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Technical : Urad FAQ Mumbai Spot : Reversal Is Above 4345

13 Mar 2018 3:30 pm
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Dated 13/03/2018


Technical : Urad FAQ Mumbai Spot : Reversal Is Above 4345

URAD FAQ MUMBAI- Last Close- 3900

Daily Chart with long term Averages





The trend is down as can be seen from the chart as closing are below blue and pink colour 55 and 89 variable averages.

Further 55 VA is Below 89 VA which suggest down trend and bear market.

The last bottom of 3500 will be tested in near term to short term.

Pullback towards 55 VA and 89 VA has been witnessed.

Resistance is likely to be at 55VA and 89 VA which are at 4123 and 4331.

Rise and close above 4345 can resume the up trend but bull market will start once 55VA is above 89 VA.

Weakness will continue below 3500.

On fall and close below 3500 expect a slide to 3050-2800.

Trend is still down therefore with volatility the price slide can be witnessed to lower level.

Price are now slow to fall therefore if 89 VA is crossed on closing which is at 4345 then reversal process could resume.

Conclusion

Consolidation at lower level is likely.

Reversal above 89 VA -4345.

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