Technical: Soybean Indore: Trend Line Resistance Decides The Next Directional Movement

Dated 24/04/2018

SOYA BEAN INDORE – Last Close 3650 - Trend Line Resistance Decides The Next Directional Movement



Trend line resistance is being tested.

On further sustained rise and close above 3900 expect a rise towards 4200 ad 4500.

If Wave B is complete then Wave C can be as low as 4600 which is 61.8% of larger Wave A.

Trend line breakout is essential otherwise rise to the trend line can be for Wave (d) and then Wave (e) will be correction for higher bottom.

The rally can be as low as 4600 and as high as 5500-6000.

Support will be at 3500.

The 55VA and 89 VA are placed at 3339 and 3255.

Conclusion
Expect a near term rally to higher range with volatility.

Accumulate at correction to averages of 3339 and 3255.