can end at current level to 13500.

In the event of a rise and close above 13500 then expect the rise to extend towards 15870.

Support is at 11700. A fall and close below 1170 can resume Wave c of Wave iv which can slide it back down to 9700 or below.

Wild breakout above 13500 is essential to extend the rise.

Conclusion

Expect resistance and profit booking pressure till 13500 is not crossed. The band of movement can be 13500 to 9700.

Overall sideways correction phase may develop if 13500 is not crossed strongly.